The first hole in GCR’s IOCG drilling program, ALG001 at the Algebullcullia gravitymagnetic anomaly, has been completed at 497 metres. For geophysical target information please refer to previous ASX announcements. Basement rocks were intersected at 232 metres depth.
Hematite-altered meta-sediments and volcanics were intersected with some sericite alteration. Garnetiferous zones indicate possible skarn development. Magnetite content, as disseminations, thin veins and in clots, varied throughout the hole with increased magnetic susceptibility noted between 450 and 494 metres. Pyrite, with rare, trace chalcopyrite, occurs as disseminations. Samples have been taken for petrographic studies, bulk density determinations and assay.
While weak hematite alteration is widespread in the Gawler Craton, more intense alteration, and the presence of sericite, provides encouragement. GCR’s geologists are pleased with the outcome of this first hole, into the first anomaly, in what is an untested region in the northern Gawler Craton.
The rig has moved south to the Mount Euee anomaly and the hole, having intersected basement at 210 metres is now coring ahead. On completion, the rig will then move to drill the SR11 anomaly and, subject to a review of results, costs and budget, a decision, to return to Algebullcullia, Mount Euee, stay at SR11, or drill a fourth hole on a new anomaly at Oolgelima East, will be taken.
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