Pegasus Metals
Pegasus Metals (ASX: PUN) is focused on copper and gold exploration in Western Australia.
Pegasus Metals discovers new copper province at McLarty Range
Tuesday, January 24, 2012 by Angela Kean
Pegasus Metals (ASX: PUN) has intersected copper mineralisation in each of the three holes recently drilled into the Bowerbird target at the McLarty Range Copper Project in the West Kimberley region of Western Australia.
Drilling returned native copper in one hole, for which assays are awaited, and an intersection of 7 metres at 1.02% copper in another hole.
A number of intersections grading more than 0.2% copper were recorded in each of the three holes.
The McLarty Range Copper Project is located some 250 kilometres northeast of Broome and 110 kilometres north of Derby. It covers a portion of the folded Proterozoic-aged Kimberley Basin.
Of particular interest to Pegasus is a prospective copper-bearing, meta-sedimentary horizon that has been identified and sampled by previous explorers.
While selected rock chip samples have returned high copper grades, up to 18%, the area was previously untested by drilling.
The drill holes are part of a program designed to test and confirm the structural and stratigraphic interpretation at Bowerbird.
Zones of remobilised copper of 10.9 metres at 0.31% from 28 metres, including 0.32 grams per tonne (g/t) silver, and 14.55 metres at 0.23% copper from 49 metres were encountered in the first two holes.
This confirms that the system is rich in copper, that re-mobilisation does occur and that the supergene system is developed.
Native copper was intersected in the second hole at the base of, or just below, the prospective stratigraphy and indicates that the extent of the stratigraphic section prospective for copper is greater than previously thought.
Pegasus is now planning to resume diamond drilling at Bowerbird and the vastly more extensive Main Syncline system in April after the wet season.
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