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.
Rock chip sampling by Syndicated Metals (ASX: SMD) over an area to the northeast of its recent high grade Bloodwood copper-gold discovery has identified an additional new zone of high grade copper-gold mineralisation called the Ironbark prospect.
The area was targeted for exploration and sampling because of its anomalous magnetic signature which may have been caused by iron oxide alteration that can be associated with iron oxide copper gold (IOCG) deposits such as Ernest Henry. Several other magnetic anomalies in the area have yet to be mapped and sampled.
Ironbark is located 11 kilometres from Bloodwood and only 30 kilometres from Syndicated’s growing Barbara copper-gold project, and includes values of up to 10.1% copper and 12.2g/t gold.
The Barbara copper-gold deposit is within the Mount Remarkable project area in the highly prospective Mount Isa region of Northwest Queensland.
Work is continuing to extend the mineralised zones at Ironbark and at Bloodwood with drill testing scheduled for early 2011.
Martin Pyle, chairman, said the company was buoyed by its continued exploration success and looked forward to a busy period ahead as it planned drill testing of these and other high priority targets early in 2011.
“While it is early days for these new discoveries we are confident that with the high quality pipeline of targets being developed we can continue to rapidly build on our existing Barbara resource,” he said.
Further mapping and sampling to define the surface extent of the mineralisation is planned for late November and will include a more broad-based examination of the entire fold closure area.
The new high grade Ironbark discovery from rock chip sampling adds yet another high priority target for drilling for Syndicated and is significant as it is located 11km from Bloodwood and 30km from SMD's Barbara copper-gold project.