Archer Exploration Limited (ASX:AXE) has reviewed the Bartels Gold Project near Cleve on South Australia’s Eyre Peninsula, prompted by rising gold prices.
The company, which is primarily focused on an advanced materials strategy, will now seek a joint venture partner for the project after the review and subsequently deciding to examine the gold option.
Gold lures company
Archer executive chairman Greg English told the market, “We have known about the Bartels Gold Project for a while but have been focused on other projects and our growing advanced materials business.
“The recent sharp increase in gold price and renewed investor interest in gold projects has prompted us to review the Bartels Gold Project.
“We believe Bartels to be a low-sulphidation epithermal-style gold project.
“Bartels is a very large gold target covering an area of 25 square kilometres and Archer will be seeking a partner to assist in the exploration of Bartels.”
Bartels project holds promise
The project has a large known alteration of more than 1.5 kilometres by 1.2 kilometres that extends under cover.
Archer said the “Bartels geochemical fingerprint points to a possibly alkalic magmatic association, which would be consistent with formation during extension and crustal thinning related to development of the Adelaide Rift Complex.”
Like two other mineral occurrences on the Northern Eyre Peninsula, Parkinson Dam and Baggy Green, Bartels is an epithermal-style mineral occurrence.
At Bartels there is a 3.5 kilometre Teresa breccia trend over a 13.5-kilometre strike length.
Two other low-sulphidation epithermal systems are found at the site, being Patricia breccia and Bartels target.
Patricia breccia is 4.6 kilometres southeast of Teresa along strike an Emu Plain copper-molybdenum occurrence previously highlighted by Archer.
Bartels target "compelling"
Archer highlighted evidence for a low-sulphidation system at Bartels today, comparing it to other systems in epithermal districts, such as Pajingo, Coromandel Volcanic Zone and Carlin Trend.
Bartels lies within 60-100-metre wide northeast-southwest trending structural corridor that follows a regional dolomite unit.
The company said Bartels was a “very large and compelling gold target that warrants further exploration.”
Partners sought for efforts
Archer plans to start a search for a partner who will be able to assist in exploration of the Bartels target.
The advanced materials player holds a number of other mining projects it would like to explore or choose to divest.