Syndicated Metals (ASX: SMD) is an Australian base metals exploration and development company with control of a tenement package covering over 4,000 square kilometres in the world recognized Mount Isa mineral province in North Queensland.
The company manages two advanced base metals projects with a combined resource inventory in excess of 269,000 tonnes Copper, 30,000 tonnes Molybdenum, 2.3 million ounces Rhenium and 315,000 ounces Gold as well as having a suite of advanced and early stage exploration targets on the surrounding tenements.
Syndicated Metals (ASX: SMD) has discovered new zones of high grade copper-gold mineralisation including values up to 25% copper and 5.54 g/t gold from sampling over the northern section of the Leichhardt–Prospector IOCG prospect within Mount Remarkable.
The Mount Remarkable project area is just 20 kilometres to the northeast of its Barbara copper-gold project and directly along strike from the other known Leichhardt–Prospector IOCG prospects.
Syndicated’s soil sampling program over the magnetic highs identified three zones of anomalous copper and gold and is part of its aggressive 2010 exploration campaign.
Further rock chip sampling currently in progress.
Drilling is currently underway at geochemical and geophysical targets at the Mount Margaret IOCG Prospect 10 kilometres southwest of Bloodwood.
Syndicated considers the strongly elevated gold values in the samples particularly encouraging.
The initial rock chip sampling produced immediate success, identifying high grade oxide copper and gold mineralisation at surface, often adjacent to occurrences of “copper weed”, with values of up to 25% copper and 5.54g/t gold.
The company holds the northern and southern sections of the Leichhardt-Prospector Trend which extends over a total of 25 kilometres and is characterised by a series of intense aeromagnetic anomalies caused by hydrothermal magnetite alteration of sedimentary units.
The overall trend hosts at least 14 copper prospects (held by other parties), including the Leichhardt copper deposit (1.14Mt @ 1% Cu).
The most significant historic drill intersection along the trend is 71.5m @ 1.72% Cu and 0.18g/t Au from an RC hole drilled in the early 1990’s.
Further surface rock chip sampling along the mineralised zone north of Syndicated’s discovery outcrop is currently in progress and results will be released as they come to hand.
The evaluation of this prospect is at an early stage but the initial results are considered very positive.