C29 Metals Ltd (ASX:C29) has demonstrated the potential for a “significant discovery” at the Mayfield Copper-Gold Project near Mt Isa in northwest Queensland after drilling revealed wide down-hole intersections of visual chalcopyrite mineralisation.
The company has so far drilled five of seven planned holes for a total of 1,816 metres with two of the five holes intersecting visible chalcopyrite (copper-iron sulphide) mineralisation of more than 50 metres in width within a larger ‘redrock’ alteration halo.
Redrock alteration is a common feature of iron ore-copper-gold (IOCG) systems, where sulphide mineralisation follows similar pathways through the base rock as copper-gold mineralisation.
C29 feels the redrock alterations found in this latest round of drilling may provide a pathway to the higher temperature core of such a system.
Exciting early observations
“We are excited with early observations from drilling to date at Mayfield, with extensive intense alteration encountered in all holes drilled and visual copper sulphide mineralisation observed in three of five holes completed,” C29 Metals executive director Jeremy King said.
“As an initial test of very prospective ground for IOCG-style mineralised systems, we are already seeing significant widths of copper mineralisation in drilling, underlining the potential for significant discoveries to be made at Mayfield.”
C29 is particularly encouraged by the presence of chalcopyrite intervals in two separate settings at Mayfield, which the company believes bodes well for testing what it has interpreted as a large mineralised system with potentially extensive (up to kilometres) vertical extent.
The company will now complete the rest of the drilling program with drilling to resume on January 8 and prepare the two deepest holes for potential downhole electromagnetic (DHEM) surveys.
C29 has already submitted the samples from this latest program to the ALS laboratory in Mt Isa for assay.