Greenvale Mining (ASX: GRV) has reported ‘encouraging’ IOCG-style alteration following commencement of a diamond drilling campaign at the Banks Target within its 100% owned Georgina Basin IOCG Project in the Northern Territory.
The results, generated by the first diamond hole of the recently commenced program and drilled to a depth of 550m, confirmed the presence of trace chalcopyrite copper mineralisation at approximately 303m and 497m down-hole.
The drill-hole has also encountered IOCG-style alteration of basement rocks from 290.6m down-hole after passing through associated Georgina Basin limestone to a depth of 239.5m.
Speaking on the results, Greenvale Mining’s CEO Matthew Healy said: “Completing our first hole of 2022 exploration field season in the East Tenement region is an exciting milestone and we are very encouraged by what we have observed at the Banks prospect. All of the indications from this hole suggest we are in a prospective environment for IOCG deposit formation, and the presence of trace chalcopyrite in the hole indicates the potential for more substantial copper mineralisation to occur in the vicinity.
“All of the indications from this hole suggest we are in a prospective environment for IOCG deposit formation”
Evidence of a large hydrothermal system, together with the other geophysical and geological indicators shows that our hunt for a large new IOCG deposit in this new mineral frontier is very much on track. We are now looking forward to seeing what drilling at the Leichhardt target will reveal.”
The company also notes that the completion of this drill-hole marks an important milestone for its ongoing exploration efforts at Georgina Basin.
The Georgina Basin IOCG Project is located in the Northern Territory and is wholly owned by Greenvale’s subsidiary company, Knox Resources Pty Ltd.
The Project’s Banks Prospect overlies a near-coincident moderately magnetic and dense body to the north of a major north-east trending fault and lies proximal to potential sub-surface granite that has been interpreted at depth to the south-east.
With the current diamond drilling campaign at Banks still ongoing, Greenvale reports that it has moved forward with drilling operations at the Leichhardt West Target.
Images: Greenvale Mining Limited
