Exploration License 8118 Granted for Highly Prospective IRGS Gold System Near Grafton NSW
Sydney, July 21, 2013 AEST (ABN Newswire) - Revolution Metals, a minerals and resources company focusing on developing mineral assets in Australia, announces that it has been granted an exploration license by the NSW Department of Trade and Investment following application for a 36 square kilometre former gold rush area 60 kilometres west of Grafton, NSW, Australia.
Previous exploration and shallow drilling has identified 232,000 tonnes of mineralised gold bearing lode containing an average grade of 3.27 g/t. at the "Pine Creek Lode". The drilling will further establish the depth at which this deposit extends, and evaluation of other significant deposits within the Exploration Lease.
Historical artisanal mining recovered significant gold from alluvial deposits and quartz vein reefs, of which there are over 80, identified from historical records. No modern exploration techniques have been applied to the area which shows all the hallmark indicators of a deep Intrusive Related Gold System (IRGS) in the Lachlan Fold Belt.
Recent evaluation of similar deposits in the Lachlan Fold Belt of NSW have proven to be previously unrecognised large IRGS systems.
The exploration activities will focus on defining an underground source of gold that has been the suspected source for over 80 gold reefs in the area that were hand mined in the late 1800s. In addition to the gold reefs, a significant discovery of a gold bearing ironstone strati-form (vertical outcrop) has been identified and preliminary diamond and RC drilling carried out establishing gold mineralisation occurring from surface to an unknown depth.
About Revolution Metals Ltd
Revolution Metals Ltd is an Australian public company and developer of mineral resources. The focus of the company is to develop mineral assets of economic grade to production, providing investors with rapid return on investment. Revolution's current tenement holding comprises 40 square kilometres of mineralized gold, silver, nickel, cobalt and lead bearing structures in northern New South Wales, Australia.
The primary gold bearing ironstone and quartz deposits of Mt Remarkable, Pine Creek and Alice Cornwall, are part of a field of numerous reefs and historical artisanal workings with over sixty identified as producing gold over a century ago.
| ||
|
