IRIS Metals pegs new nickel and gold ground near Kookynie after review uncovers prospective anomaly
Recharge Metals listed on the ASX earlier this month after raising $5 million in an IPO to advance its copper projects in WA.
IRIS Metals (ASX: IR1) has pegged up ground prospective for nickel and gold west of its wholly-owned Kookynie gold project in Western Australia’s Menzies mineral field.
The company has made an application for exploration lease E29/1152, which will be known as the Providence project.
It is about 66 square kilometres in size.
IRIS executive director Tal Paneth said the application was consistent with the company’s strategy of adding potentially high value assets to its portfolio – noting it was close to its Kookynie and Leonora assets.
“The project was named Providence to reflect the fortuitous way in which it was brought to our attention, for which we’d like to thank our geophysicist.”
Exploring Providence
IRIS’ geophysicist had discovered Providence as part of the company’s Kookynie aeromagnetic interpretation and analysis activities.
Providence hosts a magnetic feature which was noted when reviewing the Kookynie data.
According to IRIS, the feature is associated with a location considered fertile for nickel and gold.
Analysis of the Providence feature suggests a fluid mineralising event. IRIS says the type of magnetic anomaly identified is often associated with mineralised intrusions proximal to crustal breaks and terrain boundaries.
Mr Paneth said the company was looking forward to exploring Providence.
Initial work will involve assessing and analysing existing open file data while waiting for the licence to be granted.
The company plans to undertake site reconnaissance and further compile and interpret all geophysical and geological data.
This is expected to underpin planning for future exploration.
Once the application has been granted, exploration will comprise modern techniques.
ASX listing and Kookynie exploration
IRIS listed on the ASX in September after raising $7 million in an oversubscribed IPO.
The company has already completed a maiden reverse circulation program at the Rise and Shine, Lily and Treasure-Whale prospects within its Kookynie gold project.
The program comprised 96 holes for 5,950m and tested historic high-grade workings and mineralisation at depth.
An aircore drilling program is due to begin next month that will target the high-grade targets identified during the aeromagnetic survey.