GTI Resources kicks off exploration at Meekatharra VMS Project

Published at Jun 27, 2018, in Small Caps

GTI Resources (ASX:GTR) is set to kick off on-ground exploration at its Meekatharra VMS Project in WA’s Eastern Goldfields, targeting Volcanic Massive Sulphide (VMS) style base metal mineralisation.

This exploration campaign is fully funded by recently completed capital raisings.

The Meekatharra Project is situated 55 kilometres south of Meekatharra, and is underlain by a sequence of mafic and felsic volcanics, which host a number of VMS base metal prospects and deposits, within and adjacent GTR’s project — these include the Austin VMS deposit, which is located within an excised licence in the southern-central part of the project area, as well as the Murchison Wonder, Tasman and Flinders prospects to the northeast.

The Austin VMS deposit contains a JORC-compliant mineral Resource, comprising Measured, Indicated and Inferred categories of 1.48 Mt at 1.02 per cent copper, 1.39 per cent zinc, 3.51 grams per tonne silver and 0.25 grams per tonne gold.

Exploration by earlier workers identified two VMS prospects within the Meekatharra Project — the Defiance and 4E prospects, which have returned anomalous copper and zinc results, including 4m at 0.18 per cent copper, 8m at 0.34 per cent zinc and 10m at 0.23 per cent copper, from first pass drilling completed during 2010.

Exploration of these two prospects is at an early stage, with only three RC drill holes having been completed to a maximum depth of 252 metres.

Upcoming exploration will target VMS mineralisation at both of these prospects. On-ground exploration will comprise Moving Loop EM and field mapping.

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

The Defiance prospect is located 2 kilometres northeast of the Austin VMS deposit and is defined by a series of distinct east-northeast trending aeromagnetic anomalies over a one-kilometre strike length. Historical aircore drilling intersected anomalous zinc elevated copper values within ferruginous saprolite.

RC drill hole WKRC-4 targeted the centre of the Defiance prospect. The hole intersected a zone of interlayered silica–magnetite ironstones and chlorite-altered felsic volcanic rocks with significant stringer and disseminated sulphides, between 136 and 156m. Assay results include 4m at 0.17 per cent copper from 144 to 148m, and 8m at 0.34 per cent zinc from 148 to 156m.

The 4E prospect, on the other hand, is located 2 kilometres along strike to the east of the Defiance prospect and occurs as a bulls-eye magnetic feature approximately 400 metres in diameter.

GTR’s on-ground exploration programs will target the prospective felsic lithologies along strike to the northeast of the Austin deposit and to the east of the Defiance and 4E prospects.

On top of this, GTR continues to hold preliminary discussions with interested parties relating to new mining opportunities.

S3 Consortium Pty Ltd (CAR No.433913) is a corporate authorised representative of LeMessurier Securities Pty Ltd (AFSL No. 296877). The information contained in this article is general information only. Any advice is general advice only. Neither your personal objectives, financial situation nor needs have been taken into consideration. Accordingly you should consider how appropriate the advice (if any) is to those objectives, financial situation and needs, before acting on the advice.

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S3 Consortium Pty Ltd does and seeks to do business with companies featured in its articles. As a result, investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of this article. Investors should consider this article as only a single factor in making any investment decision. The publishers of this article also wish to disclose that they may hold this stock in their portfolios and that any decision to purchase this stock should be done so after the purchaser has made their own inquires as to the validity of any information in this article.

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