IRIS has identified two additional aeromagnetic targets over newly acquired ground at its Kookynie gold project just 60km south of Leonora, Western Australia.
The newly granted P40/1559 permit and the pending P40/1563 permit at the northern end of the project are located within the area covered by the company’s 2021 high resolution aeromagnetic survey that had highlighted 24 targets at that time.
This has allowed IRIS Metals (ASX:IR1) to incorporate the new tenements into the project-wide structural interpretation while identifying the two new structural targets for evaluation.
Drill plans are being refined to focus on new areas that have the size potential to deliver economic resources.
As such, the company will start a soils geochemistry program targeting geophysical anomalies in the coming weeks.
These programs will initially focus on Kookynie, followed by similar works at Leonora.
New permits
IRIS had acquired the new permits as part of a broader deal that included the acquisition of the historical Standard Mine which produced 1,783t of ore at an average grade of 15.27g/t gold.
This is intriguing given the successes that other companies have experienced through the use of modern exploration techniques in and around historical mines.
This article was developed in collaboration with IRIS Metals, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.