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Highlights
- OD6 Metals expands into historic Gulf Creek copper-zinc project in New South Wales.
- Exploration to target untested structures with modern technology.
- Phase 1 drilling set to commence in early 2025, focused on both historic and new areas.
OD6 Metals (ASX:OD6) has launched an ambitious expansion by acquiring the Gulf Creek copper-zinc project in New South Wales, targeting unexploited mineral deposits at this historic site. Located near Barraba along the Peel Fault, approximately 550 kilometers north of Sydney, the Gulf Creek area includes both the high-grade Gulf Creek and nearby Murchison copper mine. Together, they occupy an exploration license of 23.75 square kilometers and have attracted attention for their past copper yield and untapped potential.
Gulf Creek’s historical data shows copper grades between 2% and 6.5%, extracted from three primary lodes last mined between 1896 and 1912. Since then, exploration has been minimal, with only two drill holes completed over 60 years ago. This lack of modern analysis provides a unique opportunity for OD6 Metals to apply new exploration techniques and potentially uncover significant copper and zinc deposits within the region.
OD6 Metals’ interest in Gulf Creek centers on promising geophysical data, particularly linked to magnetite-associated mineralization. Recent reviews, including a 2021 drone magnetic survey, have identified magnetic anomalies across a 10-kilometer untested horizon of volcanogenic massive sulfide (VMS) structures. These findings suggest the existence of additional sulphide bodies along repeat structures north and west of the original workings. Preliminary results from induced polarisation geophysics near the historic mine sites align with these new targets, underscoring the potential for an expansive copper-zinc system.
Under the acquisition agreement, OD6 will provide Gulf Creek’s private vendor with a $200,000 cash payment, inclusive of a non-refundable deposit, alongside 6 million shares of OD6. A deferred payment, which could be issued in cash or additional shares, is set to follow upon the initiation of Phase 2 drilling, pending shareholder approval within 60 days of meeting the milestone.
The company aims to start Phase 1 drilling in early 2025, concentrating on both the historical workings and new targets. Planned drilling activities include 14 holes reaching depths of up to 3,000 meters, while down-hole geophysics may be utilized for more precise mineralization targeting within 100 meters of each hole. Historic survey data will be reprocessed using advanced modeling techniques, supplemented by a new drone survey to better map the entire tenement area.
OD6 Metals’ managing director highlighted the significance of Gulf Creek in the company’s strategy to develop a copper-focused portfolio. He noted that copper is increasingly vital as a critical mineral in Australia and expressed commitment to expediting the project’s advancement using modern exploration technology.
