Highlights
- Drilling of a planned 600m diamond hole has commenced at Coppermine Creek to test for Mount Isa style copper mineralisation related to an airborne EM bullseye conductivity anomaly
- An outstanding zinc-lead prospect with RC and diamond drill targets has also been defined at Four Mile with potential for relatively shallow McArthur River style mineralisation.
- Regional exploration continues to confirm the potential of the Borroloola West Project tenements for the discovery of major deposits with drillable targets now also established at Berjaya (zinc-lead) and Johnstons (copper)
- A down hole electromagnetic (“DHEM”) survey will be carried out when the drill hole is completed. A further diamond hole will be drilled based on the DHEM results, geology, structure, and mineralisation intersected.
Pacifico has recently completed expenditure of $1.5 million at the Borroloola West Project, thereby earning the right to acquire a 51% interest from Sandfire Resources NL (“Sandfire”). Under the terms of the farm-in agreement Pacifico may elect to continue sole funding exploration into the second earn-in period with the objective of earning a 70% interest through expenditure of a further $2.5 million over 2 years. Pacifico is subsequently able to earn up to an 80% interest in the Borroloola West Project.
Four Mile (zinc-lead-silver)
- At Four Mile recent geological mapping (figure 3, in link below) has identified poorly outcropping Barney Creek Formation (host to the mineralisation at the McArthur River Mine) with a possible strike length of over 14km.
- Selected rock chips of outcrop are consistently high in lead within the Barney Creek Formation package of sediments.
- Small pods of gossan in the Barney Creek Formation sediments contain up 0.26% Pb (A.L.S. laboratory analysis), which is a highly positive indication in this very weathered terrane for significant zinc – lead mineralisation.
- A versatile time domain electromagnetics (VTEM) survey was conducted previously by Pacifico over part of the area.
There are clear targets to test the Barney Creek Formation for relatively shallow zinc – lead mineralisation, with RC and diamond drilling. One of the diamond drill targets is shown in figure 4, over a VTEM anomaly.
Download the full release with figures here: Pacifico Minerals VTEM Survey