Cyclone Metals (ASX:CLE) has identified a series of gold anomalies through a soil geochemical sampling program within the Macraes South PP 60700, located in the Otago Province of New Zealand.
The company reports the anomalies are defined on both raw geochemical values or on a times background basis, usually used to express ionic leach results. Additionally, the anomalies tend to be narrow and lenticular in nature, consistent with the probable style of mineralisation being in relatively narrow elongate shear zones.
Cyclone Metals reports the zone assayed up to 3.47g/t Au over 0.6m and consists of weathered sulphidic siliceous shear zone material dipping at 45 degrees northeast and striking northwest-southeast, between 140 degrees and 320 degrees.
Commenting on the results of exploration, Cyclone Metals Chairman Tony Sage says: “The results from the soil sampling program have generated highly prospective drill targets over multiple lodes, located only 15km from the Macraes Gold Mine, operated by Oceania Gold Limited.
The Swampy Hill prospect area with limited previous exploration, is being applied for to convert to an Exploration Permit and has significant upside if drill testing later in the year is successful. The remainder of the Macraes South project is being applied for to remain as a Prospecting Permit, and will have further soil sampling programs to identify drill targets.”
“The remainder of the Macraes South project is being applied for to remain as a Prospecting Permit, and will have further soil sampling programs to identify drill targets”
Anomalous zones were defined using Ionic Leach technique, which demonstrates more than 25x background values, which has empirically been found in proximity to mineralisation, along with using this rationale Cyclone Metals reports there is potentially more than 2,000m of mineralised strike in the Swampy Hill prospect area.
Cyclone Metals states an application for extension of term has been lodged for the Macraes South, which is proposed as a small Exploration Permit (EP) area covering Swampy Hill and surrounding areas.
Once the permit has been granted and an access agreement is signed with landowners, a drilling program will be conducted to test the defined anomalies.
The Macraes South PP 60700 is located 40km north of Dunedin in the Otago Province of New Zealand.
Cyclone Metals is an ASX-listed, mineral development company, with a portfolio of projects and investments of cobalt, lithium, iron ore, copper, uranium, and lead-silver-zinc assets in Australia, Europe, Africa, and South America.
Images: Cyclone Metals Ltd
