Special Report: The prospectivity of Iris Metals’ Leonora gold project in WA has been given a boost by the identification of seven fresh high-priority targets.
The structural geological gold targets were identified following the processing and interpretation of high-resolution aeromagnetic data that was acquired over the entirety of the company’s Kookynie and Leonora projects.
These finds bolster Iris Metals’ (ASX:IR1) existing drill ready targets, generated through a combination of historical data, desktop reviews and site reconnaissance across the underexplored Leonora tenement package.
In modern geophysical techniques we trust
Importantly, the data supports the company’s theory that modern geophysical techniques can identify new structural targets and further delineate zones of known mineralisation.
“The interpretation of the aeromagnetic survey data at the Leonora gold project confirms the project’s prospectivity,” executive director Tal Paneth said.
“We have generated 7 high priority targets for further investigation and drill testing and we look forward to systematically assessing these new structural features during future drill programs.”
Leonora project
The Leonora project consists of two groups of contiguous tenements, the Chain Bore project to the north and the Benalla project to the south about 240km north of Kalgoorlie and 60km northeast of Leonora.
Highlighting its potential, work by Kin Mining (ASX:KIN) in the area surrounding both tenement packages has identified multiple gold bearing structures with a total inventory of 1.23Moz of gold.
Leonora also contains several historical high-grade drill intercepts that remain open along strike and at depth.
Next steps
Iris will now review all available data and will develop an exploration program to systematically test the additional seven geophysical targets along with its suite of existing drill ready targets.
The company also plans to undertake a broader aircore drilling program across the Leonora project area to test the new targets and implement systematic auger geochemical sampling to better understand the underlying geology and generate further data to complement its aeromagnetic targets.
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.