MINERAL EXPLORATION TECHNIQUES
Victoria has a long history of mineral exploration dating back to the gold rush of the 1850s. Mineral deposits such as copper, gold, silver, tin, lead and other metals are used in nearly all aspects of modern life in homes, businesses and industries.
Many of the techniques used in mineral exploration have little to no impact on land, such as aerial surveying, ground mapping, rock sampling, water and soil testing and even drilling. After collecting samples from deep below the surface, the area is rehabilitated and it can be very difficult, if not impossible, to spot where the drilling has occurred.
Initial Exploration – usually begins with research, ﬁeld exploration and aerial surveying, looking for anomalies to narrow down areas for further study.
Targeted Exploration – as we learn more about the geology, more direct methods to determine what might be hidden below the surface. Drilling at depth is expensive and used selectively.
Auger Sampling - Broader scale, shallow auger drilling helps geologists to determine if there are any areas where minerals may be present, progressively focusing in on much smaller areas, or targets, within the exploration licence boundary. Click to watch video
Air Core Drilling – mounted on the back of a six wheel drive Landcruiser, air core drilling is a quick method of collecting samples to a depth to about 100 metres.
Diamond Drilling - is a method of collecting a solid core sample from deep below the surface. The drill rig uses a hollow, diamond encrusted drill bit to cut through the rock.
Tungsten tips on the end of dual walled, hollow rods drill into unconsolidated ground. Compressed air is used to blow the ‘drill shavings’ to the surface in a controlled way for analysis by geologists. Click to watch video
The core samples (about the same diameter as a soft drink can) are split in half longitudinally, with half sent off to a laboratory to be assayed and the other half permanently stored on-site. Click to watch video
Standout Initial Mineral Resource Estimate for the Cayley Lode – 9.3Mt at 1.2% Cu, 0.2g/t Au and 7.1g/t Ag
Cayley Lode Indicated Resources 5.87Mt at 1.04% Cu, 0.23g/t Au and 7.0g/t Ag Cayley Lode Inferred Resources 3.4Mt at 1.6% Cu, 0.2g/t Au and 8g/t Ag
Another Outstanding High-Grade Copper-Gold Intercept at Cayley Lode
Exceptional high-grade zones grading up to 7.17% copper, 30.6g/t gold and 52g/t silver in deepest intercepts on the Cayley Lode to date; initial Mineral Resource due this quarter
Binding commitments received for A$4 million placement (Placement) at A$0.15 per share (Offer Price)
Launch of share purchase plan (SPP) to raise up to A$1.5 million, at the same price as the Placement
Net proceeds will be applied to exploration, resource definition drilling and working capital