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Arc Exploration granted new Queensland gold permit

Published: 11:12 09 Jul 2014 AEST

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Arc Exploration (ASX:ARX) has been granted a new exploration permit that gives the company a stronger ground position in the highly prospective Mount Garnet mineral district in northern Queensland.

Notably, it is located less than 1 kilometre from Triple Crown gold deposit that it has an option to joint venture with Snowmist Pty Ltd.

Triple Crown, which occurs in one of the optioned mining leases held by Snowmist, has a Resource of 69,000 ounces with historic drilling returning broad low-grade gold intercepts including 22 metres at 2.33 grams per tonne gold, 51 metres at 1.73 g/t gold and 35 metres at 1.39 g/t gold.

EPM 25343 comprises 6 discontinuous sub-blocks and is believed to contain the same package of rocks that is host to Triple Crown and may be prospective for additional gold resources and other metals including tin and base metals.

“This is a strategic step toward establishing a stronger ground position in the highly prospective Mount Garnet mineral district in which we already hold an option to joint venture into a mining tenement package owned by Snowmist Pty Ltd that contains the Triple Crown gold breccia deposit,” managing director Dr. Jeff Malaihollo said.

“The new exploration permit is located close to these mining tenements. 

“Our initial work program will include a more detailed literature search on previous exploration and a ground assessment to confirm the potential of the area for additional gold resources.”

Arc plans to undertake an initial program of surface prospecting and rock chip sampling.

Mount Garnet Project Background

The Mount Garnet Project located near the major regional centre of Cairns, comprises three Mining Leases covering about 150 hectares that are wholly-owned by Snowmist.

These include the 69,000-ounce Triple Crown gold deposit.

Triple Crown is a pipe-like gold-breccia and stockwork deposit that has only been drilled to shallow depth and is believed to be open at depth. 

Several surrounding gold prospects have also been identified. The Company believes that there is significant potential for discovering additional gold resources through further exploration.

 

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