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Highlights
- Three new copper targets identified for Phase 2 drilling at the Surprise project in Queensland.
- Previous drilling confirmed high copper (15.8%) and gold grades (up to 13.1g/t).
- Exploration driven by geophysical surveys and historical mining data.
Antares Metals (ASX:AM5) is preparing for a new phase of exploration at the Surprise project, located in Queensland, Australia. The company aims to test three copper targets identified through comprehensive geophysical surveys, including high-definition magnetics and 3D induced polarization (3DIP) analyses. The drilling campaign is set to commence following the wet season, which ensures optimal conditions for exploration activities.
Previous exploration efforts have been promising, with confirmed copper grades reaching up to 15.8% and gold grades of up to 13.1g/t. These results underscore the potential of the area and the opportunity to build on the existing mineral resource base. The focus of Phase 2 is to extend known mineralization by exploring anomalies consistent with established geological models.
Discovery Potential at the Surprise Project
The three targets earmarked for further exploration lie within 1.5km north of the historical Surprise mine. These targets are distinguished by soil samples with copper concentrations exceeding 100ppm and are associated with mapped quartz and calcite veins. Such geological markers are significant as mineralization at Surprise is typically hosted by these veins.
AM5's previous work has facilitated a nuanced understanding of the spatial relationship between geophysical anomalies and mineralization. This correlation bolsters confidence in the new targets and the potential for future discoveries. By integrating historical geochemical data with recent geophysical findings, AM5 continues to refine its exploration strategies.
Historical Context and Future Prospects
The Surprise project is part of the broader Mt Isa North asset, located approximately 80km northeast of Mount Isa. Notably, it neighbors Paladin Energy’s (ASX:PDN) Valhalla uranium project, underscoring the region's mineral wealth. Historically, the Surprise mine produced substantial quantities of high-grade copper and gold, with copper concentrations ranging from 10% to 22% and gold values between 2 and 4 g/t, alongside silver.
In addition to copper and gold, the area holds significant potential for uranium exploration, as evidenced by rock chip samples from Queens Gift showing uranium concentrations of up to 2.86%. These diverse mineral endowments position the Surprise project as a key area for continued exploration and development.
Next Steps in Exploration
The upcoming exploration phase will begin once necessary access and native title permissions are secured. AM5 is currently in the process of finalizing agreements with drilling contractors. The clear geological objectives and robust preparatory work suggest that the Phase 2 exploration program at Surprise will yield significant insights and potentially expand the project's mineral resource base.
