Jan 20, 2021

New take on Charters Towers mineralisation

New take on Charters Towers mineralisation

A regional exploration program has revealed potential for new undiscovered mineralised bodies to the north of Charters Towers, and a different style of mineralisation to the south, Citigold says.

A geochemical sampling program was completed at the end of December 2020 with assay results returned recently.

A series of stream sediment bulk cyanide leach samples were taken over 84 sites together with rock float and sediment samples, Citigold said.

One sample was considered highly significant due to its base metal and
silver signature, which more closely matched a Volcanogenic Massive
Sulphide (VMS) deposit than the traditional Charters Towers style of
mineralisation, the company said.

The sample returned 10.15 g/t gold, 2.03 per cent zinc, 0.8 per cent
lead, 0.07 per cent copper and nearly an ounce to the tonne silver (29 g/t).

Three anomalous samples grading over 0.5 g/t gold were located at the northern extremity of the group’s exploration permits, 5-8km north
of the centre of Charters Towers.

Returning gold values of 0.59, 0.51 and 0.83 g/t gold, these were considered highly significant, as the historical workings at Charters Towers were not considered to persist north of the city.

Citigold said their occurrence indicated that gold-bearing outcrops were shedding into creeks in an area not previously known to be mineralised.

“There are no known or previously mined gold deposits in this area, so these three samples have highlighted new mineralisation with the potential for northern extensions of the known cross veins and new east-west lodes,” the company said in an announcement to the ASX.

“This highlights potential for the main NNW-SSE trending gold-bearing lode systems at Charters Towers to persist to the north of the city, and for the existence of undiscovered new east-west lodes parallel to the Brilliant, Day Dawn and Queen-Sunburst lodes. These samples will be followed up after the end of the wet season.”

The samples in the study were all on Citigold’s exploration permits and Mineral Development Licences, and the majority of the anomalous rock float samples fell on or close to Citigold granted mining leases.

The company recently announced a 27 per cent increase in inferred mineral resources at its Charters Towers gold project to 14 million oz.