High Cobalt & REEs Upgrade Potential at Historic Copper Mine
- Shallow grab samples assay up to 1.78% Co & 1.1% Rare Earth Elements
- On prospective corridor 20km from Burra copper mine
- No evidence of prior drilling
- Exploration potential for 10km of covered extensions within IVR tenement
The Cartarpo mine comprises small largely infilled workings scattered along about 400m strike length (see Figure 2 in link below). The mineralisation was recorded as cobaltite and malachite in quartz veins with iron and manganese oxides. About 6 tonnes of high-grade ore were reported to have been mined during 1867 - 1872 with one ore parcel estimated to grade 5% cobalt and 6% copper. The main shaft has been infilled, likely with mullock which is absent on the surface.
The Company conducted its first field visit in November to verify the cobalt mineralisation and exploration potential. Sampling of the remaining gossan exposures 200m apart returned strong values of up to 1.78% cobalt and 1.1% combined REEs including heavy REEs, along with copper to 0.5%, nickel to 0.4% and lithium to 0.3% (see Figure 2; Appendix A in link below). The workings were not accessible to determine mined widths or potential haloes.
The Cartarpo mine is interpreted by IVR to be situated on a north-west corridor of substantial historic copper and gold mines extending from Burra. During the 1800's, Burra was the largest metals mine in Australia and modern work has identified the copper mineralisation is associated with an intrusive.
The metals recognised by IVR at Cartarpo point to a new deposit style in the corridor that is more akin to alkalic or carbonatite/kimberlitic intrusions. Cartarpo is interpreted as coinciding with the intersection of the Burra corridor with the fold nose of a fault-enhanced stratigraphic horizon that hosts other manganiferous cobalt occurrences in the district (see Figure 1 in link below).
It is evident the early prospectors located the Cartarpo mineralisation where gullies incised the western side of the soil- and calcrete-covered ridge corresponding with the trend of the workings (see Figure 2 in link below). There is potential for intrusive-related mineralisation under the ridge within the 400m trend of workings and in the surrounding 50km2 area that is interpreted to have a prospective combination of favourable faults and stratigraphy.
The only effective prior exploration was a 1989 regional stream sediment survey that returned an anomalous gold sample of 0.8ppb in the north-westerly drainage dispersing from Cartarpo (see Figure 1 in link below). This implies further targets as no gold was detected in the Cartarpo gossans.
Investigator considers the potential of the Company's Cartarpo tenement is significantly raised by the verification of high cobalt grades and the new identification of REEs, lithium and nickel at the historic Cartarpo copper mine.
Further mapping and geochemical surveys are planned during the current quarter.
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About Investigator Resources Ltd
The Company's priority is progressing the development pathway for the Paris silver project with the preparation of a pre-feasibility study. The Paris Mineral Resource Estimate is 9.3Mt @ 139g/t silver and 0.6% lead, comprising 42Moz of contained silver and 55kt of contained lead, at a 50g/t silver cut-off. The resource has been categorised with an Indicated Resource estimate of 4.3Mt @ 163g/t silver and 0.6% lead for 23Moz contained silver and 26kt contained lead, and an Inferred Resource: 5.0Mt @ 119g/t silver and 0.6% lead for 19Moz contained silver and 29kt contained lead.
The Company has applied an innovative strategy that has developed multiple ideas and targets giving Investigator first-mover status. These include: the Paris silver discovery; recognition of other epithermal fields and the associated potential for porphyry copper-gold of Olympic Dam age; extending the ideas developed at Paris-Nankivel and using breakthrough government Magneto-Telluric surveying to rejuvenate targeting with the Maslins IOCG target as the next priority drill target.
Investigator Resources Ltd