Machine-learning verified: IOCG targets on GCX Metals’ menu as drillbit starts spinning
Special Report: GCX Metals has kicked off diamond drilling co-funded by the WA state government to test iron oxide copper-gold targets at its Onslow project in the Pilbara.
The 567km2 Onslow project is in the northwestern extension of the Capricorn Orogen and is considered prospective for gold and copper.
Historical exploration in the 1990s identified potential for the project to host banded iron formation (BIF)-hosted gold and IOCG mineralisation.
IOCG deposits, like BHP’s (ASX:BHP) Olympic Dam, are simple-to-process concentrations of copper, gold and other economic minerals that have the reputation to be ‘company’ makers, given their tremendous size.
However, most of the historical drilling was focussed on the cover sequence in the search for iron mineralisation, leaving the Proterozoic essentially untested.
Airborne electromagnetic and magnetic surveying carried out by GCX Metals (ASX:GCX) led to the identification of 11 priority targets exhibiting strong mid to late time peaks that were considered worthy of follow up exploration.
More recently, an extensive ground-based gravity survey interpreted with the aid of machine learning technology provided validation of three IOCG targets in the northern area of Onslow after revealing strong responses from contractor Southern Geoscience’s hydrothermal magnetite and hematite models.
The 1,500m diamond drill program is now underway to test three large scale magnetic, gravity and geochemistry IOCG targets.
Drilling is co-funded by the WA government’s Exploration Incentive Scheme, which pays for 50% of incurred direct drilling costs – including mobilisation charges – to a cap of $204,050.
The rig is currently operating at the Coral Bug anomaly before moving on to test the Hammerhead and CT3 anomalies.
Coral Bug is a discrete “bullseye” magnetic and gravity anomaly that is of particular interest as it returned the highest ranked hydrothermal magnetite response from the machine learning model which encouragingly corresponded well with a moderate-high density gravity response.
Hammerhead is a larger semi-coincident magnetic and gravity anomaly while CT3 is also a semi-coincident magnetic and gravity anomaly.
All three were highlighted by multiple runs from machine learning technology and have associated copper, gold and IOCG geochemical indicators.
This article was developed in collaboration with GCX 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.