More than 40km of gold-bearing potential for Silver City at Austin
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Silver City Minerals has identified more than 40km of potential gold-bearing structures during geophysical work at its soon to be acquired Austin gold project in WA.
The project, in which Silver City (ASX:SCI) recently struck a binding agreement to acquire an 80% stake, is directly adjacent to Musgrave Minerals’ Cue gold project – home of the high-grade Break of Day deposit and the Starlight discovery.
Work carried out by Musgrave (ASX:MGV) on its project indicates that northwest-trending cross structures are the key geological parameter of gold deposits in the region. Some of these structures that host Musgrave’s Big Sky discovery which lies close to the tenement boundary, are thought to extend into the Silver City ground.
That work checks with recent analysis carried out by SCI, which demonstrated that high-grade gold, including rock chips which returned up to 1050 grams per tonne gold, are also controlled by similar northwest trending gold-bearing quartz veins at Austin.
Now, a significant breakthrough in the interpretation of reprocessed airborne magnetic imagery has identified multiple, extensive northwest-trending cross structures spanning more than 40km at Austin – a feature which Silver City believes highlights the potential massive scale of the project.
Four highly prospective structural corridors were interpreted from the review, with the details as follows:
Combined, the corridors comprise a total of 13 significant faults with a total strike length of more than 40km which have essentially been unexplored using modern techniques, including drilling.
Extensive soil sampling programs are now underway to cover both the Shadow and Teds Fault complexes to assist with additional drill target identification.
In addition to that soil sampling, work programs are currently underway at Austin to assist with drill targeting work. These include:
Other work programs planned for the coming months include a gradient array IP survey to cover the area from Mt Brunswick to Brians; the completion of a targeting matrix across the project to rank each of the targets; and a preliminary maiden drill program at the Brunswick Hill and Brians prospects where highly mineralised gold intersections have never been found at depth.
Silver City also plans to complete strategic diamond drill holes to accurately define the orientation of gold-bearing veins and sulphide alteration.
Silver City struck the deal to acquire 80% of Austin in April, adding a substantial project of great promise to its books.
The project had been held privately by a number of companies for more than 20 years, and will be held under a joint venture between SCI and the vendor, privately-owned Gardner Tenements Pty Ltd.
The latter will be free-carried in the JV to explore and develop the tenements until SCI makes a decision to mine or terminate the agreement.
This article was developed in collaboration with Silver City Minerals, 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.