Anketell expectation takes shape
You have no credits left. To view this article subscribe to Business News.
You have used {{points}} and have {{current_points}} remaining. Your credits will reset on {{reset_date}}.
This article is part of a special report and is available to paid Business News subscribers only.
You can purchase access to this special report or subscribe to Business News.
You can purchase access to this special report or subscribe to Business News.
This article is premium content and is available to paid Business News subscribers only.
Subscribe to Business News.
Subscribe to Business News.
Tuesday, 17 August, 1999 - 22:00
THE great expectation over the Anketell project – which had the hearts of stockbrokers all a flutter last year – is slowly taking shape under the management of its joint venture partners.
The Magnum prospect in the Anketell project is a JV between Croesus Mining NL (39.06 per cent), Gindalbie Gold NL (37.54 per cent) and BHP Minerals Ltd (23.4 per cent) and is located 100 kilometres north of the Telfer gold mine in Western Australia’s Great Sandy Desert.
Last year, Croesus reported diamond drill intersections at the Magnum prospect of high-grade gold (23 grams/tonne) and copper (14 per cent) mineralisation in hole AKD6 which provided encouragement for the existence of a substantial resource.
The latest drilling during the June quarter was successful in discovering high-grade copper gold veins at the Magnum prospect. Ten diamond holes were completed for a total of 4,334 metres.
The holes were drilled over a strike of 500m initially designed to test a large electromagnetic anomaly defined last year and subsequently to follow up high grade gold mineralisation intersected in AKD6.
Croesus reported that the EM anomaly appears to be caused by thin veins of massive pyrrhotite and chalcopyrite mineralisation that are continuous over several hundred metres of strike. Gold mineralisation is strongly associated with quartz-pyrrhotite development.
“The work to date has confirmed and enhanced the region’s potential to host a large gold or copper deposit,” a Croesus spokesman said.
“Of particular interest are several magnetic anomalies within the host gabbro unit along strike from Magnum.
“The drilling has identified gold as being associated with pyrrhotite and these magnetic anomalies may be a response to pyrrhotite and gold mineralisation beneath the surface cover.”
A programme of RC drilling commenced this month (August) to test seven of these targets for Magnum-style mineralisation.
The Magnum prospect in the Anketell project is a JV between Croesus Mining NL (39.06 per cent), Gindalbie Gold NL (37.54 per cent) and BHP Minerals Ltd (23.4 per cent) and is located 100 kilometres north of the Telfer gold mine in Western Australia’s Great Sandy Desert.
Last year, Croesus reported diamond drill intersections at the Magnum prospect of high-grade gold (23 grams/tonne) and copper (14 per cent) mineralisation in hole AKD6 which provided encouragement for the existence of a substantial resource.
The latest drilling during the June quarter was successful in discovering high-grade copper gold veins at the Magnum prospect. Ten diamond holes were completed for a total of 4,334 metres.
The holes were drilled over a strike of 500m initially designed to test a large electromagnetic anomaly defined last year and subsequently to follow up high grade gold mineralisation intersected in AKD6.
Croesus reported that the EM anomaly appears to be caused by thin veins of massive pyrrhotite and chalcopyrite mineralisation that are continuous over several hundred metres of strike. Gold mineralisation is strongly associated with quartz-pyrrhotite development.
“The work to date has confirmed and enhanced the region’s potential to host a large gold or copper deposit,” a Croesus spokesman said.
“Of particular interest are several magnetic anomalies within the host gabbro unit along strike from Magnum.
“The drilling has identified gold as being associated with pyrrhotite and these magnetic anomalies may be a response to pyrrhotite and gold mineralisation beneath the surface cover.”
A programme of RC drilling commenced this month (August) to test seven of these targets for Magnum-style mineralisation.