Sydney, Nov 21, 2007 AEST (ABN Newswire) - The directors of Krucible Metals Ltd (ASX: KRB) are pleased to announce that exploration drilling has commenced on the Company's tenements in the Mount Isa District of north-west Queensland.
An RC percussion drill program of about 2000 metres is nearing completion on the Corella Bore and Ardmore EPMs (Exploration Permits for Minerals) located about 100 km south of Mount Isa.
Krucible is targeting basemetal mineralisation in this area with models based on the Mount Isa and Cannington deposits.
This broad spaced drilling is designed to test a number of magnetic and electromagnetic anomalies in areas of poor outcrop and is anticipated to add important geological information that will assist in detailed drill testing in 2008. An airborne electromagnetic (EM) / geophysical survey was flown for Krucible in August 2007 with the objective of defining sulphide rich conductors. The final results of this VTEM (Versatile Time Domain Electromagnetics) survey have not yet been modelled and interpreted by a geophysicist. However preliminary interpretation indicates a number of broad electromagnetic anomalies that are co-incident with major structures as well as magnetic anomalies.
The Company decided to drill test these areas at relatively shallow depths (80-120 metres) to provide information on depth to basement, anomalous geochemistry and shallow electromagnetic conductors before rigorous modelling of the VTEM survey was conducted and because a drill rig became available at short notice.
At the CORELLA BORE EPM 15572, located about 60 km south-east of the town of Dajarra, drilling will concentrate on an area of co-incident electromagnetic and magnetic anomalies close to the major Pilgrim Fault. No Proterozoic basement outcrop occurs in this area but the nearby historic Noranside lead workings are hosted by younger Cambrian sediments and it is thought that this mineralisation may be re-mobilised from basement Cannington style mineralisation at depth.
Previous regional drilling by other companies at Corella has also indicated the possibility of Mississippi Valley Style lead, zinc mineralisation in the Cambrian dolomitic sediments.
At the ARDMORE EPM 15487, located about 10 km south-west of Dajarra, drilling will concentrate on the interpreted Mount Isa group of sediments in an area of poor outcrop close to the major Wonomo Fault.
An electromagnetic anomaly has been outlined close to the contact of the sediments with basalt (Eastern Creek Volcanics) and will be drill tested. Anomalous copper geochemistry was returned from shallow RAB drilling (10-20 metres) by a previous explorer in this area. The target in this area is Mount Isa style basemetal mineralisation.
Final analytical results for the above drill programs are not expected until January 2008 Krucible Metals Ltd intends to carry out a number of drill programs in the Mount Isa District in 2008.
Contact
Mr.Tony Alston
Ph (07) 47725880
Managing Director
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