Lycaon Resources says it has intersected more than 13m of visual nickel-copper sulphides from 364m after plunging a maiden diamond drillhole into its Bow River project near Argyle in Western Australia.
The company says it signals the potential for a deep and prolific economic accumulation. A second hole, 250m to the east, is now planned to test the keel position of the ultramafic peridotite-pyroxenite intrusive, where massive sulphide accumulations could exist if the geologic model is proven.
Bow River’s deeper mineralisation potential is being explored following Panoramic Resources’ success at its Savannah North deposit 60km to the south, where it quadrupled its resources with successful drilling at depth. That deposit now boasts a mineral resource of 13.88 million tonnes at 1.52 per cent nickel, 0.69 per cent copper and 0.1 per cent cobalt.
While there are many tell-tale signs for Lycaon, with a surface gossan and anomalous soil geochemistry extending through a 300m-by-900m area, historical shallow drilling intercepts – that include a high 3.17m at 1.45 per cent nickel, 0.41 per cent copper and 0.14 per cent cobalt – and a historic gravity survey confirming the presence of a prospective intrusive, no deeper drilling beyond 200m vertically has been undertaken in the area. But the company says its recent diamond drillhole to 800m has vindicated its approach.
A downhole electromagnetic survey will be run post-drill to assess whether conductors are present and related to the nickel-copper mineralisation, which will further refine the geologic model. The second and final diamond drillhole will be completed mid-to-late this month.
The company was the first to run a modern ground gravity survey at the site earlier this year and the results revealed a big high-density anomaly, about 1.2km west and down dip of the shallow nickel-copper mineralisation intersected in historical drilling.
Lycaon Resources technical director Tom Langley said: “The intersection of disseminated and blebby sulphides with nickel and copper in our first drillhole indicates the Bow River intrusion has the potential to host economic sulphides within the very large greater than 1km gravity anomaly. These two diamond drillholes are designed to test down plunge of nickel-copper mineralisation. To have the first drillhole intersect sulphides bodes very well for further positive drilling success.”
It must have been some sort of “Eureka” moment when Lycaon’s geologist first sighted the visual nickel-copper sulphides in the core, testifying to Bow River’s fertility. With another diamond drillhole to be plunged to 800m on the Bow River intrusive and the undrilled Lick Creek intrusive nearby lying in wait – both of them analogous to Panoramic’s Savannah North deposit – stay tuned for more shouts of joy as the drillbit turns to the right and assays start rolling in.
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