ASX-listed minerals exploration company Coolabah Metals (ASX:CBH) reports it has received promising gold intercepts following a maiden reverse circulation (RC) drilling program at its Gunpowder Creek Project in Queensland.
The results, generated by 9 RC drillholes totalling 1,211m from within the project’s Golden Sunset and Pearl Prospects, suggest that Au intercepts are related to fissure veins that strike about 50 degrees and dip steeply to the southeast.
Key results include 3m at 4.45g/t Au from 49m (CGRC008), 5m at 3.3g/t Au from 108m (CGRC002) and 2m at 2.51g/t Au from 153m (CGRC004).
The drill program was designed to follow-up the recently reported ‘high-grade’ Au samples collected at 3 of the 26 historic Au workings located along a north to northwest trending May Downs Fault.
Commenting on the results, Coolabah Metals Managing Director Cameron Provost says: “Following our solid gold intercepts at Golden Sunset and Pearl, I am pleased to announce we plan to carry out additional RC drilling at the Gunpowder Creek Project as soon as practicable, after the wet season.
“Our new interpretation of the very first ever drilling results also opens up the potential for multiple mineralised fissure veins parallel to that identified at Golden Sunset.”
Our new interpretation of the very first ever drilling results also opens up the potential for multiple mineralised fissure veins parallel to that identified at Golden Sunset.”
Coolabah also notes that the implication of the interpretation of drillhole data is that the fissure veins form in a dextral strike-slip structure that is represented by the May Downs Fault.
In addition, it is reported that the completed drilling was oriented towards the east, which suggests that the optimal drill orientation to test the mineralised fissure veins is towards the northwest.
This interpretation opens up the potential for multiple fissure veins to exist parallel to that identified at the Golden Sunset deposit.
As of 10.30am AWST Coolabah Metals’ share price had increased by 11.11%.
Coolabah Metals is an ASX-listed minerals exploration company that currently boasts a prospective portfolio in the 2 major mining provinces of Lachlan Fold Belt in New South Wales (NSW) and Mount Isa in Queensland. The company’s Gunpowder Creek project is located about 40km northwest of the township of Mt Isa within the world class Mt Isa block.
The project is considered prospective for vein-hosted ‘high-grade’ Au mineralisation and Mt Isa copper-lead-zinc type mineralisation, and is home to numerous historic workings over 5km, which have returned ‘high-grade’ rockchips up to 32g/t Au.
With the maiden RC drilling campaign now complete, Coolabah Metals announces it will move forward with plans to carry out additional follow-up RC drilling at the project as soon as practical to do so.
Images: Coolabah Metals Ltd
