IRON POT CREEK EPM 17071 - QUEENSLAND
The Company has the right to acquire a 75% interest in this title currently owned by Carbine Tungsten Limited pursuant to a Tenement Purchase Agreement.
Iron Pot Creek encompasses two targets, the Logan Creek molybdenum (Mo) target, and the more advanced Crystal Mount gold (Au) target. It is underlain by accretionary volcanic and sedimentary rocks that have experienced multiple intrusive phases (dominantly felsic). Extensive hydrothermal alteration creating propylitic and phyllic alteration mineral assemblages is present throughout the property. Mineralisation on the Logan Creek Prospect consists of granite containing disseminated molybdenite. The gold mineralisation of the Crystal Mount Prospect is thought to exist as a breccia-hosted, intrusion related deposit buried beneath a barren hydrothermally altered cap, analogous to the large Mt Leyson and Kidston gold deposits. Geophysical evidence in the form of magnetic and three-dimensional induced polarization (3D IP) chargeability anomalies suggest the possibility that a large tonnage, low grade Au deposit may exist at depth.
Carbine and others have completed extensive soil and rock chip sampling, geological mapping and geophysical surveys over the Crystal Mount Prospect and interpretation of this data lead to Carbine completing a nine hole drill program comprising relatively shallow (83 - 221 metre) RC/ diamond drill holes.
Results of the drilling program were seen as disappointing by Carbine and failed to find “near” surface gold mineralization despite the fact that gold can be panned from the nearby creek. Interest was subsequently renewed following a better understanding of the mineral distribution within similar intrusive bodies for example the Cadia East mine in New South Wales where economic mineralization exists below the hydrothermally altered barren cap of the intrusion. This saw Carbine regain the current title however further exploration initiatives were delayed by funding constraints and other commitments and priorities of Carbine.
The Company proposes to drill test the deep IP anomaly that remains untested.
Current Share Value