Accelerate finds large copper-cobalt porphyry system

Published at Sep 7, 2018, in Small Caps

Accelerate Resources (ASX:AX8) has discovered a large, copper-cobalt porphyry system at the Thomas Creek prospect, which sits within the Tasmanian Mt Read Project.

This discovery is based on data from the recent Thomas Creek diamond drilling program, including analysis and interpretation of geology, geochemistry and geophysical data sets.

A range of encouraging observations suggest that AX8 has all the right components in place:

  • Right location: The Mt Read Project is located on a corelate of the Mt Read Volcanic Belt, with known porphyry mineralisation in the region at Mt Lyell copper-gold-silver mine
  • Right geology: Presence of multiple felsic-intermediate intrusions
  • Right geophysical signature: Correlating aeromagnetic, radiometric and IP anomalies
  • Large in size: ~13 square kilometre aeromagnetic footprint; ~13 square kilometre potassium radiometric footprint
  • Right geochemical signature: Matches porphyry style alteration zones
    • Positive surface geochemical sampling
    • Encouraging alteration in all holes, plus zones of proximal potassic alteration associated with sulphides

Encouragingly, porphyry style mineralisation systems generate some of the largest ore deposits in the world. Generally, these are at least 1,000Mt and have long mine-lives, containing upwards of 1 Mt copper with by-products of gold, silver and/or molybdenum.

All porphyry style mineralisation systems have large alteration zones which generate significant accumulations of magnetite. These can be measured by magnetic surveys. Thomas Creek’s aeromagnetic footprint is ~13 square kilometres.

Schematic model of porphyry system, modified from Lowell and Guilbert 1970

The recently completed diamond drilling, comprising three holes TCDD001, TCDD002 and TCDD003, targeted a large IP chargeability anomaly located along the eastern margin of an ovoid magnetic body, below a surface copper-cobalt anomaly.

Results received from diamond drill hole TCDD003 confirms the presence of broad zones of disseminated cobalt-pyrite mineralisation associated with higher grade cores, including 32m at 0.04% cobalt from 280m in TCDD003, which includes 8m at 0.11% cobalt from 299m, associated with semi-massive and stringer pyrite veining, located below a surface sampling location which was sampled in 2017.

Similar cobalt-pyrite mineralisation was intersected in hole TCDD001, which included 3m at 0.23% cobalt from 150m in a semi-massive pyrite vein, within a zone of coarsely disseminated pyrite.

The anomalous copper in TCDD002, 46m at 0.11% copper from 114m, confirms the presence of copper inside the interpreted pyrite shell of the porphyry system.

In the image below: TCDD001, 150.7 to 151.05m, semi-massive to massive pyrite associated with anomalous cobalt assay results; TCDD002, 100.6 to 100.8m, semi-massive pyrite associated with minor zone of anomalous copper; TCDD003, 81.1 to 81.3m, potassic alteration in brecciated fault zone with associated disseminated pyrite:

AX8 said that it is highly encouraged by these promising results. Ongoing detailed analysis and systematic programs of work will be instrumental in establishing economic zones of mineralisation within this large porphyry system.

Moving forward, the company’s near-term plans include detailed airborne magnetic and geophysical surveys, detailed ground geophysical surveys, and obtaining regulatory approval for additional diamond drilling.

Of course, as with all minerals exploration, success is not guaranteed — consider your own personal circumstances before investing, and seek professional financial advice.

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