Reconnaissance surface rock chip samples from Todhunter returned assays including 7.3 grams per tonne gold and 0.71% copper.
This is located 80 metres north of a previously reported assay of 4.9g/t gold.
The samples were taken as part of a broader sampling program from sites identified from the recent VTEM interpretation and earlier litho-structural-geochemical targeting.
Notably, the best copper-gold values occur in thrust structures in the Speewah Dome that parallel or cut obliquely across the rock units.
The high grade gold mineralisation at Todhunter occurs in a west dipping brecciated sulphidic quartz vein in Hart Dolerite units.
This resembles the Gap, Hayden and Grays Vein occurrences in the north part of the Speewah Dome, where the veins occurs along the altered sediment-granophyre contact at the upper surface of the Hart Dolerite intrusion.
Potential therefore exists for several mineralised thrust structures within the Speewah Dome, and identifying, sampling and mapping these structures will be a priority for the first phase of exploration in 2013.
Exploration plans
Speewah’s copper/gold exploration plans have recently been totally focussed on following up all the recommendations contained within the September 2012 review.
A review of reprocessed versatile time-domain electromagnetic data collected in 2011 had resulted in the identification of 10 additional conductor sites.
Other activities that it plans to undertake include:
– Infill soil sampling of priority targets;
– Potential reverse circulation drilling on the highest order targets to test mineralisation model down dip; and
– Potential reverse circulation and diamond core drilling on encouraging results.
Analysis
The discovery of high grade gold validates the company’s strategy of focusing on copper-gold targets at unexplored fault locations.
In September 2012, there was an effective “re-setting” of the company, when an independent geological review of all previously known exploration data highlighted potential for copper/gold at Speewah.
This followed some extraordinarily high grades of copper grading 27.25%, 25 ounces per tonne silver and 4.97 grams per tonne gold found in surface rock samples in 2010/11.
As a result, it is not surprising that a new geological model, with new priorities for copper/gold exploration has emerged.
Fast forward to today, where reconnaissance rock chip samples retrieved at surface returned the highest grade gold value found to date at Speewah Dome of 7.3g/t gold and 0.71% copper.
Add in the new sites of anomalous gold and copper identified at Speewah.
Additional targets are at the intersections of vertical structures in the Pentecost and King River Fault Zones.
Potential therefore exists for several mineralised structures within the Speewah Dome.
Next step is to identify, sample and map these structures will be a priority for the first phase of exploration in 2013.
The reset of Speewah Metals offers investors a tantalising opportunity given the company’s market capitalisation of $6.4 million and a share price of $0.049 with results to date.
Read the press release here.