Mt Isa Metals (ASX:MET) Identify New Copper Sulphide Zone At Barbara Prospect
Brisbane, Aug 10, 2009 (ABN Newswire) - The Board of Mt Isa Metals (ASX:MET) is pleased to announce that a recently completed drilling program at the Barbara Copper Prospect has returned positive results, intersecting near-surface sulphide copper mineralisation in the North Lode.
Barbara is located approximately 50 kilometres northeast of Mount Isa in Northwest Queensland and forms part of the Company's Leichardt exploration project.
Following the grant late last year of the Barbara tenement (EPM 16112), held in joint venture between Mt Isa Metals Limited (49%) and Syndicated Metals Limited (51% manager), a program of ground TEM surveying was completed to assist in drill hole targeting. A combined RC and diamond drilling program incorporating this information was designed to test for down dip extensions of the Barbara deposit (South Lode) and to test beneath gossanous zones along strike to the northwest (North Lode).
The recent drilling program comprised four RC holes at the North Lode and one RC hole and three pre-collared NQ diamond drill holes at the South Lode. A total of 1,333 metres of RC and 543 metres of diamond coring were completed. All the drill holes at Barbara in this program were completed within the joint venture tenement (EPM 16112).
Barbara North Lode
The North Lode is centred approximately 400 metres along strike to the north of the South Lode within the Barbara shear zone and is manifest at surface by several old pits and a pronounced gossan. The sheared and altered zone is approximately 30 to 40 metres wide at surface.
The four holes drilled were designed to provide an initial test of the zone over a restricted (approximately 200 metre) strike length in the central section of the gossan.
The results were highly encouraging with each drill hole returning plus 1% Cu intercepts through shallow sulphide mineralisation. The best result was 8 metres at 3.7% Cu from 32 metres down-hole within a broad zone of 25 metres at 1.44% Cu. These results are consistent with the initial drilling results on the South Lode (external but adjacent to the JV tenement area) and provide encouragement that further drilling here can outline a significant copper deposit.
An infill drilling program is currently being planned to test the North Lode to a vertical depth of
100 to 150 metres. A deeper hole to test the TEM anomaly at approximately 250 metres depth is also planned.
It is anticipated that the second phase drilling program will start during the third quarter.
Barbara South Lode
Three pre-collared diamond holes and one RC hole were completed to test the interpreted down plunge extension of the Barbara South Lode within the joint venture tenement.
Each hole intercepted the mineralised zone which contained significant widths of stringer, massive and semi-massive sulphides (mostly pyrrhotite) with local higher grade (+1% copper) intervals.
Interpretation of the drilling results suggests that the high grade core of the lode is possibly plunging at a shallower angle than anticipated (ie: external to the JV tenement) and that the holes drilled may have intercepted the lower edge of the lode.
Significant intercepts include 5.37 metres at 1% Cu and 0.8g/t Au in BADD004, 4.25 metres at 2.68% Cu and 0.26g/t Au in BADD006 and 11 metres at 1.47% Cu and 0.11g/t Au in BARC021.
The drilling indicates that the altered and mineralised zone is increasing in width at depth and to the south with estimated true widths of + 30 metres in BADD005 (41.7 metres averaging 0.31% Cu) and +50 metres in BADD006 (63.25 metres at 0.45% Cu). The prevalence of magnetite is also increasing at depth and to the south.
Additional Target Generation
A program of soil sampling was completed to test for new mineralised zones within the JV area in the vicinity of the Barbara shear zone. The known mineralisation was clearly defined by the sampling which also demonstrated that the Barbara North Lode is open to the north beyond the northernmost drill hole completed to date - BARC020.
Two new soil anomalies of similar strength to those overlying the Barbara structure (+500ppm Cu), were also outlined within the Barbara tenement.
Infill soil and rock chip sampling will be completed over these anomalies to determine their significance.
Conclusions and Forward Program
The recently completed programs continue to demonstrate the potential of the Barbara area to host significant copper deposits.
The initial drilling on the Barbara North Lode returned positive results with very good potential to define additional near surface copper sulphide mineralisation. In addition the deeper North Lode TEM anomaly is yet to be tested.
Planning is underway on a follow-up infill drilling program on the North Lode which will include testing of the identified TEM conductor.
Soil sampling has also highlighted a number of anomalies of similar strength to the Barbara Lode anomalies in the immediate vicinity.
Drilling is anticipated to recommence at Barbara in early September.
Mt Isa Metals Limited is an Australian-based exploration company focused on the discovery and development of world-class mineral deposits in central and north-west Queensland.
Mt Isa Metals was incorporated on 15 June 2006 as a wholly owned subsidiary of ASX-listed D'Aguilar Gold Limited. Mt Isa Metals was created to hold and advance significant base metal and uranium targets identified by D'Aguilar's project generation group.
Contact
Mr Peter Spiers Managing Director Ph: (07) 3303 0624 or 0409 407 265
Mr Duncan Cornish Company Secretary Ph: (07) 3303 0624 or 0407 623 302
