- Drilling at Golden Eagle confirms two separate mineralised zones enhancing the prospectivity for large mineralised systems to occur. The two systems are:
o Vein-hosted polymetallic system with alteration extending over 500 metres of strike with localised veining increasing intensity and prospectivity to the west and at depth
o Separate mineralised gold rich system exceeding 650 metres of strike with extensive hematite (iron oxide) alteration with large zones of brecciation open to the west and at depth. Assays include:
- 21.2m at 1.88g/t Au (
- 8.0m at 3.80g/t Au, and
- 7.2m at 1.26g/t Au
- Structural interpretation from drilling at Golden Eagle conceptually linked to a separate deeper system which provided the heat source for mineralisation in the area, including the copper skarn mineralisation which hosts the JORC resources at Oracle Ridge
- Multiple geological similarities with other large deposits in the southwest
- 13 holes drilled at Golden Eagle with holes up to 650 metres in length. Assays pending for 11 holes at Golden Eagle. Assays pending for a further 13 holes across Oracle Ridge.
"Our maiden drill program at Golden Eagle has uncovered extensive alteration with vein-hosted polymetallic mineralisation. This is exciting because it could represent a distal mineralisation of a larger and deeper porphyry system. The same system could also be driving the copper mineralisation at the Oracle Ridge mine.
While most of our core is still at the laboratory, it is pleasing to see initial visual results confirming vein-hosted polymetallic mineralisation within an extensively altered package. Based on the size and abundance of the veins, we are optimistic about how the mineralisation could evolve laterally with multiple observations suggesting an increase in intensity to the west and at depth. These geological observations share many similarities with other mineralised systems in the southwest
Adding to the polymetallic system, the strong gold assays are a positive indicator of the existence of either separate or associated gold mineralisation.
We have just completed our thirteenth hole at Golden Eagle and have moved that rig back to the mine area to continue resource upgrade drilling. It is prudent that we wait until further assay results are received to enable improved drill planning for the next set of holes. As soon as the new targets are defined, we will be back at Golden Eagle. These results are a major leap forward in our ongoing search for the major system feeding the copper skarn mineralisation at Oracle Ridge."
Highly encouraging results have been received from the Company's maiden diamond drill program at the Golden Eagle Prospect (
Visual observations showed that most drill holes intersected large widths of altered rocks associated with two separate hydrothermal systems:
- A vein-hosted polymetallic system, characterised by pyrite and silica alteration with localised veins containing lead, zinc and copper sulphides. Intensity of alteration and veining appears to increase to the west and at depth.
- A gold-rich system, confirmed by assay results, displaying abundant hematite (iron oxide) alteration associated with geological structures (e.g. breccias).
Both systems have a strike extent exceeding 500 metres and remain open at depth and to the west (Figure 2*). Assays are awaited for eleven of the thirteen holes drilled. It is expected that assay results will assist in defining exploration vectors towards the most endowed parts of these alteration systems. Importantly, the polymetallic vein alteration could be interpreted as the distal expression of a potential porphyry also linked to the skarn-hosted copper-silver-gold mineralisation at the mine.
Polymetallic vein system
The polymetallic vein system extends from drill hole
Another alteration feature, which could indicate a higher heat flow and increasing proximity to potentially mineralising fluids and a heat source downhole, is the presence of secondary biotite in vein selvedges. Progressing downward, the biotite veins begin to carry pyrite. Below approximately 315 metres downhole, the biotite-pyrite veinlets contained secondary potassium feldspar selvedges.
Gold system
Previous exploration completed by the Company highlighted a prominent feature crossing the entire
Several of the drill holes completed to date have intersected a strongly oxidised structural zone associated with brecciated intervals (Figure 5, Figure 8*) over a 650 metre strike length as shown in Figure 2*. Four holes clustered near the intersection of the Geesaman and Pidgeon Tank Faults (
Full assay results have been received for two drill holes (
- 1.6m at 0.91g/t Au and 0.02% Cu from 200.4m (
- 21.2m at 1.88g/t Au and 0.11% Cu from 236.8m (
- 8.0m at 3.80g/t Au and 0.20% Cu, and
- 7.2m at 1.26g/t Au and 0.09% Cu
The assay results received to date for
The presence of a thick zone of gold mineralisation including an eight metre higher grade interval in hole
Implications for Porphyry Prospectivity
Porphyry copper deposits are common in
- Skarns (including copper, iron, gold, zinc types)
- Polymetallic replacement (silver, lead, zinc, copper, gold)
- Polymetallic veins (gold, silver, copper, lead, zinc, manganese, arsenic)
- Distal disseminated gold-silver (gold, silver)
- Epithermal vein (intermediate/low sulfidation gold-silver)
The current geological model for Oracle Ridge sees the skarn and the polymetallic vein systems as potentially linked to a porphyry system at depth with structures such as the Geesaman Fault and the Pidgeon Tank Fault acting as pathways for the mineralising fluids between the porphyry and sites of metal deposition (Figure 10).
The Company and its consultants will continue to refine this conceptual model with additional information gathered from surface mapping, geophysics and drilling in combination with other advanced exploration techniques (e.g. Portable Infrared Mineral Analyser).
Next steps
Thirteen drill holes have been completed at Golden Eagle with assay results pending for eleven. The Golden Eagle drill rig has recently returned to the Oracle Ridge mine to complete the remaining holes of the Resource Upgrade program.
Assay results, together with additional geological interpretation and possibly a new geophysical survey, will assist vectoring toward more prospective zones at Golden Eagle. New drill holes will be planned once drilling data has been compiled and interpreted.
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About
Contact:
BEng, MBA, GAICD
Chief Executive Officer
tim@eaglemountain.com.au
Company Secretary
mark@eaglemountain.com.au
Investor and Media Relations
jm@janemorganmanagement.com.au
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