New Gold System Identified at Bartel, Cleve District, Eyre Peninsula
Adelaide, Mar 8, 2012 AEST (ABN Newswire) - Archer Exploration Limited (
ASX:AXE) completed a drill programme testing the Company's main graphite deposits in February 2012. Results of the graphite drilling are expected within two weeks. As a part of that drilling campaign three (3) RC drill holes were completed on the Bartel epithermal prospect which is located on EL4693 Wildhorse Plain 15km north of the township of Cleve on Eyre Peninsula, South Australia (Fig 1).
Historic Exploration
The immediate Bartel area was seen by early explorers as a likely uranium target. Kerr McGee completed diamond drilling on what they designated as the A405 target but did not report the presence of uranium. Archer re-sampled the available drill core and in October 2010 reported anomalous gold. The most significant results from the sampling of 6 Kerr McGee diamond holes were:
A405/2 32.3m to 48.8m 16.5m @ 0.32 g/t Au; 7.43 g/t Ag; 146ppm Mo
A405/3A 31.4m to 37.2m 5.8m @ 0.48 g/t Au; 2.93 g/t Ag
The re-assaying was the first time that anomalous gold had been identified in the Cleve district. Intense alteration is dominated by silica, fluorite, clay, iron and minor sulphide. Colloform banded quartz veining has also been observed.
February 2012 Drill Campaign
Three RC drill holes (EPIRC12_001 to 003) were drilled for 304 metres in what is now termed the Bartel prospect to further test the previous gold anomalism. The three holes were drilled to intersect the EW trending mineralisation which has resulted from the strong alteration of a dolomite host unit.
- EPIRC12_001 intersected a dolomitic unit that has undergone stylolitic quartz and manganese veining with minor brecciation. The significant gold intervals occur within a chlorite rich shear zone.
- EPIRC12_002 intersected silica and manganese altered dolomite, with minor fluorite. This hole appears to have intersected host rock alteration only.
- EPIRC12_003 intersected a highly weathered quartz kaolin unit which showed similar alteration to hole 001. No significant gold assays were received for this hole but the alteration is noteworthy due to elevated REE's, (ie Ce up to 3900ppm; Nd 1800ppm).
Significance of Anomalous Gold
The widespread alteration geochemistry suggests the Bartel prospect to be a low sulphidation hydrothermal (epithermal) alteration system. The area of known alteration is very large being at least 1.5km x 1.2km in dimensions and is seen to extend under cover.
Low sulphidation epithermal alteration systems often record strong vertical mineral zonation and can host bonanza grade gold veins. In such systems gold is often concentrated through a combination of ground preparation (permeability) and rheological contrast.
Follow up work will include mapping and sampling the system across the neighbouring properties, as well as the implementation of a geophysical survey to assist in the delineation of the system. Further drilling will be planned to determine if vertical mineral zonation is present and to test for gold mineralisation peripheral to the existing intercepts and at depth.
This follow up work will happen systematically behind the graphite focus of the Company.
To view the complete Archer Exploration announcement including Figures, please refer to the following link below:
http://media.abnnewswire.net/media/en/docs/72285-ASX-AXE-20120308.pdf
Contact
Mr Greg English
Chairman
Archer Exploration Limited
Tel: +618-8272-3288
Mr Gerard Anderson
Managing Director
Archer Exploration Limited
Tel: +618-8272-3288
http://www.archerexploration.com.au
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