RE: Addendum to Manica agreement RNS out I see26 Feb 2025 12:29
This is what we bought into
The Bushranger Project hosts the Racecourse deposit, where a JORC (2012) compliant Inferred Resource has been estimated at 71Mt @ 0.44% Cu and 0.064g/t Au using a 0.3% Cu cut-off, with copper grades comparable to the major operating mines in the region. The Racecourse Mineral Resource is interpreted to be a Copper-Gold Porphyry-Style deposit and the Directors believe to be one of the largest currently undeveloped porphyry deposits in the LFB.
Highlights
· The Bushranger Project represents a highly prospective copper-gold porphyry project in a world class mining district with excellent infrastructure in a low-cost jurisdiction
· There is renewed interest in The Lachlan Fold Belt following Alkane's recent Boda discovery, including a 1,167m drill interval grading 0.25% Cu, 0.55g/t Au
· The Bushranger Project hosts the Racecourse deposit, a JORC (2012) compliant inferred resource estimated at 71Mt @ 0.44% Cu and 0.064g/t Au using a 0.3% Cu cut-off, which is open down plunge and along strike
· Most recent drilling at Racecourse intersected substantially wider mineralisation - 159m @ 0.37% Cu, 0.21g/t Au (Hole ID BRD001), including 16m @ 0.73g/t Au - and with gold grades increasing with depth
· Western portions of the Bushranger Project are prospective for high-grade gold mineralisation
· Several geophysical and geochemical targets, with characteristics of porphyry style mineralisation, are ready for drill testing
Colin Bird, Executive Chairman said: "This acquisition represents entry into an asset with an inferred resource of over 350,000 tonnes of contained copper. The deposit is open ended in both directions and the propensity for future discovery is good. I am particularly encouraged by the fact that the gold contribution increases with depth. The geological trend has produced a number of historical mines, closed and operating, and of late there have been announcement of new discoveries both porphyry copper and epithermal gold.