FEL holds a 20% interest in all minerals in five exploration licences within Auris’ Forrest project and will be free carried until a decision to mine.
In total, 83 aircore holes were drilled for 7,328 metres, highlighting three additional exploration targets for further focused work: Wodger North, Big Billy South and VTEM 12.
Aircore drill coverage of the interpreted Narracoota Formation. Recent holes are shown as pink triangles with newly defined target areas in red.
Further aircore drilling is planned to better test the mineralisation and upper contact in detail within these areas of interest.
At the northern end of the Wodger Prospect, four holes reported anomalous copper values, including:
• 4 metres at 0.18% copper from 56 metres;
• 14 metres at 0.29% copper from 28 metres;
• 8 metres at 0.13% copper from 24 metres, 12 metres at 0.52% copper from 36 metres, 8 metres at 0.12% copper from 68 metres, and
• 4 metres at 0.22% copper from 64 metres.
These holes demonstrate that the near-surface copper anomaly at Wodger extends further north than recognised before, and more importantly, that it extends to the west of what was previously interpreted to be the northern extremity of Wodger.
The best mineralisation intersected to date appears to be associated with a lithological contact at the top of the Narracoota Formation.
Further work is required to confirm the nature of this contact - which is one aim of the current reverse circulation (RC) drilling program.
More aircore drilling will be required to track the contact northwards, and further RC drilling may be required to test the contact once it is mapped.
Big Billy South
This is an additional area of interest identified immediately south of the Big Billy Prospect.
One hole reported anomalous copper result of 4 metres at 0.8% copper from 16 metres and four other holes reported anomalous gold, including 4 metres at 1.63 g/t gold from 24 metres and 8 metres at 1.02 g/t gold from 20 metres.
The main Big Billy Prospect is located at the same contact as Wodger North, between the Narracoota and Ravelstone Formations, and further work is required to fully understand the geology of this area and resolve a more defined target.
The third area of interest is also located adjacent to a VTEM (versatile time domain electromagnetic) exploration target.
Only one aircore hole reported anomalous results at this locality but overlapping intervals were anomalous in both copper and gold.
Morck Well JV Project
Sandfire's farm-in agreement with Auris and FEL in relation to their Morck Well JV Project (Auris 80%: Fe 20%), adds to the strong interest in the prolific Bryan Basin.
Sandfire has drilled two diamond holes at Morck Well with a third deep diamond hole being drilled now.