EL 4692 Pandurra, EL 4708 Koolcutta, EL 4843 Yudnapinna
SOUTH AUSTRALIA (Spencer 80%, Minotaur Operations P/L 20%)
Background – location and geology
The Mt Double title is located on the southern margin of the Gawler Range Volcanics approximately 25 kilometres to the west of Investigator Resources Ltd’s Paris silver discovery and about 200 kilometres west of Port Augusta.
EL4776 is located in the central Gawler Craton. The basement comprises Achaean metamorphic gneiss and granulite of the Sleaford Complex, and meta-sediments from the Palaeo- and Mesoproterozoic sequences of the Hutchison and Wallaroo Groups. Conglomerate equivalent to the Corunna Conglomerate also outcrop in EL 4776. The basement is intruded by Hiltaba Suite granitoid, and co-magmatic extrusive Gawler Range Volcanics (GRV) cap a substantial part of the area.
The Hiltaba Suite is famous for hosting the world class Olympic Dam Iron-Oxide-Copper-Gold-Uranium deposit. The Proterozoic metamorphic basement at the boundary of the GRV hosts major deposits/prospects such as the gold and silver Tunkillia prospect, the Paris silver prospect, or the polymetallic Menninnie Dam prospect. The area is thus particularly prospective for precious and base metals mineralisation.
Past exploration has focused on uranium, gold, diamonds and base metals. Of particular interest to Spencer Resources is work carried out by Aberfoyle Resources Ltd (“Aberfoyle”) between 1989 and 1994 that focused on base metals on the Paney and Tin Hut Well Prospects.
The Paney Prospect generated the best results including DDPP1, 1.3m from 299m assaying 1.8% Pb & 0.5% Zn (max assays 3.4% Pb & 9% Zn). There were numerous other smaller Pb / Zn intercepts starting at 224m in this hole.
In July 2012 Spencer completed a helicopter VTEM time domain and magnetic survey over the eastern portion of the title. The survey comprised some 813 line kilometres with lines oriented north-south and 200 metres apart. Interpretation carried out by Minotaur’s Chief Geophysicist identified from a total of 84 VTEM targets, 16 with a first ranking priority (refer ASX release dated 22 October 2012 for details of VTEM survey and initial interpretation). In mid-Nov 2012 Spencer consultants Petra Search, visited the project area and carried out a ground investigation in the vicinity of each of the first ranking VTEM anomalies. In each case there was no obvious cause for the anomaly due to soil cover and lack of any substantive rock outcrop. All 16 first rank targets remain valid.
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