Aureka (ASX:AKA) has received updated geological interpretation from renowned geophysicist Barry Murphy confirming multiple exploration targets at the Irvine Gold Project in western Victoria, Australia.
His work reiterates the potential of 236,000–545,000-ounce exploration targets (ETs), alongside the current 398,000-ounce inferred JORC resource at Irvine, which is located 16km from the operating Stawell gold mine.
Murphy reviewed drone and regional magnetics and induced polarisation datasets, using multi-scale edge analysis — also known as geophysical worming — to map underground geological boundaries, faults, and structures.
With this method, he confirmed that several major northwest-trending strike parallel faults control the local geology, with numerous northeast-southwest-trending cross-cutting faults within the targets.
Murphy also noted that the emerging northeast-southwest-trending structures are associated with known mineralisation, which increases targeting confidence.
Managing Director James Gurry says Murphy’s work highlights the “unexplored potential of the gold-rich geology”.
“Barry’s work … gives us a means by which we can identify credible targets to test with our ongoing drill programs and grow the Irvine Gold Project to its full potential,” Gurry says.
Six ETs have been defined across the project, with advanced targets ranging from 880,000 tonnes to 1.76 million tonnes (Mt) @ 2–2.30 grams per tonne gold (Au), and conceptual targets ranging from 2.35Mt to 4.7Mt @ 2–2.30g/t Au.
Advanced targets include ET one, which sits up-dip of known mineral resources but remains untested by drilling. Meanwhile, ET two lies along strike of known resources, with aircore holes showing geochemical anomalies including 9m @ 2.10g/t Au.
Exploration Manager Jozef Story says the updated geological understanding “speaks volumes” about Irvine’s potential.
“[The significantly] improved comprehension of the underlying structural architecture beneath Irvine, combined with the reaffirmation of the numerous exploration targets, continues to demonstrate the high prospectivity and preserved exploration potential that still exists throughout the fertile Irvine mineral system,” Story says.
The company notes that, despite 59km of drilling since discovery in 2017, the technical framework at Irvine remains in its ‘infancy’.
Aureka is currently undertaking diamond drilling at Irvine to test down-dip continuity to mineralisation at North Resolution.
The Irvine Project occupies the northern portion of the historic Ararat Goldfield within the Mooranambool Metamorphic Complex of the Stawell zone, which hosts the 5.3-million-ounce Stawell Goldfield.
Aureka is an ASX-listed mineral explorer focused on gold projects in Victoria.
Write to Paula Fabe at Mining.com.au
Images: Aureka
