Using both recent and historical survey data, the magnetic anomalies can be interpreted as a potential porphyry intrusive mineralised system.
A 1,000-metre reverse circulation drilling program to test the three targets is scheduled for mid-December following the completion of drilling at the nearby Princess Royal Prospect.
The three targets are interpreted to be where drilling may encounter mineralisation that is coming from a deeper, larger, and usually higher-grade porphyry system .
Historical hole may not have been deep enough
Ausmex’s executive director and COO Geoff Kidd said: “We really like these large structures below our Mullaby prospect.
“These images have been developed from our own MT/AMT grid and close spaced surveys but also using data from MIM’s surveys of the area approximately 30 years ago.
“From these images it appears that MIM pulled their single 204 m deep hole up a little short. The location of that hole is shown on the diagram.
“There is no visible copper on the surface at Mullaby but there is a great deal of maghemite, and we think these structures are very exciting. “
Drilling to commence second week of December
Kidd added: “We have just been advised, as is often the case with drilling, that our contractor is still completing their task for others in the NT and they will be delayed for a few days.
“The Princess Royal and then the Mullaby RC drilling program is now scheduled to commence the second week of December.”