Massive sulphide intersections continue to return consistent high-grade, multi-element mineralisation over a substantial area.
The Mount Bonnie deposit is located on granted Mining Leases within the Hayes Creek Project in the Pine Creek region of the Northern Territory and is 100% owned by Phoenix Copper.
The objective of the recently completed programme at Mount Bonnie was to define mineralisation beyond the boundaries of historical drilling, and test the potential of the deposit to complement the existing resource at the Iron Blow deposit, 3km to the north.
New results
MBRC024 was drilled to test the continuity of known sulphide mineralisation directly beneath the oxide open pit and intersected the broadest zone of sulphide mineralisation to date, 26 metres @ 3.95% Zn, 1.25g/t Au, 136g/t Ag, 0.25% Cu, and 1.02% Pb from 57m, and also includes a 7 metre zone of primarily gold mineralisation directly below the massive sulphides that grades 2g/t Au. The true thickness of the overall mineralised zone in this area is approximately 20m.
MBRC019 tested the north-westerly extension of known mineralisation and intersected a 13 metre wide zone of massive and semi-massive sulphides grading 3.63% Zn, 0.86g/t Au, 154g/t Ag, 0.16% Cu, and 1.38% Pb from 29m.
The results from MBRC020-23 indicate that the massive sulphide mineralisation pinches out to the north of the oxide open pit, however, appreciable amounts of near-surface silver mineralisation have been intersected in this area in MBRC021 and MBRC022 and in an adjacent hole MBRC019.
Commentary
The results of the Mount Bonnie drill programme show excellent continuity and consistency of mineralisation, and indicate a simple tabular north-west dipping zone of massive sulphides. In addition a halo of brecciated and altered rocks containing primarily gold-rich mineralisation was intersected directly below the massive sulphide zone, with a zone of silver-rich mineralisation above and to the north-east. The lateral and vertical extents of this gold and silver mineralisation is currently undefined, but due to it being outside of the massive sulphide envelope it was likely not identified by ground and downhole EM surveys and therefore provides considerable potential upside.
Phoenix Copper is particularly encouraged by the potential to expand the massive sulphide zone down-dip, where it is untested to the north-west at depths below the limit of current drilling of approximately 75m vertical metres below the base of the oxide open pit. Geophysical EM surveying and modelling completed earlier in the year support the interpretation that the massive sulphide zone may extend considerably further at depth. The massive sulphide zone is also open along strike to the south, where gossan is still exposed in the wall of the oxide open pit.
The Company will aim to undertake further drilling later in the year to test extensions of the massive sulphide zone and test the lower, deeper conductive zone which potentially represents new and untested mineralisation. It is likely that a resource will be estimated at that time.
Phoenix Copper managing director James Fox said: "This initial drill program at Mount Bonnie has defined a sizeable near-surface massive sulphide body with consistently high grades of zinc, gold and silver. We may have tested less than half the potential of the massive sulphide zone if it continues at depth as predicted by the EM modelling.
"Mount Bonnie is therefore a key part of the overall Hayes Creek project which also contains the Iron Blow deposit, as well as significant exploration potential beyond these two deposits. A drill program to test the lower part of the conductor, below the limit of current drilling, is being planned and will commence once approvals have been granted."
