Mt Isa Metals Limited Announces New Sulphide Copper Zone At The Barbara Copper Prospect
Mt Isa Metals Limited (MET) has announced 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. The Barbara tenement is held under joint venture between Mt Isa Metals Limited (49%) and Syndicated Metals Limited (51% manager).
The results of this initial drilling program are considered to be highly encouraging with each drill hole completed at North Lode returning plus 1% Cu intercepts through shallow sulphide mineralisation.
The North Lode drilling results include:
- 8 metres at 3.7% Cu and 0.27g/t Au from 32 metres (in BARC19), and - 5 metres at 2.2% Cu from 43 metres (in BARC18)
The North Lode is defined at surface by shallow workings, a 30 to 40 metre wide zone of shearing and alteration, and a pronounced gossan. The four holes drilled to date at North Lode were designed to provide an initial test of the structure over a restricted (200 metre) strike length in the central section of the gossan.
In addition to the recent drilling a program of soil sampling was also completed to test for new mineralised zones within the broader tenement area.
The known mineralisation was clearly defined by the soil sampling which also demonstrated that the Barbara North Lode is open to the north beyond the limit of current drilling. Two new soil anomalies were also outlined within the Barbara tenement with peak sample values above 800ppm Cu. Infill soil and rock chip sampling will be completed over these anomalies to determine their significance.
Planning is underway on a follow-up infill drilling program on the North Lode which will include testing of a TEM conductor located approximately 150 metres below the recent drilling results. The TEM conductor was identified by a geophysical survey completed by the joint venture participants in early 2009.
Drilling is anticipated to recommence at Barbara in early September.
MET Price at posting:
14.5¢ Sentiment: Buy Disclosure: Held
