JV news just in: Prodigy’s high grade gold targets, Moho snaps up more ground near Empress Springs
Mining & Resources
Mining & Resources
Two exploration joint ventures spearheaded by major miner Independence Group (ASX:IGO) are looking for big discoveries in under-explored mineral provinces.
The IGO-managed Lake Mackay JV with explorer Prodigy Gold (ASX:PRX), 400km north of Alice Springs, has defined 63 gold and base metals targets via an airborne electromagnetic survey (AEM).
AEM detects changes in the electrical conductivity of the ground to several hundred metres deep, sometimes deeper in favourable conditions, according to Geoscience Australia.
Prodigy says these EM targets are similar to the Grapple prospect, where previous drilling returned high grades up to 9 grams per tonne of gold, 23.5 grams per tonne silver, 1.45 per copper, as well as zinc, lead and cobalt.
A 9600-metre drilling program will kick off early in the second quarter to “rapidly screen the conductors for the presence of large-scale gold and base metal mineralisation”, Mr Briggs says.
Eight targets have been prioritised for drilling.
Prodigy also says surface sampling at the Swoop prospect has defined a new nickel-cobalt target.
“A rock chip sample from outcropping duricrust at Swoop returned 2 per cent cobalt, 1 per cent nickel and 11.2 per cent manganese,” Mr Briggs says.
Mr Briggs says Swoop is similar to the Grimlock prospect, which returned samples of up to 2.5 per cent cobalt 1.1 per cent nickel and 46.4 per cent manganese mid last year.
After some pretty big maiden drilling results, Moho Resources (ASX:MOH) has applied for an additional 2000 square kilometres around its North Queensland gold project JV with IGO.
This follows a review of the project by world-renowned geologist, Dr Jon Hronsky (OAM), which concludes that the potential for major discoveries at the Empress Springs gold project has been “significantly upgraded”, the explorer says.
In early February Moho announced gold, silver, zinc and lead mineralisation during shallow reconnaissance drilling, including 2 metres at 2.1 grams per tonne gold and 2.5 grams per tonne silver, as well as zinc and lead.
Moho says there has been no previous drilling for gold and base metals in the Empress Springs area.
Dr Hronsky found some interesting stuff in Moho’s data from the exploration program which concluded in November 2018, company director Ralph Winters told Stockhead.
“He has identified an association of the mineralised holes which are hidden under 30m to 60m of cover with a large trans-crustal structure which extends at least 40km into the earth, and may potentially influence gold mineralisation in Moho’s area,” Mr Winters says.
“He also extended this outside our current tenure, as well as identified another similar structure to the northeast which runs down from the Croydon Goldfield, which historically has mined about 1.2Moz gold.
Dr Hronsky’s analysis was critical in recognising the mineral potential of these trans-crustal structures, enabling Moho to be the first party in to peg the open ground over these highly prospective target zones, Mr Winters says.
“As a result, Moho has extended its interest in the strike extent of potential mineralisation from 40km to over 110km.”