- Exploration by Essex has identified a coherent copper in soil anomaly (>100ppm) flanking a molybdenum in soil anomaly (>10ppm) over a 4km x 4km area at Mt Turner. The soil anomalies are coincident with circular aeromagnetic and geological features which display classic signatures of a large copper-molybdenum porphyry system.
- Mt
Turner also has the potential to identify an economic gold resource along the Drummer Fault structure, which has demonstrated gold mineralization beneath six small oxide open pits, previous drilling and rock chip samples along 14 km of the identified strike length within the project area. - Essex has granted Meryllion a 90-day option to fund a minimum
$250,000 on exploration at Mt Turner, including a detailed induced polarization survey to define drill targets within the porphyry system. - Meryllion will then have the right to earn up to a 70% interest in the project by funding up to a further
$3,800,000 in exploration in three stages. $400,000 on exploration within 12 months from the exercise date of the Option ("First Stage Earn-In") to earn 25%;$1,400,000 on exploration within 36 months of exercising the Option ("Second Stage Earn-in") to earn 51%; and- a further
$2,000,000 on exploration to earn a total 70% interest.
"We are very pleased that our initial exploration has demonstrated the potential for the discovery of a large copper-molybdenum (with silver and gold) deposit at Mt Turner and has resulted in favourable option and earn-in joint venture terms with Meryllion."
In addition to the exploration programs, Meryllion will pay Essex
The Mount Turner Property lies in the western portion of the Georgetown Inlier, which constitutes the bulk of the proclaimed
The Proterozoic rocks have been intruded by Siluro-Devonian age granitic rocks during a period of subduction and underplating that is thought to have occurred during the Tabberabberan cycle of the Tasman Orogen (ca 430-380 Ma).
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
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 the 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
The subsequent report (Baker & Horton, 1982) described the intrusive complex as a porphyry copper- molybdenum system with zoned polymetallic mineralisation. The report was based on 11 widespread, shallow vertical drill holes, <100 metres in depth and four diamond holes, only one of which was located near the intrusive centre. None of the drill holes were assayed in their entirety.
A portion of Mt Turner was held by
Essex currently owns 100% of the Mt Turner property.
The Mt Turner Property comprises two granted exploration permits totaling approximately 104 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 (See Figure 1). The areal size and intensity of alteration and associated anomalous geochemistry points to a significant mineralized system.
A regional aeromagnetic survey also covering Mt Turner (100m flight lines) was undertaken by Mega Uranium in 2006-7. The data was re processed by Essex's geophysical consultants resulting in a series of magnetic highs (interpreted to be associated with potassic alteration) flanking a magnetic low. Anomalous copper soil geochemistry closely follows the magnetic highs. Depth slices indicates the magnetic highs follow an annular ring to depths exceeding 800m.
In addition to the copper – molybdenum association, gold-silver and base metal soil anomalies occur on the periphery of the copper-molybdenum core zone associated with breccia bodies at Balaclava Hill, immediately to the northwest of Mt Turner, in major faults such as the 14 km Drummer
Rock samples collected during first pass mapping by Essex field teams demonstrate the property has been subjected to multi-phase intrusive events which provides the potential for multi-stage mineralization episodes, therefore potential for higher grades.
One Queensland Government drill hole (NS4) to 295m in 1977 drilled peripheral to the porphyry target ended in near ore grade mineralization – 0.187% Cu, 0.075% Mo over an assayed 2m section.
Re-logging of the core from this hole by Essex has shown multi-lithological intrusive clasts in breccia at depth which also suggest a poly-phasal intrusive and mineralization history.
The re-logging has also demonstrated early widespread potassic alteration then an overprinting phyllic event (sericite) then a late stage second potassic event associated with multi-stage vein mineralization. This pattern of alternation conforms to the classic model for multi-stage mineralization. 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.
The Drummer Fault is a 14 km east-west structure readily visible on Lidar and satellite imagery within the Mt Turner tenements. The Fault has been active throughout geological time having displaced Proterozoic granites and schists and is disrupted by Permo-Carboniferous felsic and mafic dykes associated with the
This structure has been influenced by the Mt Turner multi-phase intrusive porphyry Cu-Mo system 1.4 km to the south of the Drummer Fault. Historically, a number of shallow oxide pits were mined in the 1980's. NE trending structures have intersected the Drummer Fault in a number of locations and these structures may localise higher-grade mineralisation or yet undiscovered mineralized subsidiary splay faults.
At a local scale, exposures in old pits in the oxide zone have shown a close correlation between mineralisation and lithology. In the Drummer Pits, mineralisation follows fault breccias and quartz veining at the contact between granite and meta-dolerite. The Drummer Girl Pits appear to follow a contact between brecciated granite and rhyolite dykes while the
Six widely spaced diamond and RC holes drilled by Essex in 2021 beneath two of the pits at the eastern end of the Drummer Fault confirmed hypogene gold mineralisation beneath the shallow oxide pits. The best intersections were 7m @ 1.74g/t Au and 67.7 g/t Ag from 64m in Hole 6 and 3m @ 5.1g/t Au and 51g/t Ag from 83m.
The western 5km of the structure appears to be dominated by uranium mineralisation in the form of coffinite associated with apatite and sulphides (dominantly pyrite) associated with Permo-Carboniferous rhyolite and mafic dykes in steeply plunging shoots to the west. A historical uranium resource of 374,000 t @ 0.16% U3O8 has been established in the LC50 prospect by previous operators.
All of the scientific and technical information contained in this news release has been reviewed and/or prepared by Mr
ISSUED ON BEHALF OF ESSEX MINERALS INC.
President & CEO
www.essexminerals.com
Neither the
SOURCE
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