Junior explorer Havilah Resources (ASX:HAV) has highlighted a string of new geophysical targets at its Mutooroo Project Area (MPA) that surrounds the Mutooroo Copper-Cobalt Project in South Australia.
The $75.99 million market capitalisation company has merged the data from two previous airborne electromagnetic (AEM) geophysical surveys flown over the MPA — by Havilah and Minotaur Exploration — and identified several ‘anomalous’ features that could reflect subsurface sulphide mineralisation.
Havilah has subsequently kicked off ground electromagnetic (EM) survey work to follow up on this AEM discovery. The company says it hopes to generate more detailed data for better modelling control and drill targeting through this survey work.
Havilah Technical Director Chris Giles says AEM is a ‘very effective’ geophysical tool that ‘clearly’ identifies Mutooroo-style sulphide mineralisation.
“This makes the regional AEM anomalies of great interest as indicators of possible repetitions of Mutooroo.
The AEM anomaly over Mutooroo resolves into two peaks, with the more northerly one possibly indicating an extension of the Mutooroo sulphide orebody that has only been partially drill tested at depth.”
“AEM is a very effective geophysical tool that clearly identifies Mutooroo style sulphide mineralisation”
havilah says the Mutooroo orebody shows a ‘strong’ AEM response that extends into an adjoining partially drilled area to the north. This allegedly offers ‘good potential’ for the discovery of additional sulphide resources.
Meanwhile, the company’s exploration team is continuing to drill-test extensions of the 10m-20m-wide Cockburn quartz sulphide lode to the south of the Barrier Highway.
The company says this comes after its regional exploration drilling program was delayed for several weeks due to unseasonably high rainfall in the area.
Once this Cockburn drilling is complete, the drilling team will move back to Mutooroo to complete a Pre-Feasibility Study (PFS) open-pit resource expansion program, after which Havilah will potentially turn its focus to some AEM targets in the project area.
Havilah Resources is a South Australia-focused explorer that currently holds mineral resources of 1.3 million tonnes of copper, 3.2 million ounces of gold, 43,400 tonnes of cobalt, and 451 million tonnes of iron ore.
Havilah had $4.15 million in cash and unused finance facilities as of 30 June, according to its latest quarterly report.
Write to Joshua Smith at Mining.com.au
Images: Havilah Resources
