Altona Mining Ltd.

DISCOVERY OF THREE NEW COPPER-GOLD SYSTEMS AT ROSEBY SOUTH

Share article on

  • Drill programme confirms major mineralised zones at Reaper, Harvest and Hobby
  • Multiple intercepts in the majority of drillholes; best results from Harvest and Reaper
  • 34 metres at 0.83% copper and 0.14g/t gold in HA003 and
  • 13 metres at 1.13% copper and 0.13g/t gold in HA008 at Harvest

Altona Mining Limited (“Altona” or “the Company” - http://www.commodity-tv.net/c/search_adv/?v=296936) is pleased to announce the results of a reconnaissance Reverse Circulation (“RC”) drilling programme at the Company’s 100% owned Roseby South Project (“Roseby South”) near Mt Isa in Queensland (Figure 1).

Roseby South adjoins the southern boundary of the Company’s Cloncurry Project and MMG's major underground zinc mine development at Dugald River (Figure 1). The Cloncurry Project is the subject of a US$235.5 million proposed joint venture (“JV”) with Sichuan Railway Investment Group (“SRIG”). Please refer to ASX release dated 2 June 2016 for further information regarding the SRIG JV.

Roseby South is 100% Altona-owned tenure. It does not form part of the arrangements with SRIG.

Three prospects were tested; Harvest, Reaper and Hobby (Figure 2).  At each prospect, large copper-in-soil anomalies greater than 1,000ppm (0.1% copper) had been defined. The anomalism is of similar size and tenor to the Cloncurry Project's Little Eva and Turkey Creek deposits (Figure 1 and Appendix 2). Outcrop and float rock samples returned up to 14.4% copper and 0.74g/t gold at Harvest; 23.3% copper and 2.9g/t gold at Hobby; and 0.8% copper and 1.54g/t gold at Reaper.

The targets were identified this year and were reported in ASX releases dated 1 August 2016 (Harvest and Hobby) and 5 September 2016 (Reaper).

Harvest

At the Harvest Prospect, shallow reconnaissance RC drilling comprised 9 holes of 40 to 94 metres depth spaced at 100 to 200 metre intervals along a total strike length of 800 metres. High tenor copper-gold mineralisation was encountered over a strike length of some 250 metres within broader lower tenor mineralisation.

Better drill intercepts at a 0.3% copper cut-off grade include:

34m @ 0.83% copper, 0.14g/t gold (HA003)
Including 5m @ 1.11 % copper and 5m @ 1.93% copper, 0.63 g/t gold
13m @ 0.83% copper, 0.42g/t gold                           
Including 5m @ 1.47 % copper, 0.92 g/t gold
13m @ 1.13% copper, 0.13g/t gold (HA008)
Including 5m @ 2.18 % copper, 0.19 g/t gold
5m @ 1.31% copper, 0.28g/t gold (HA009)
Mineralisation is continuously developed within a steep east-dipping veined structure along the 800 metres tested within a 1.25 kilometre long copper-in-soil anomaly. Mineralisation is chalcopyrite and pyrite hosted in strongly silicified quartzite and malachite and goethite in the oxide zone. Results were notable for their elevated gold grades.

Drilling confirmed poorly documented drilling results from the 1980’s by Placer.

It is likely that high grade mineralisation is developed as discrete lodes and shoots. The mineralised structure is open along strike and at depth. Figure 3 provides a cross section at Harvest illustrating the steeply dipping high grade lodes at Harvest, the location of drill holes is in Figure 4 and detailed results are given in Tables 1 and 2.

Reaper Prospect

At the Reaper prospect (Figure 2), drill results and regional geology suggest the discovery of a large, structurally controlled copper-gold system. Shallow reconnaissance drilling comprised two lines 100 metres apart, each line with 3 RC drill holes of 43 to 120 metres depth spaced 30 metres apart. The drilling targeted an area of high copper-in-soil anomalism within a major anomaly over some 2.5 kilometres in length.

All drill holes encountered multiple zones of mineralisation. The drilling indicates a 55 metre wide zone of sub vertical mineralisation with modest copper grades. Mineralisation is disseminated chalcopyrite  and pyrite hosted in strongly altered metasediments and malachite and goethite in the oxide zone.

Better drill intercepts, at a 0.3% copper cut-off grade, include:

20m @ 0.48% copper, 0.08g/t gold (RE006)
20m @ 0.48% copper, 0.04g/t gold (RE002)
19m @ 0.43% copper, 0.02g/t gold (RE001)

The strike extent of mineralisation is unknown but copper-in-soil anomalism is semi continuous for 2.5 kilometres. The tenor of the broader copper-in-soil anomalism may not be a reflection of potential underlying mineralisation.

Figures 5, 6 and 7 provide a cross section and illustrate the wide zone of multiple intercepts encountered and relationship to the much larger copper-in-soils anomaly. Tables 1 and 2 provide significant intersections and drill hole locations.

Hobby Prospect

At the Hobby Prospect (Figure 2), shallow reconnaissance RC drilling comprised 4 holes of 70 to 91 metres depth spaced at 160 metres. Three holes returned multiple modest grade copper intercepts in metasediment and that may be part of a broader continuous zone of mineralisation (Table 1 and 2, Figure 8).

Better drill intercepts at a 0.3% copper cut-off grade, include:

16m @ 0.46% copper, 0.03g/t gold (HB001)
  5m @ 0.51% copper, 0.04g/t gold (HB002)
18m @ 0.31% copper, 0.03g/t gold (HB003)
Please refer to the JORC Table 1 in Appendix 1 for statutory disclosure of technical information.

Next steps

Initial drilling is now complete with the wet season imminent and Altona will determine the best strategy for the next stage of exploration. The Company will determine the optimum commercial and technical strategy for testing of these major copper targets over the coming wet season and after the close of the SRIG transaction.

Please direct enquiries to:

Alistair Cowden                             David Tasker                                   Jochen Staiger
Managing Director                         Professional Public Relations           Swiss Resource Capital AG
Altona Mining Limited                    Perth                                               Tel: +41 71 354 8501
Tel: +61 8 9485 2929                      Tel: +61 8 9388 0944                        js@resource-capital.ch
altona@altonamining.com              David.Tasker@ppr.com.au

About Altona

Altona Mining Limited is an ASX listed company focussed on the Cloncurry Project in Queensland, Australia.  The Project has Mineral Resources containing some 1.65 million tonnes of copper and 0.41 million ounces of gold. The first development envisaged is the 7 million tonnes per annum Little Eva open pit copper-gold mine and concentrator. Altona has completed a Framework Agreement with Sichuan Railway Investment Group to fully fund and develop Little Eva. Little Eva is permitted with proposed annual production(1) of 38,800 tonnes of copper and 17,200 ounces of gold for a minimum of 11 years. A Definitive Feasibility Study was published in March 2014. 

1Refer to the ASX release ‘Cost Review Delivers Major Upgrade to Little Eva’ dated 13 March 2014 which outlines information in relation to this production target and forecast financial information derived from this production target.  The release is available to be viewed at www.altonamining.com or www.asx.com.au.  The Company confirms that all the material assumptions underpinning the production target and the forecast financial information derived from the production target referred to in the above-mentioned release continue to apply and have not materially changed.

Competent Persons Statement

The information in this report that relates to Exploration Targets, Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Mr Roland Bartsch, BSc (Hons), MSc, MAusIMM, and Mr George Ross, MSc, MAIG. Mr Bartsch and Mr Ross are full time employees of the Company and have sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaking to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’.  Mr Bartsch and Mr Ross consent to the inclusion in the report of the matters based on his information in the form and context in which it appears.



New Videos Altona Mining Ltd.


TerraX receives $1,910,759 from the exercise of warrants

With the exercise of these warrants, the Company now has cash on hand of $2.83 Million.  

TerraX Minerals Inc.

Chartbook “In Gold we Trust 2017“ by Ronald Stöferle & Mark Valek

In Gold we trust 2017 Chartbook is the ulitmative booklet with 60 charts why gold is hot!

Ascendant Resources Inc. , Alabama Graphite Corp. , Altona Mining Ltd. , Birimian Ltd. , Caledonia Mining Corp. , Endeavour Silver Corp. , GoldMining Inc. , Klondex Mines Ltd. , MAG Silver Corp. , Osisko Gold Royalties Ltd. , Pershing Gold Corp. , Rye Patch Gold Corp. , Sibanye Gold Ltd. , Sierra Metals Inc. , TerraX Minerals Inc. , Treasury Metals Inc. , US Gold Corp.

Ascendant Resources Provides Third Quarter and September Production Update

  • Milled production for Q3 increased by 17% against Q2 2017 averaging 1,934 tpd; September milled production increased by 8% versus August 2017...
Ascendant Resources Inc.