Magmatic Resources has announced drill results from the first drill program at the Carlisle Reefs gold prospect within its 100% owned Moorefield project in central NSW.
Carlisle Reefs is an historic goldfield dating from the 1930’s which contains nearly 100 historic gold workings over an 800m x 800m area, including shafts, adits and drives and had never been drilled.
The holes tested beneath surface and underground workings where significant rock chips including >1000g/t Au have previously indicated the presence of high-grade gold. A total of 15 RC drill holes (2,222m) were completed.
• Multiple significant gold intervals incorporating a number of high-grade gold shoots were intersected beneath historic workings. ?
• Currently defined gold mineralisation extends from near surface to 100m vertical and is open down dip and along strike to the north and northwest. ?
• Best down-hole Gold intercepts include:
- 8m @ 5.00g/t Au from 74m; incl 2m @ 18.05g/t Au
- 30m @ 1.79g/t Au from 80m; incl 16m @ 2.09g/t Au
- 6m @ 3.59g/t Au from 46m
- 28m @ 0.86g/t Au from 20m; incl 2m @ 3.38g/t Au
- 24m @ 0.65g/t Au from 8m; incl 4m @ 2.63g/t Au
• These excellent first pass drill results confirm the significance of previously reported high-grade gold rock chips at surface and highlight the potential for more extensive gold mineralisation at depth. ?
• Follow-up drilling designed to further define gold mineralisation at Carlisle Reefs both along strike and at depth is planned to commence as soon as possible.
The Carlisle Reefs goldfield is located at the southern end of a regionally extensive magnetic trend that extends from south of the Carlisle Reefs prospect to The Dam prospect, which is 15km to the northwest. Gold mineralisation has been now been intersected in drilling at Carlisle Reefs and Boxdale. Gold Fields previously drilled 5 RC holes at Boxdale including gold intercepts of:
- 19m @ 1.28g/t Au from 114m; incl 4m @ 4.3g/t Au, and 15m @1.0g/t Au from 85m incl; 6m @ 2.11g/t Au
Exploration in the coming months will focus on confirming the discovery of an extensive gold mineralized system in the 14km trend between the Carlisle Reefs and Boxdale prospects.
The holes tested beneath historic workings where rock chips have previously indicated the presence of high grade gold, and were coincident with surface geochemical anomalies and interpreted favourable structural positions. The holes successfully tested the targeted areas and intersected gold-bearing horizons with internal high-grade shoots that are hosted by a strongly sheared and folded metasedimentary rock package. The mineralisation occurs as quartz-sulphide veins and disseminated sulphide (arsenopyrite and pyrite) in the host sequence.
The best intercepts were returned from holes MFRC011-013 and MFRC001-002. Gold mineralisation is associated with anomalous arsenic (>500ppm) and remains open down dip and along strike. These intercepts include:
- MFRC002: 8m @ 5.00g/t Au from 74m; incl 2m @ 18.05g/t Au from 80m
- MFRC011: 28m @ 0.86g/t Au from 20m; incl 2m @ 3.38g/t Au from 28m; incl 6m @ 2.27g/t Au from 38m
- MFRC012: 24m @ 0.65g/t Au from 8m; incl 4m @ 2.63g/t Au from 20m
- MFRC013: 6m @ 3.59g/t Au from 46m
- MFRC013: 30m @ 1.79g/t Au from 80m; incl 16m @ 2.09g/t Au from 94m
The gold mineralisation at Carlisle Reefs is interpreted as an orogenic gold system and the mineralisation extends from near surface to 100m vertical and remains open down dip and along strike. The favourable structural positions are thought to be zones of dilation and fracturing in fold structures. Further drilling is required to clarify the geometry of the mineralised zones.
Follow-up drilling is a priority and a drill rig will be mobilised to site as soon as possible.
The recent drilling was part funded by a NSW government New Frontiers Drill Grant.
In addition to follow up drilling at Carlisle Reefs, Magmatic has 6 other separate exploration programs planned in the next 12 months across its 4 projects.