Altura Mining Limited (ASX: AJM), an Australian based lithium explorer, has presented an exploration update for its Cleopatra Gold Prospect and Hazelby Copper-Gold-Silver Prospect on 26th April 2019.
As per the report provided by the company, followed upon a geophysical survey, Altura utilised the Induced Polarisation (IP) method at its Cleopatra Prospect. The company has completed an initial round of exploratory drilling at the prospect.
Independent service providers conducted the initial geophysical survey and analysis of the result. Vortex Geophysics undertook the geophysical survey of the prospect, while Core Geophysics analysed the results. As per the company, Altura’s Exploration Geologists supervised the drilling conducted by another independent group- Egan Drilling.
Results of Exploration:
The Cleopatra Prospect is approx. 3.5Km south-east from the Altura Lithium Mine, which recently commenced commercial production, and is in the company’s E45/2363 tenement. Altura mentioned that to detect and delineate any potential responses associated with known gold anomalies, which the company discovered from surface sampling banded quartz veins and breccias, it conducted a Dipole-Dipole Induced Polarisation (DDIP) based survey in September 2018 at the prospect.
The surface sampling revealed that the area was dominated by conductive weathered overburden and the company interpreted nine near surface anomalies that required further investigation.
Altura proceeded further in February 2019 and drilled 12 Reverse Circulation (RC) holes, which accounted for 684m at the prospect. As a result, the company sampled and analysed quartz vein intersections.
Details of drill holes:
As per the company, the assay results received from drill mentioned above did not indicate the presence of significant gold mineralisation, despite the presence of substantial epidotic, carbonate and chloritic alteration within the mafic volcanic host rock.
After receiving the disappointing results from the exploration activity, Altura now plans to complete a broader soil sampling program, which will target the IP anomalies and mapped horizons, which initially revealed the gold mineralisation zones. A drilling program will follow the results from the soil sampling.
The Hazelby Prospect or Melted Caravan Prospect is approx. 4km east of the Altura Lithium mine, and 3.5km NNE of the Cleopatra, within the E45/2363 tenement of the company. Altura previously identified mineralisation within pyritic quartzite and cherts. Hazelby is dated 3.5 billion years old and is among the oldest known prospects in the Pilbara region.
Altura collected and analysed a copper carbonate mineral from the prospect, and the assay resulted in considerable grades. The sample identified as CA0001 resulted in 4.70% Cu, 0.83% Au, and 80.0g/t Ag. Likewise, the sample identified as CA0002 resulted in 5.37% Cu, 0.63% Au, and 80.5g/t Ag and the sample identified as CA0003 resulted in 9.86% Cu, 0.80% Au, and 84.6g/t Ag.
As per the company, the potential of the Hazelby Prospect provided an impetus to the company to complete further data research and field exploration work in the year 2019.
The company recently completed its security purchase plan (SPP).
The stock of the company is trading at A$0.115 (as on 26th April 2019, 01:58 PM AEST), down by 4.17% as compared to its previous close.