MT DOUBLE EL 4776 - SOUTH AUSTRALIA
The Company has the right to acquire a 70% interest in this title currently owned by Minotaur pursuant to the Tenement Purchase Agreement.
The southeastern part of the Gawler Craton is widely recognised as containing pervasive regional alteration systems and a high potential for iron oxide copper-gold (IOCG) mineralisation associated with the Gawler Range Volcanics and coeval Hiltaba Suite Granite (“HSG”) igneous event. Also associated with this event are structurally controlled Pb-Zn-Ag hydrothermal breccias as at Menninnie Dam and more “epithemal-like” Pb-Zn-Cu-Au-Ag mineralisation as at Parkinson Dam and Investigator’s Paris silver discovery. Each of these is spatially coincident with the southern margin of the Gawler Range Volcanics.
Recent work by Investigator has identified high grade silver-lead mineralisation, with lesser gold, 25km east of the Mt. Double tenement within the Peterlumbo Project area. The Paris Prospect was identified by silver-in-soil geochemical anomalies and subsequent aircore drilling including intersections of 29 m of 155 g/t Ag and 2.5% Pb and 37m of 91 g/t Ag. Additional drill results included 4m of 913 g/t Ag hosted in fresh, sulphide-bearing bedrock. Epithermal style mineralisation documented by Investigator is genetically linked to northeast-striking rhyolite dykes and northwest-striking structures, all largely hosted within carbonate/clastic sedimentary rocks. The rhyolite dykes are interpreted to part of the HSG.
The Mt Double area is characterized by gold within steeply dipping quartz veins in the Paleoproterozoic Tunkillia suite and base-metal-bearing breccias related to Gawler Range Volcanics (GRV) and (pene-) contemporaneous intrusive suites.
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 best results including in 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.
The Tin Hut Well Prospect is located on the eastern side of the tenement (SE of Paney). Five RC holes drilled by Aberfoyle in 1993 intersected many narrow zones of Pb / Zn mineralisation (best was 2 metres assaying 2.6% Pb+Zn). BEAC10 intersected 17metres @ 0.54%Zn, 0,24%Pb, 0.14%Cu (37-54m). Drilling was focussed by Sirotem anomalies and anomalous Pb/Zn soil and calcrete sampling.
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