Leichardt Project
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Location: |
50km west of Cloncurry |
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Tenement Area: |
251km2 |
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Ownership: |
various (49% to 100%) |
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Primary Target: |
copper (shear hosted) |
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Highlights: |
high concentration of abandoned copper workings |
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near-surface sulphide copper deposit defined at Barbara North Lode |
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multiple additional copper targets undergoing drill testing |
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significant potential for resource growth |
The Leichardt Project comprises five wholly owned tenements and tenement applications, and two granted tenements (Barbara and Blockade) that are subject to a joint venture agreement with Syndicated Metals Limited (Mt Isa Metals 49%). The Leichardt Project is considered highly prospective for discovery of shear-hosted copper deposits.
The Leichardt Project tenements lie wholly within the Mount Isa Inlier where the target Proterozoic age rocks either outcrop or are subject to a relatively thin layer of sedimentary cover. Regional prospecting activity has been widespread and numerous abandoned small scale copper workings have been identified within the broader project area.
Copper mineralisation is generally located within NW-trending fault systems lying between the regional-scale Mount Remarkable and Wonga Faults. Immediate opportunities present to explore for extensions to these historical copper workings via step-out drilling into areas of shallow cover.
MET (together with joint venture partner Syndicated Metals Ltd) has recently been pursuing an aggressive exploration program over the Barbara Copper Prospect - North Lode. Exploration activities have included multiple phases of RC and diamond drilling, ground electromagnetic surveys and surface soil and rock chip sampling.
Results to date at Barbara have been very positive with near-surface sulphide copper mineralisation defined over an approximate 400 metre strike length.
A maiden Indicated plus Inferred Mineral Resource estimate was announced for the Barbara North Lode Copper Deposit (100% JV basis) in March 2010 as follows:
| Category | Tonnes | Cu% | Au g/t | Cu Tonnes | Au Ounces |
| Indicated | 281,000 | 1.35 | 0.1 | 3,790 | 900 |
| Inferred | 459,000 | 1.16 | 0.1 | 5,310 | 1,480 |
| Total | 740,000 | 1.23 | 0.1 | 9,100 | 2,380 |
Table - Barbara North Lode resource estimate (0.5% Cu cut-off) (100% JV basis).
In addition to the Barbara - North Lode a number of additional copper drill targets have also been identified across the joint venture area by surface soil sampling, rock chip sampling, and detailed geophysical surveys. These targets include the new Green Zone and North Gossan discoveries.
Near-term exploration within the Leichardt Project will focus on drilling of advanced copper targets within the Barbara and Blockade tenements.