Gulf have contracted a drill rig this month to zero in on the masterton ridge area . Its fortunate that RBM have recorded such high grade copper intercepts in this area as it increases Gulfs chances . GLM 10335 ( 1524km ) entirely surrounds RBM ERL 94 ( 20.38km ) Gulf has identified similar targets immediately adjacent to ERL 94 with masterton ridge hosting a similar magnetic signiature to the ERL 94 breccia pipes but in an order of magnitude larger . further details below .
GML’s tenement area surrounds the Redbank Copper Field contained in ERL 94, which is currently under development by Redbank Mines Limited . The Redbank Copper Field contains twenty-one copper-bearing pipes developed within altered and brecciated Gold Creek Volcanics and the underlying Wollogorang Formation, which contains current published resources of 4.3 million tonnes at an average grade of 1.5 % Cu within two major pipes. The Redbank copper-rich breccia pipe structures exhibit many geological similarities with the El Soldado pipe deposits of central Chile, which contain approximately 200 million tonnes at an average grade of 1.35 % copper. GML have recognised a large (3 km diameter), circular, magnetic low feature at Masterton Ridge which could represent a large buried breccia pipe close to the Redbank Copper Field. It is planned to test this feature with a number of deep drill holes. A number of smaller magnetic features in the Hobblechain area could also represent a cluster of smaller mineralised pipe structures
GLM Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
