Astute Metals (ASX:ASE) intends to refine the geophysical model for the Leichhardt East prospect within the Georgina Basin Iron Oxide Copper-Gold Project in the Northern Territory, after completing the second deep diamond drillhole.
This work will be conducted, alongside bulk density measurements of basement and cover rocks, ahead of planning further drillholes at the prospect.
Once completed, Astute, which has a market capitalisation of $14.84 million, will begin drilling at the Leichhardt West and Banks prospects.
A proposed follow-up drilling program will be carried out next year.
The company reports the second drillhole LE002 was completed to a depth of 500m and had intersected breccia, siltstone and ironstones. Preliminary interpretation of the results suggests that the dense body of rocks targeted has not been intersected with this drillhole.
Chairman Tony Leibowitz says while this drillhole did not intersect the major IOCG discovery the company had hoped for, it has not diminished Astute’s enthusiasm for the project.
“The hole confirmed the presence of highly prospective host rocks containing ironstones — which has strengthened the analogies with the Tennant Creek style of mineralisation,” Leibowitz says.
“At Tennant Creek, deposits can have a relatively small footprint but contain fabulously high-grade mineralisation, as seen at a number of deposits in the district.
“The fact that dense rocks indicated by the anomaly were not encountered suggests that the prospect remains prospective for a significant discovery. We will await assays and continue to systematically work through the best pathway to undertake follow-up drilling next year.”
Astute will now complete detailed geological logging of drillhole LE002 and select samples for assaying and petrology to assess for pathfinder geochemistry and evidence of mineralising processes. This work is expected to be completed by the end of January 2025.
On 4 November 2024, Astute launched a high-impact exploration diamond drilling program to test Leichhardt East. The program is focused on targeting the core of the modelled gravity target.
Drillhole LE002 was designed to follow-up on the previous drilling which did not test the updated gravity inversion model.
The Leichhardt East prospect is characterised by a gravity anomaly which sits between two regional-scale faults where previous drilling intersected altered host rocks and mineralised ironstones with elevated copper and uranium.
Astute Metals is a diversified mineral explorer focused on its projects considered prospective for lithium, heavy minerals, and iron oxide copper-gold in Australia and the US.
Write to Aaliyah Rogan at Mining.com.au
Images: Astute Metals
