Highlights
Assay results from 5,517 soil samples has identified a coherent copper in soil anomaly (>100ppm) flanking a molybdenum in soil anomaly (>10ppm) over a 4km x 4km area with discrete gold-silver and lead-zinc anomalies peripheral to the main Cu-Mo anomalism.
The copper anomaly is coincident with a curvilinear magnetic low and the molybdenum anomaly is coincident with and flanking a circular magnetic high identified in a regional aeromagnetic survey flown by previous operator
Peripheral gold-silver anomalism is associated with breccia bodies and veins localised by major faults marginal to the main porphyry centre.
The zonation of the soil anomalies coincident with the aeromagnetic features are classic signatures of a large copper-molybdenum porphyry system.
Re-logging of drill core from a 1977 Government reconnaissance drilling program has shown that the only drill hole near to the porphyry target ended at 290m downhole depth in near ore grade copper and molybdenum (0.187% Cu, 0.075% Mo) and contains alteration and multi-phase mineralisation indicating that the drill hole was terminated well above the main target zone.
The Company has entered discussions with an Australian group which has expressed an interest in an option to earn in and acquire the Mt Turner property as the cornerstone project in a critical metals exploration listing on the
The option and earn-in joint venture would fund a significant staged exploration program on the Mt Turner copper-molybdenum target.
'Having incubated the project with initial exploration expenditure, Essex is now looking to leverage its position in the project by joint venturing the next round of exploration expenditure then spinning out the property into a new critical minerals listing. 'This project incubation then spinout, particularly where we can retain a royalty and a right to provide stream or project finance, is fundamental to the Company's business growth model.'
Summary Geology and Mineralisation of the
The Mount Turner Property lies in the western portion of the Georgetown Inlier, which constitutes the bulk of the proclaimed
The Georgetown Inlier subsequently experienced a period of felsic intrusion and accompanied sub-aerial volcanism during the Carboniferous to Permian period (ca 350-230 Ma) associated with extension and rifting that developed during the Hunter-Bowen cycle of the Tasman Orogeny. This magmatism is termed the
This magmatic event was responsible for the 5 million ounce Kidston gold deposit located some 70 kilometres to the SE of Mt Turner. The Permo-Carboniferous Mt Turner intrusive complex, which is centred within the property, consists of multiple phases of rhyolite to micro-granodiorite dykes, stocks and associated breccias, hosted by Meso-Proterozoic Mount Turner Granite and metasediments of the Palaeo-Proterozoic Lane Creek Formation. The overlying subaerial volcanics are postulated to have preserved the porphyry-style mineralisation.
The property was initially examined during the 1975 field season by geologists of the Australian Government's
Exploration results to date by Essex-KNX Joint Venture
The ESX-KNX Mt Turner Property comprises two granted exploration permits totaling approximately 100 sq km. Soil sampling in a 100m x 100m grid by KGM (2,336 minus 80 mesh and 2,462 BCL samples) and Essex (719 samples) has outlined a 4km x 4km soil anomaly which shows classic Cu-Mo zonation - copper in soil flanking a molybdenum core. This area is sufficient to contain a very large (+500Mt) deposit. Aeromagnetics (100m flight lines) flown by
The features in the magnetics are coincident with the copper and molybdenum soil anomalies. Gold-silver and base metal soil anomalism occurs on the periphery of the copper-molybdenum core zone associated with breccia bodies at Balaclava Hill, immediately to the north west of Mt Turner, in major faults such as the 14 km Drummer
The later stage second potassic event towards the end of the hole also suggests that the hole ended above the main mineralization target zone. The next phase of exploration will involve detailed ground geophysics to define the targets ahead of an initial drilling program. Management has been investigating opportunities for introducing a joint venture partner to the Mt Turner project and has entered discussions with an Australian group which has expressed an interest in an option to earn in and acquire the Mt Turner property as the cornerstone project in a critical minerals exploration listing on the
About Essex
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Email: graham.farrell@harboraccessllc.com
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