Iron-Oxide Copper-Gold Project
The Mabel Creek Project is located on the northern extent of the Olympic Copper-Gold Trend (Figure 1), but the region also has geological similarities to the Mt Isa Inlier in Queensland and is considered by PTR to be highly prospective for Tier 1 Copper-Gold deposits. The Mabel Creek Project has a significant land holding of 3,322 km2 , which is 100% owned by the Company (Figure 1).
Following a region-wide structural and geological review of the Mabel Creek Project, PTR identified multiple key structures having the potential to be significant pathways for mineralising fluids. One of these, the Wirracanna Structure, is adjacent to the Cadi Copper-Rare Earth Prospect currently being investigated by Rifle Resources (Figure 2). Limited historical drilling at Cadi has intersected broad zones of highly anomalous copper and light rare earths (i.e. drill hole 99WS003 16m @ 0.57% Cu, 0.16% Ce+La from 184m3 ) highlighting the fertility of this structure for iron-oxide copper-gold (IOCG).
The Olympus target was selected as a discrete semi-coincident gravity and magnetic feature of >2-kilometre strike length on the edge of the Wirracanna structure (Figure 3). Olympus (formerly termed the Area 3 Target) is a significant discrete gravity feature of approximately 3 milligals and is comparable in extent and magnitude to the Prominent Hill copper-gold deposit gravity response4. SQUID EM surveys at Olympus identified a moderate conductive feature over three consecutive lines spaced 400m apart along the eastern flank of the gravity anomaly.
Modelling of the conductive response generates an approximate 2-kilometre-long conductive plate starting at approximately 600 metres below ground surface. The modelled feature dips back to the southwest and at depth is coincident with the gravity feature.
Drill planning and contracting works are underway with a view of testing the Olympus Target during the second half of 2023 calendar year. The Company will provide an update once contracts have been finalised. The northern Gawler Craton is extremely prospective for world class copper-gold deposits and Mabel Creek is one of PTR’s key assets in a growing portfolio of exciting copper projects.