Renewed Wee MacGregor Copper Exploration Program
Melbourne, May 30, 2024 AEST (ABN Newswire) - Altair Minerals Limited (
ASX:ALR) (CHKMF:OTCMKTS) is pleased to provide an exploration strategy update with plans to follow up its highly prospective copper intercepts at its 80% owned Wee MacGregor Project.
Following a detailed review, the Wee MacGregor Project represents a high-grade brownfield copper exploration opportunity for Altair, which it intends to conduct fieldwork, rock-chip sample analysis and a follow-up RC Drill program over the coming months.
WEE MACGREGOR
Upon conducting a thorough review of existing and historic exploration works, re-interpretation of Wee MacGregor data presents a highly prospective walk-up Copper exploration target which is expected to be incorporated into Altair's future work programs.
Wee MacGregor comprises of 3 granted Mining Licenses located 60km from Mt Isa. The Wee MacGregor mine and neighbouring Rosebud mine has had a rich history of high-grade copper production 6.2% Cu and 6.6% Cu respectively , with minimal modern exploration work completed.
Drilling completed in 1991 has shown significant remnant and high-grade copper mineralisation remains at Wee MacGregor which remains open along strike and at depth.
ALR had also conducted a small RC step-out drill program at Wee MacGregor in 2018 which confirms high-grade copper mineralisation exists outside of the block-model, historic production area's and previous drilling sites which indicates widespread mineralisation as seen by:
- WM004: 10m @ 2.84% Cu and 0.54g/t Au (~100m Step-out)
- WM002: 4m @ 4.40% Cu and 0.80g/t Au (~100m Step-out)
The historic block model at Wee MacGregor has also shown mineralisation to be open at depth, in particular the high-grade mineralisation extends down plunge.
Furthermore, high-grade XRF readings of rock-chips and laboratory grab sample analyses have been discovered by both ALR and previous vendors which all sit outside the historically drilled area and associated block model which further accentuates exploration potential for the Project which require follow-up exploration procedures. These results include:
- WM001: 16.42% Cu and 0.17% Co (Rock-chip; pXRF)
- WM003: 45.38% Cu and 0.21% Co (Rock-chip; pXRF)
- WM005: 5.71% Cu and 1.88% Co (Rock-chip; pXRF)
- WM006: 24.38% Cu and 0.13% Co (Rock-chip; pXRF)
- WMS001: 7.45% Cu and 0.94% Co (Rock-chip; pXRF)
- RB001: 14.2% Cu and 0.12% Co (Rock-chip; pXRF)
- WMS1: 14.2% Cu and 0.03% Co (Grab-Sample; fusion ICP-OES)
- WMS2: 9.9% Cu, 1.38 g/t Au and 0.06% Co (Grab-Sample; fusion ICP-OES, Au FA-ICP)
- GC1: 3.5% Cu and 0.01% Co (Grab Sample; fusion ICP-OES)
OLYMPIC DOMAIN PROJECT
Complimentary to Wee MacGregor, the Company's wholly owned Olympic Domain projects presents mega-IOCG targets surrounded by some of the largest mining companies in Australia. The Olympic Domain assets sit in prime position adjacent to one of the most significant copper discoveries in the country over decades - BHP Oak Dam West - 425.7m @ 3.04% Cu & 0.59g/t Au & 346ppm U3O8.
The Olympic Domain assets (Horse Well, Pernatty-C, Lake Torrens) strengthens Altair's exposure in the emerging copper sector located in one of the most sought-after copper districts in the country.
The company is currently reviewing Olympic Domain geophysical surveys and conducting lithological/structural analysis to generate a fresh strategy and targets for its next phase of exploration with aims of working towards a groundbreaking discovery.
Altair Chief Executive Officer, Faheem Ahmed comments:
"As we begin re-evaluating our assets and looking at them with a fresh set of eyes it continues to present outstanding greenfield and brownfield opportunities in the copper space. In today's copper market, Wee MacGregor represents low-hanging fruit and an excellent opportunity to follow-up previously untested and potentially high-grade targets in a prominent copper district.
The mineralisation body here has already been defined which means we don't have to go in blind and have a strong understanding of where the high-grade copper lies. Furthermore, the resource model shows the highest graded portions of Wee MacGregor is open along strike and at depth which should present exciting targets for Altair to potentially chase up.
This asset sits within granted mining licenses which is an added bonus and copper mineralisation outcrops all over the license which we want to conduct further work on. The mineralisation is known but remained largely untouched and the refreshed approach is aimed to generate shareholder value as we continue evaluating further business opportunities in parallel."
*To view tables and figures, please visit:
https://abnnewswire.net/lnk/C7AIE9NR
About Altair Minerals Limited
Altair Minerals Limited (ASX:ALR) (OTCMKTS:CHKMF) is listed on the Australian Securities Exchange (ASX) with the primary focus of investing in the resource sector through direct tenement acquisition, joint ventures, farm in arrangements and new project generation. The Company has projects located in South Australia, Western Australia and Queensland with a key focus on its Olympic Domain tenements located in South Australia.
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