Pacifico Drilling AEM Bullseye at Coppermine Creek
Perth, Oct 19, 2015 AEST (ABN Newswire) - Pacifico Minerals Ltd (
ASX:PMY) is pleased to announce that diamond drilling commenced today at Coppermine Creek. A diamond hole with a planned depth of 600m is being drilled to test for Mount Isa Copper style mineralisation. Copper mineralised horizons were intersected in Pacific's previous drilling 2km to the north, and are projected to extend southwards. The drill hole is positioned to intersect an airborne electromagnetic ("AEM") conductivity high (figures 1 and 2, in link below).
Highlights
- Drilling of a planned 600m diamond hole has commenced at Coppermine Creek to test for Mount Isa style copper mineralisation related to an airborne EM bullseye conductivity anomaly
- An outstanding zinc-lead prospect with RC and diamond drill targets has also been defined at Four Mile with potential for relatively shallow McArthur River style mineralisation
- Regional exploration continues to confirm the potential of the Borroloola West Project tenements for the discovery of major deposits with drillable targets now also established at Berjaya (zinc-lead) and Johnstons (copper)
A down hole electromagnetic ("DHEM") survey will be carried out when the drill hole is completed. A further diamond hole will be drilled based on the DHEM results, geology, structure, and mineralisation intersected.
Pacifico has recently completed expenditure of $1.5 million at the Borroloola West Project, thereby earning the right to acquire a 51% interest from Sandfire Resources NL ("Sandfire") (ASX:SFR). Under the terms of the farm-in agreement Pacifico may elect to continue sole funding exploration into the second earn-in period with the objective of earning a 70% interest through expenditure of a further $2.5 million over 2 years. Pacifico is subsequently able to earn up to an 80% interest in the Borroloola West Project.
Four Mile (zinc-lead-silver)
- At Four Mile recent geological mapping (figure 3, in link below) has identified poorly outcropping Barney Creek Formation (host to the mineralisation at the McArthur River Mine) with a possible strike length of over 14km.
- Selected rock chips of outcrop are consistently high in lead within the Barney Creek Formation package of sediments.
- Small pods of gossan in the Barney Creek Formation sediments contain up 0.26% Pb (A.L.S. laboratory analysis), which is a highly positive indication in this very weathered terrane for significant zinc - lead mineralisation.
- A versatile time domain electromagnetics ("VTEM") survey was conducted previously by Pacifico over part of the area.
- There are clear targets to test the Barney Creek Formation for relatively shallow zinc - lead mineralisation, with RC and diamond drilling. One of the diamond drill targets is shown in figure 4 (in link below), over a VTEM anomaly.
Berjaya (zinc-lead-silver)
The Berjaya EL lies about 30km west of the McArthur River Mine, Australia's largest zinc-lead-silver producer, and one of the largest zinc-lead-silver deposits in the world, with a total deposit size of 227Mt of 13.4% Zn + Pb[1]. Also Rox Resources Ltd's recently discovered Teena Deposit (exploration target of 60 - 80Mt of 8 - 12% Zn + Pb[2]) lies about 18km west of Pacifico's Berjaya tenement.
The Berjaya tenement contains the Barney Creek Formation package, and major growth faults, key geological components at both the McArthur River mine and the Teena deposit.
The Barney Creek Formation package within the Berjaya tenement has been intersected in previous drilling by Mount Isa Mines Ltd, and recognised in mapping by Pacifico. A major north-east trending growth fault is indicated by Pacifico's geological mapping, and confirmed by the VTEM survey (see Figures 5, 6 and 7 in link below). Also of interest is a kilometre long zone of dolomite brecciation within the Mara Dolomite Member, which has a highly ferruginous breccia matrix. To the north of this zone sedimentary breccias are interbedded with dolomitic siltstone.
The rocks on the Berjaya tenement are all extremely highly weathered, making previous conventional stream sediment and soil sampling programmes of limited effectiveness. Direct surface chip sampling over the silcretised and leached rocks is also difficult.
Figures 6 and 7 (in link below) show a VTEM Resistivity Depth Images ("RDI") sections and interpretation. Conductive zones in the VTEM correspond to the down dip extent of weathered beds observed at surface that contain abundant disseminated boxworks after sulphides, and are indicative of the prospective stratigraphic package, of which the potentially mineralised Barney Creek Formation is a part.
It is planned to drill test for zinc-lead-silver mineralisation, targeting the base metal prospective Barney Creek Formation close to major growth faults.
Borroloola West Project - other prospects
The Borroloola West Project covers an outstanding package of ground running for over 200km north-north-west of the McArthur River Mine - the world's largest zinc - lead producing mine. Potential for the discovery of world class sized base metal deposits in this region is high. The comparable Mount Isa Basin of Queensland contains several major copper and zinc - lead deposits in an area of similar geology and structure.
Recently identified prospects include:
Johnstons (copper)
Irregular faulting and fracturing with copper and lead mineralisation. It lies in an area of poor outcrop and will require RC drilling to explore for extensions.
Tawallah Pocket (copper)
Widespread copper mineralisation is found close to the Amelia Dolomite / Mallapunyah Formation contact. It is comparable to the geology at Coppermine Creek and requires further geological mapping to establish mineralisation controls
To view figures, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-PMY-737741.pdf
[1] McArthur River Mineral Resource - Leach et al., 2005 Economic Geology 100th Anniversary Volumes pp561-607
[2] Teena Exploration Target - Rox Resources Ltd Symposium Presentation, February 2015
About Pacifico Minerals Ltd
Pacifico Minerals Ltd (ASX:PMY) is a Western Australian based exploration company focussed on advancing the Berrio Gold Project located in Colombia. Berrio is situated in the southern part of the prolific Segovia Gold Belt and is characterised by a number of operational, artisanal-scale adits, tunnels, and declines. The project is 35km from the Magdalena River which is navigable to the Caribbean Sea and has excellent infrastructure in place including hydro power, sealed roads, water supply and telecommunications coverage. Pacifico also has an interest in two other projects in Colombia (Natagaima and Urrao) and one project in the NT, Australia (Borroloola West Project).
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