Minotaur Exploration (ASX: MEP) has intersected pervasive iron oxide copper-gold (IOCG) style alteration at the single diamond drill hole it completed on the Cooper Lake target in Nova Scotia, Canada.
The hole was drilled to a depth of 547 metres targeting the modelled centre of a 1.5 milligal gravity anomaly 400 metres southeast of historic copper workings and intersected a host sequence of pale green, laminated argillaceous siltstone and mudstone for its entire length.
Of especial interest is the repeated presence throughout its entire length, and increasingly from 200 metres downhole through to end of hole, of thick zones of intense silica-sericite alteration.
The alteration zones are accompanied by swarms of quartz-haematite, quartz-magnetite and quartz-carbonate veinlets with associated sulphides.
Individual veins vary from a few millimetres to a few centimetres in thickness. Where veining is intense, bulk density of the rock increases from 2.7 to around 2.9. The cumulative effect of the alteration zones and vein swarms is believed to account for the gravity anomaly.
While no copper sulphides of economic significance have being observed, the alteration system may have potential to host gold mineralisation.
Minotaur has submitted 90 samples from the silica sericite alteration zones for assay and expects results within three weeks.
The diamond drill hole was made with support of a $50,000 grant from the Nova Scotia Department of Natural Resources under its Nova Scotia Mineral Incentive Program.
The exploration licence comprises nine mineral claims centred on the historic Copper Lake workings in Antigonish County, Nova Scotia.
At Copper Lake, historic mining of high grade (above 5%) chalcopyrite mineralisation associated with iron carbonate and iron oxide veining and brecciation is considered a prime indicator of the IOCG style of mineralisation along the Cobequid-Chedabucto Fault Zone.
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