05/08/2021 - 14:33

Askari clinches Lachlan Fold Belt exploration licence

05/08/2021 - 14:33

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ASX newcomer Askari Metals hopes to get cracking on a reconnaissance exploration program at its “heavily under-explored” Springdale copper-gold project in NSW during the current quarter after receiving formal approval of its exploration licence application. The Perth-based company is looking to start mapping and sampling soon and shortly get an induced polarisation survey under way that is aimed at pinpointing potential copper-gold drill targets.

ASX newcomer Askari Metals hopes to get cracking on a reconnaissance exploration program at its “heavily under-explored” Springdale copper-gold project in NSW during the current quarter after receiving formal approval of its exploration licence application. The Perth-based company is looking to start mapping and sampling soon and shortly get an induced polarisation survey under way that is aimed at pinpointing potential copper-gold drill targets.

Springdale is situated in the revered Lachlan Fold Belt near the town of Temora just south of Evolution Mining’s massive Lake Cowal gold mine and along strike from the Tim Goyder-chaired DevEx Resources’ Junee copper-gold porphyry project.

According to Askari, the project takes in a strike length of more than 30km of fertile volcanic and sedimentary stratigraphy.

The Springdale project area has previously been the site of high-grade gold production that was eked out of artisanal mining, with more than 20 historical workings associated with gold-bearing quartz veins and alluvials dotted throughout the tenement.

Askari says Springdale has not seen much in the way of modern exploration.

Past shallow drilling coughed up a couple of intriguing assays however, including 4.1m grading an average 2.19 grams per tonne gold from 65.8m down-hole.

Askari Metals Vice-President Exploration and Geology Johan Lambrechts said: “We are delighted the permits for the project have been successfully granted. This … clears the way for us to kick off our exploration campaign at Springdale. This area is heavily under-explored. We look forward to getting on the ground as soon as possible.”

Askari says its initial work on the Springdale project points to the potential for shear-zone hosted gold mineralisation and porphyry.

Several major structures occur at Springdale with northerly and north-westerly trends according to the company.

The Springdale fault that runs along the western side of the tenement is a north-south trending splay that peels off the major crustal-scale Gilmore suture to the south.

Historical gold workings within the exploration licence area follow north-south structural trends at an angle to the Springdale fault zone, which the company says are generally hosted by sediments associated with mafic intrusives or structurally controlled by quartz veining in sediments.

Askari hit the ASX main bourse last month after raising about $5.75 million as part of its initial public offering.

The junior explorer has just kicked off a maiden 2,000m reverse circulation drilling program at its flagship Burracoppin gold project about 20km east of Merredin in WA’s eastern Wheatbelt region.

 

Is your ASX-listed company doing something interesting? Contact: matt.birney@businessnews.com.au

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