A geophysical Cannington ‘look-alike’ is the focus of Red Metal’s latest exploration work in North West Queensland following a $3 million capital raising.
The company says a second follow-up diamond core drill hole is underway on the Mount Skipper project, 90km south of the Cannington mine.
Assays from the first core into the standout Mount Skipper magnetic target
reveal anomalous low-level values of zinc, lead, copper and silver.
The best one metre sample assayed 1140ppm zinc, 700ppm lead, 525ppm copper with 1ppm silver.
The company believes that hole stopped short of the target zone, with metal and trace element values and weak magnetic susceptibility levels showing a general increase down the hole.
This follow-up program consists of one hole to about 1200m depth.
The stratigraphic section revealed in the first drill hole comprised unusual,
coarse-spotted sillimanite-quartz rocks, fine garnet-bearing quartzite and a
spotted cordierite rock type containing semi-massive pyrite bands with traces of weakly magnetic pyrrhotite and chalcopyrite.
Red Metal said these unusual spotted rock types, together with the anomalous geochemistry, were thought to be typical of metamorphosed alteration (or halo rocks) commonly observed near metamorphosed massive sulphide deposits.
Spotted sillimanite rock types with proximal geochemical alteration indices were also mapped within a 200m halo surrounding the Cannington silver-lead-zinc deposit, the company said.