ASX-listed exploration company Australasian Metals (ASX:A8G) reports it has completed a maiden Mineral Resource Estimate (MRE) for the Mt Clermont and Capella gold projects located in Central Queensland.
The company says the MRE was completed by Brisbane-based consultancy firm, H&S consultants, which specialises in resource estimations, and notes it was led by Simon Tear, with assistance from Australasian Metals’ geologist consultant, Ian Cooper.
At the Ayres Rock prospect, Australasian Metals reports an inferred MRE of 920,000 tonnes @ 1.02g/t Au for 30,100 ounces has been delineated using a 0.60g/t Au cut-off to a maximum depth of 100m below surface.
This deposit is interpreted to be a structurally controlled, epithermal-style quartz vein breccia unit hosted gold deposit within rhyolitic ignimbrites of the Silver Hills Volcanics. Clasts within the host rock consist of limestone, volcanics, pumice, and occasional metamorphics, with the volcanics displaying propylitic alteration over a broad area.
The company reports this widespread alteration consists of quartz-albite-chlorite-carbonate-pyrite +/- epidote and rare orthoclase.
Mineralisation consisted of fine grains associated with disseminated pyrite grain boundaries
Mineralisation consisted of fine grains associated with disseminated pyrite grain boundaries. Cross-cutting, fine grained quartz veins display crustiform and colloform epithermal textures, and there is potentially higher-grade plunging sore shoot. Mineralisation outcrops and is locally exposed at surface.
Australasian Metals reports it will target extensions of mineralisation in the form of potential ‘high-grade’ plunging shoots identified in drilling such as drillhole CAR036 which intersected 26m @ 3.88g/t Au from 45m, including 2m @ 33.4g/t Au from 50m and 3m @ 3.89g/t Au from 59m, as well as 1m @ 9.75g/t Au from 78m.
Commenting on the maiden MRE, Australasian Metals Managing Director, Dr Qingtao Zeng says: “Mr Tear and Mr Cooper have now completed the estimation of maiden gold Mineral Resource estimations for our wholly owned Mt Clermont (EPM14116) and Capella (EPM25956) projects that are located in the Clermont region of Central Queensland.
The MRE follows the completion of a detailed database review and fieldwork supervised by Mr Cooper that included the 2022 verification drilling program.
Amid surging gold prices, these JORC Mineral Resource Estimates confirm the clear value of our assets and form a solid basis for expansion drilling and potential resource growth.”
At the Retro Extended prospect, the company has delineated an inferred MRE of 820,000 tonnes @ 1.27g/t Au for 33,500 ounces using a cut-off grade of 0.60g/t Au to a maximum depth of 100m below surface.
Australasian Metals reports this prospect is interpreted to be a structurally controlled low-sulphidation, epithermal gold deposit that occurs within the 10km long Retro Fault Complex.
The company says the gold occurs as either fine grained free gold or as fine grains associated with pyrite grain boundaries.
Australasian Metals reports it will target exploration extensions to the south of the mineralisation at Retro Extended. Additionally, the company will also target exploration of the nearby Retro prospect, located north of Retro Extended.
Quartz veining with epithermal textures was observed within a zone of altered rock so further diamond and reverse circulation (RC) drilling is required to help understand its geometry, and to test the limits of this gold mineralisation.
Australasian Metals is an ASX-listed exploration company focused on lithium, gold, and precious metals. The company’s portfolio of assets includes the May Queen and Mt Clermont gold projects in Queensland, the Mount Peake, and Barrow Creek lithium projects in the Northern Territory, and the Fairview Gold Project in Western Australia.
Images: Australasian Metals Ltd
