REAPER: THIRD NEW DRILL TARGET IDENTIFIED SO FAR AT ROSEBY SOUTH
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· Third new Roseby South soil anomaly is the largest to date
· 2.5 kilometre long copper-in soil anomaly with anomalism up to 0.54% copper
· Comparable to the anomaly at Altona’s Little Eva deposit
· Rockchip samples up to 0.8% copper and 1.54g/t gold
· Drilling planned to commence in October at Reaper, Hobby and Harvest
Altona Mining Limited (“Altona” or the “Company” - https://www.commodity-tv.net/c/mid,3159,Companies_und_Projects/?v=101337 ) has defined a third, high-tenor copper-in-soil anomaly, the largest identified so far (Figure 1) at its 100% owned Roseby South Project (“Roseby South”) near Mt Isa in Queensland.
Roseby South immediately adjoins the southern boundary of the Company’s Cloncurry Project and MMG's major underground zinc mine development at Dugald River (Figures 2 and 3). 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.
Altona has expanded its exploration activities in the Mt Isa inlier. Field work this year has focussed on high resolution soil sampling, prospecting and geological mapping. The large Harvest and Hobby anomalies were identified and were reported in ASX release dated 1 August 2016. Altona has also increased its tenement holdings and applications in the Mt Isa inlier to 3,231 square kilometres (ASX release dated 15 August 2016).
The new Reaper anomaly (Figure 1) is the largest of the targets defined so far and is located 6.5 kilometres north of the Hobby anomaly. It sits on a major north-south structure which extends through Hobby in the south and through the Companion copper-gold prospect in the north. Reaper was missed by previous exploration having a different surface visual expression to ‘typical’ copper anomalies of similar tenor in the region.
At Reaper, multiple copper-in-soil anomalies greater than 1,000ppm (0.1% copper) have been defined within broader anomalism over a strike extent of 2.5 kilometres (Figure 1). Peak values range up to 5,426ppm (0.54%) copper. The anomalism is of similar size and tenor to that at the Cloncurry Project's Little Eva deposit (546,000 tonnes contained copper and 295,000 ounces of gold, Appendix 3).
Two very small old workings are located within the southern part of the anomaly. Overall the copper mineralisation has a subtle surface expression and is finely disseminated within the rocks. Outcrop rockchip samples in the south of the target returned up to 0.8% copper and up to 1.54g/t gold. (Appendix 1, Table 1).
Gold-in-soil was not routinely assayed, however gold was assayed from one line in the south and values up to 0.1g/t in soil were obtained coincident with peak copper values.
Figure 1: Reaper Prospect - Image of copper-in-soil anomalism compared to the Little Eva deposit. Note images are projected at matching scale and colour ranges.
The anomaly occurs within a range of hills with relief up to 70 metres. The broader anomaly trends north-south while the internal high tenor zones trend northeast and northwest cutting across steeply dipping, north-striking ridges of metasedimentary rocks (pink feldspar and amphibole).
No drilling has been undertaken at the prospect to date. An RC drilling programme at Reaper, Hobby and Harvest will commence in 3-4 weeks. Third party agreements and Aboriginal heritage clearances required prior to any drilling have been secured.
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 [email protected]
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.