HIGHLIGHTS
- Maiden diamond drilling program progressing rapidly at Cockie Creek with the completion of the first four Resource definition holes. Resource definition holes are shorter holes up to 300m depth and are being drilled prior to deeper exploratory holes in order to gain an understanding on the mineralisation system
- Each hole has generally confirmed (on a visual basis) greater extent of copper mineralisation than reported in historical drill hole assays
- First hole confirmed extensive mineralisation including a previously unknown zone of copper mineralisation containing high tenor bornite, located outside the historic Mineral Resource. Bornite is a higher-grade copper mineral compared to chalcopyrite and in copper porphyry systems is often associated with potassic alteration zones
- Numerous zones of intense biotite alteration potentially representing high temperature potassic-altered hydrothermal fluid pathways
- Drill program objectives:
o Targeting two high order, induced polarisation (IP) chargeability anomalies directly below the shallow Cu-Au deposit. The chargeability anomalies are interpreted to represent potential upper zones of a Cu-Au-Mo mineralised porphyry system
o Resource definition drilling of Cu-Au-Mo deposit to establish a JORC (2012)-compliant Mineral Resource Estimate and to expand the size of the resource
- Significant potential for the discovery of a large porphyry Cu-Au-Mo mineralisation system
- Main period of historic exploration over 30 years ago focussed on the shallow, sub-surface copper mineralisation with no exploration targeting a porphyry system
Superior Resources Limited (ASX:SPQ) (Superior, the Company) announced today an update on the Company’s maiden drilling program at the Cockie Creek Prospect, which is one of several copper prospects within its 100%-owned Greenvale Project.
Cockie Creek is a copper-gold-molybdenum deposit that the Company considers to be related to a mineralised porphyry system. Historic exploration drilling conducted over 30 years ago identified extensive near-surface copper mineralisation over at least 1.2 kilometres. Sufficient historical drill hole data enabled the Company to prepare an historical Mineral Resource Estimate in respect of half of the known mineralisation strike. Immediately below the Resource, a high order induced polarisation (IP) chargeability anomaly extends to undetermined depths.
Cockie Creek has been subjected to very limited historical exploration and no prior exploration has focused on targeting a porphyry source potentially responsible for the known mineralisation.
Superior’s Managing Director, Peter Hwang commented:
“We have been very excited to view core from the first holes at Cockie Creek as we have only observed the mineralisation in surface outcrop. And we haven’t been disappointed, with indications so far exceeding our original expectations.
“It’s been very encouraging to see broader intersections of copper mineralisation than historically reported, extensive biotite alteration potentially representing intense potassic alteration and in particular, bornite mineralisation towards the bottom of CCDD001, well outside the known copper mineralisation envelope. It’s one of the few times that we are more than happy to say that, on reflection, we may need to extend the hole further.
“Apart from the bornite, there are some significant mineralisation and alteration observations that differ to what we have seen at Bottletree. Most of the Cockie Creek mineralisation is disseminated rather than vein- hosted and the apparent intensity and extent of potential potassic alteration exceeds what has been observed at Bottletree. However, we have only drilled the outer edge of the Bottletree system.
“This is our first opportunity to observe the Cockie Creek system in detail and we are still in the process of understanding the geology and mineralisation. With the rig having just commenced the fifth hole and with each hole averaging about 270m depth, the program is progressing at a fast and efficient pace.
“The first batch of core has just reached Townsville for sample preparation before being assayed and we expect first assays to be returned in about three to four weeks’ time.
“The observations so far at Cockie Creek are very encouraging in terms of the potential beneath the known copper mineralisation. This marks a fantastic start to our copper strategy of rapidly accelerating systematic exploration across multiple Tier-1 potential copper prospects within the Greenvale Porphyry Province. Consistent with our overall focus, our primary objective at Cockie is to discover a large, mineralised porphyry system directly beneath the copper-gold mineralisation that has been partially identified at surface. We look forward to seeing what the remainder of the Cockie program delivers.”
To read the announcement, please click here