Diamond drilling at Argent Minerals’ (ASX: ARD) West Wyalong project in New South Wales has intersected potential gold-copper mineralisation.
Argent said five diamond tails completed in the recent weeks are believed to have struck sulphides and quartz veins which could potentially be a mineralised copper-gold porphyry.
Significant intersections on diamond core logs included 46.8m of propylitic-phyllic alteration in thin quartz stringers and sericite alteration containing minor amounts of disseminated sulphide (mostly pyrite) from 230.5m to 277.3m.
Also reported was a 42.8m phyllic zone of thicker veins of quartz with abundant and chalcopyrite stringers and potassium bearing K-feldspar showing brecciated host from 288.7m to 331.5m.
A 4.6m interval from 327.2m to 331.3m composed massive and abundant quartz and chalcopyrite vein stringers, while a 48.8m zone of disseminated pyrite with minor veining and brecciation was reported from 338.7m to 387.5m.
Argent said the zones are likely to contain gold and copper mineralisation, which will be confirmed when the assays are finalised.
Reverse circulation program
Argent deployed a diamond rig at West Wyalong after substantial amounts of pyrite, chalcopyrite (both massive and disseminated) and quartz veining were drilled during a reverse circulation program last month.
Managing director George Karageorge said despite adverse weather conditions, the company had uncovered significant zones of targeted host rock containing suitable alterations which are key indicators for porphyry style gold-copper deposits.
“Even in trying conditions, our team has successfully intersected what we hope is the top of a gold-copper porphyry in the first diamond drill hole,” he said.
“We are encouraged by the thick zones of potential mineralisation on the first of five holes and hope the recent flooding at West Wyalong allows ground conditions to improve and drilling to restart soon.”
The West Wyalong project is held under joint venture between Argent Minerals (89% equity) and Golden Cross Operations Pty Ltd (11%).
The project has a long history of exploration with a strong focus on the Wyalong goldfield which was discovered in 1893 and achieved peak production of 45,000 ounces in 1897.
Mining at West Wyalong ceased in 1920 with a reported total production of 445,700oz gold from 340,000 tonnes, at an average grade of 40 grams per tonne.
Systematic exploration since the mine’s closure commenced in 1981 when Mineral Management and Securities Ltd held an exploration licence over the Wyalong goldfield and surrounding area until its relinquishment in 1989.
Reviews by Argent of past exploration including drilling, surface geochemistry and geophysical surveys have highlighted the Narragudgil and Yiddah North prospects as containing porphyry-style base metals of gold and copper in the Narragudgil Volcanics.