Geophysical Survey and 3D Modelling Commences at Thackaringa
Sydney, Sep 27, 2017 AEST (ABN Newswire) - Broken Hill Prospecting Ltd (
ASX:BPL) Geophysical Survey and 3D Modelling Commences at Thackaringa with a new search for Cobalt, Precious and Base Metals.
Highlights
- A major geophysical survey and 3D geological modelling has commenced at Thackaringa, west of Broken Hill, NSW
- Cobalt Blue Holdings Ltd is fully funding the work under its Thackaringa JV commitments
- High resolution airborne EM and Magnetic survey to cover entire 63km2 tenement package
- BPL retains the base and precious metal exploration rights, including numerous base and precious metal prospects
MAJOR GEOPHYSICAL SURVEY
A major geophysical survey has commenced at Thackaringa, 25km south-west of Broken Hill, targeting expansion of known cobalt resources and seeking new base and precious metal prospects. The survey will cover the entire project area for a total of 655-line kilometres at a nominal 100 m line spacing.
The high resolution electromagnetic and magnetic data will be used in conjunction with geological mapping to produce a new tenement-scale, 3D geological model to assist in the targeting of all styles of mineralisation.
The program is expected to greatly advance our geological knowledge and targeting ability.
COBALT BLUE FARM-IN JOINT VENTURE
An important part of the successful spin-off of Cobalt Blue Holdings Limited (ASX:COB) last February was a detailed farm-in joint venture agreement it entered with BPL to finance and undertake an extensive exploration and development program at Thackaringa (JV Agreement).
COB can earn 100% of the Thackaringa Cobalt Project if it completes a four-stage farm-in. This requires $9.5 million project expenditure by 30 June 2020 and a payment to BPL of $7.5 million in cash. BPL will also receive a 2% net smelter royalty on all cobalt produced from the Thackaringa tenements for the life of any mine.
BPL retains the base and precious metal exploration rights over the Thackaringa tenements, where it has identified numerous prospects. The geological setting is considered to be prospective for mineralisation styles additional to cobaltiferous-pyrite including:
- Stratiform Broken Hill Type (BHT)
- Copper-Lead-Zinc-Silver Copper-rich BHT
- Epigenetic Gold and Base metals
Current base and precious metal targets include (Figure 1 in link below):
- Pyramid Hill (Cu-Au-Ag)
- Himalaya North (Cu-Pb-Zn-Ag)
- Camels Hump (Cu-Zn)
- Ram Paddock (Cu-Co)
- Alders Tank (Co)
- Old Coolgardie North and West (Cu-Au)
- TSQV (Cu-Au-Ag)
To view tables and figures, please visit:
http://abnnewswire.net/lnk/V9DMY2LH
About Broken Hill Prospecting Ltd
Broken Hill Prospecting Ltd (ASX:BPL) is an Australian exploration company focussed on the discovery and development of strategic mineral resources across two primary geographical areas; the Murray Basin Region (Heavy Mineral Sands) and the Broken Hill Region (industrial, base and precious metals, including the Thackaringa Cobalt & Base/Precious Metal Project).
| ||
|
