SYNDICATED METALS LIMITED Assets, Experience, Growth
ASX ANNOUNCEMENT - 7 July 2015
MAJOR NEW COPPER EXPLORATION PROGRAM UNDERWAY IN NORTH QUEENSLAND
DEEP DIAMOND DRILLING COMMENCING AT BARBARA THIS WEEK, AIRBORNE VTEM UNDERWAY AND NEW REGIONAL TARGETS TO BE DRILL TESTED IN COMING WEEKS
HIGHLIGHTS
• Airborne EM program well underway with surveying complete and results pending for both the recently defined Blockade and Ballara Saddle prospects.
• Drilling to commence during the week commencing 6 July, initially targeting a strong DHEM target at the Barbara deposit before moving to Blockade and Ballara Saddle following completion of analysis of Airborne VTEM program results.
• Extensive soil sampling continues to advance at the Mt Remarkable prospects, with additional encouraging copper-in-soil anomalies highlighted.
• The new exploration programs are consistent with Syndicated's strategic objective of growing its copper inventory around the Barbara Project, where a Feasibility Study is being progressed by its JV partner, CopperChem Limited.
Syndicated Metals Limited (ASX: SMD - "Syndicated" or "the Company") is pleased to advise that a major new near-mine and regional exploration program is underway across its key copper-gold projects in North Queensland designed to grow its copper inventory around its flagship Barbara Copper-Gold Project.
Programs already underway, or about to commence shortly, include an extensive regional airborne VTEM survey designed to confirm drill targets across its 100%-owned Mt Remarkable Project in North Queensland (Figure 1), deep diamond drilling to strengthen the future underground potential at the Barbara Joint Venture Copper-Gold Project, and initial drill testing of targets flowing from the VTEM survey and soil sampling program.
The overall objective of these multi-pronged regional exploration programs is to delineate additional copper resources within a 10-25km radius of the Barbara Copper-Gold Project, where a Feasibility Study is being progressed by the Company's joint venture partner, CopperChem Limited.
Syndicated believes that its broader regional tenement holding in the Mt Isa-Cloncurry region is highly prospective for additional Barbara-style copper-gold discoveries as well as larger, IOCG style deposits.
R:ADM_AdministrationASXASX Releases & Confirmations2014 Announcements
VTEM Surveys
An extensive airborne VTEM survey has recently been completed over the Ballara Saddle, Drought
Master and Blockade prospects, located 10-15km south-east of the Barbara Project. See Figure 1.
This survey is designed to firm up drilling targets following the completion of soil sampling programs which yielded multiple copper-in-soil anomalies comprises:
• Blockade - 430 line kilometres of airborne VTEM at 200m line spacings flown in a NE-SW
orientation
• Ballara Saddle - 125 line kilometres of airborne VTEM at 200m line spacing flown in a NE-SW
orientation.
All data has now been received and interpretation is currently underway, with results anticipated by mid-July.
A VTEM survey comprising 655 line kilometres at 200m line spacing flown in a NW-SE orientation perpendicular to the Mt Remarkable Fault orientation has also recently commenced over the tenements located to the north of Barbara.
Figure 1 - Northern Hub VTEM program locations
R:ADM_AdministrationASXASX Releases & Confirmations2014 Announcements
Drilling Programs
A multi-purpose RC/Diamond rig has been mobilised to the Barbara Project and will initially commence drilling at the Barbara deposit later this week. This drilling is designed to target a previously identified strong down-hole electro-magnetic (DHEM) conductor located to the north of the known resources. See Figure 2.
Three holes were previously drilled in the heart of the South Lode Underground which returned excellent results including:
• 40.0m @ 1.76% Cu including 9.0m @ 4.03% Cu (BADD052); and
• 32.5m @ 1.9% Cu including 14.0m @ 2.73% Cu (BADD053).
These results indicate that the high-grade mineralisation at Barbara potentially continues at depth for up to 200m below the current open pit design.
The new phase of drilling will target an extension of the mineralisation in this area, with the results expected to provide valuable information which will assist in strengthening the future underground mining proposition at Barbara.
The Company plans to drill a single deep diamond drill hole (with an RC pre-collar) to a depth of approximately 350 metres targeting this position. The hole is expected to take approximately ten days to complete.
Once completed, the rig will be relocated to test the newly identified regional targets at Blockade and Ballara Saddle once drill targets have been refined following interpretation of the VTEM data, as well as to test other targets generated by ongoing soil sampling.
Figure 2 - Barbara Long Section showing DHEM generated conductive plates (blue dotted rectangles) and proposed RC/diamond drilling (white dots).
R:ADM_AdministrationASXASX Releases & Confirmations2014 Announcements
Soil Sampling
Extensive regional soil sampling programs are continuing across the Mt Remarkable Project to the north of the Barbara deposit following the successful programs which have defined the Ballara Saddle and Blockade prospects.
The Mt Remarkable program consists of approximately 7,000 soil samples taken at 50m intervals and 400m line spacings and covers an area approximately 4km east-west by 40 km north-south. See Figure 3.
The soil sampling program is targeted over the corridor of mineralisation which is believed to flank, and originate from, the Mt Remarkable Fault. Located along the fault are numerous old workings and mapped prospective locations for both Barbara-style high grade copper vein mineralisation and larger IOCG style alteration zones.
The soil sampling program at Mt Remarkable is expected to take approximately three months to complete.
Figure 3 - Northern Hub soil sampling program
R:ADM_AdministrationASXASX Releases & Confirmations2014 Announcements
Management Comment
Syndicated's Managing Director, Andrew Munckton, said he was pleased to see exploration activity accelerating across its North Queensland tenements as part of a concerted effort to expand its copper inventory and strengthen the future of the Barbara Project.
"The focus this year has been to apply low-cost exploration techniques to identify new exploration opportunities within our broader tenement package," he said. "This work has been extremely successful, resulting in the identification of multiple new exploration targets which are now being subjected to airborne geophysics.
"The resulting data will help us to refine drill targets for the coming weeks. In the meantime, drilling will kick off later this week at Barbara to firm up the potential to augment the open pit in the future with a robust underground mining operation," Mr Munckton added. "A single deep diamond hole will be completed to test this potential before the rig moves on to test regional targets."
Investor Presentations
Mr Munckton will be presenting at the following Resources Rising Stars Twilight Investor Forums in
Sydney and Melbourne this week:
• SYDNEY - Tuesday 7th July 2015, 4.15pm - 6.30pm
Intercontinental Hotel
117 Macquarie Street, Sydney
• MELBOURNE - Wednesday 8th July 2015, 4.15pm - 6.30pm
RACV Club, Level 2
501 Bourke Street, Melbourne
Shareholders, brokers, investors and fund managers are invited to attend these functions for an update on the progress of the Feasibility Study on the Barbara Copper-Gold Project as well as the exploration programs outlined in this announcement.
To register, please contact Read Corporate on 08 9388 1474 or email info@readcorporate.com.au.
ENDS
For further information:
Investors
Andrew Munckton - Syndicated Metals
Mobile: 0435 635 598
Media
Nicholas Read - Read Corporate
Mobile: 0419 929 046
R:ADM_AdministrationASXASX Releases & Confirmations2014 Announcements
Competent Person's Statement
The information in this report that relates to Exploration Targets and Exploration Results is based on information compiled by Mr Andrew Munckton who is a Member of The Australasian Institute of Mining and Metallurgy (MAusIMM) and who has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is 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 (the "JORC Code"). Mr Munckton is a full-time employee of Syndicated Metals Limited and consents to the inclusion in the report of the Exploration Targets and Exploration Results in the form and context in which they appear.
Exploration Targets
This report comments on and discusses Syndicated Metals Limited's exploration in terms of target size and type. The information relating to Exploration Targets should not be misunderstood or misconstrued as an estimate of Mineral Resources or Ore Reserves. The potential quantity and quality of material discussed as Exploration Targets is conceptual in nature since there has been insufficient work completed to define them as Mineral Resources or Ore Reserves. It is uncertain if further exploration work will result in the determination of a Mineral Resource or Ore Reserve.
R:ADM_AdministrationASXASX Releases & Confirmations2014 Announcements
|
distributed by
|
