C29 Metals (ASX:C29) wraps up VTEM survey over Sampson Tank Project

Highlights

• C29 Metals completed a 507 line-km VTEM Max survey over its Sampson Tank Project.
• The results from the survey are expected within the current quarter.
• The Sampson Project exhibits geological, geophysical and geochemical characteristics analogous to the surrounding VAMS deposit.
• C29 targets high-grade deformed and remobilised Besshi-type VAMS Cu-Au deposits.

Setting its development plan in motion, C29 Metals Limited (ASX:C29) wrapped up a helicopter-borne Versatile Time Domain Electromagnetic (VTEM^TM Max) survey over the Sampson Tank Project in the NSW region.

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VTEM is a geophysical survey run to identify potential conductors within the outcropping and covered areas. C29 undertook the survey over the area on the project that hosts some strong magnetic anomalies, which are supported by surface geochemical anomalies known as P-47 and P-54 exploration targets.

The heliborne survey has flown a total of 507 line-km covering the entire tenement area.

VTEM survey flight lines over geology on Sampson Tank tenement (Image source: Company update, 5 April 2022)

The Sampson Project is located within the high-grade base metal hotspot in the prolific Lachlan Fold Belt. The region hosts several deformed and remobilised Besshi-type Volcanic Associated massive Sulphide (VAMS) deposits. Some prominent ones include Tritton Cu-Au Mine of Aeris Resources (ASX:AIS), Collerina CZ Cu-Au discovery of Helix Resources (ASX:HLX)  and Tottenham Cu-Au deposit of Locksley Resources (ASX:LKY).

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Sampson Tank Project location with surrounding mines and discoveries (Image source: Company update, 5 April 2022)

Forward Plan

C29 undertook an extensive infill and extensional soil geochemical survey over the area that included P-47 and P-54 targets. Processing and interpretation of the data will be undertaken, and the company expects the results this quarter.

Data administering of the VTEM survey by the contractor is in process, and once completed, will be sent to the consultants for data processing. The result of the survey is expected in the second quarter of 2022.

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C29 highlighted the fact that modern VAMS surveys have been limited to areas of outcrop and subcrop closer to the Tottenham deposit. The Company has identified the prospective stratigraphy extending further north beneath the alluvial cover on the Sampson Tank licence.

The previous explorers concentrated their efforts on tin, tungsten and platinum in the project area. C29 changed its purview and is now focusing its exploration endeavours on moderate to high-grade Cu-Au deposits.

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Share price movement: C29 is trading at AU$0.170 apiece with a market cap of AU$6.87 million as of 5 April 2022.