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Australian Mines plans copper-gold drilling at Arunta West project

The targets indicate iron oxide copper-gold mineralisation similar to Ernest Henry and Olympic Dam.

The Arunta West project is adjacent to the WA-NT border

Australian Mines Ltd (ASX:AUZ) (FRA:MJH) has scheduled four diamond drill holes to test an iron oxide copper gold (IOCG) target at its Arunta West project in Western Australia.

The project is being transferred to Australian Mines’ fully-owned subsidiary Norwest Minerals Pty Ltd, which plans to complete an initial public offering by the end of October.

The company has also secured a mineral exploration and land access deed of agreement with the Tjamu Tjamu Aboriginal Corporation, which manages the land covering the project.

READ: Australian Mines zeroes in on high-grade copper and gold targets

The drilling follows collection and processing of detailed gravity and magnetic data, which enabled optimal positioning of holes across the North Dovers target.

Interpretation of the results indicate North Dovers’ geophysical signature resembles that of IOCG mineralisation in the Gawler Craton, potentially comparable to Ernest Henry or Olympic Dam-style mineralisation.

Further early-stage exploration will be conducted over the broader prospect area, including surface geochemistry sampling, to develop additional drill targets.

North Dovers is primarily defined by a strong 1,000 nT (nanotesla) magnetic anomaly covering a roughly 4 by 8-kilometre area and is immediately south of a major crustal structure.

The Olympic Dam deposit also produces a 1,000 nT magnetic anomaly.

READ: Australian Mines secures $5 million for IPO spin out

The Arunta West Copper-Gold Project is around 600 kilometres west of Alice Springs and is between the Pokali mineral occurrences to the west and Independence Group Ltd’s (ASX:IGO) Lake MacKay project to the east.

The project is a joint venture with Jervois Mining Ltd (ASX:JRV) and comprises three tenements covering 345 square kilometres.

Quick facts: Australian Mines Ltd

Price: 0.032 AUD

Market: ASX
Market Cap: $126.77 m

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