- Published on Tuesday, 17 July 2012 04:50
Authors: Proactiveinvestors Australia website
(ASX: GBZ) has identified three areas with strong copper and Lanthanum anomalism that demonstrate the potential to grow its Milo iron oxide copper gold and rare earth elements deposit in Queensland.
The recently completed stage two of a soil geochemical sampling program at the project has also indicated that mineralisation remains open to the north and south.
The three areas identified are:
- A coherent linear zone of coincident high tenor copper, gold and lanthanum in soil extending for over 600 metres to the west from GBM drillhole BTD014 in the Milo West Prospect area. This contains peak values of 4,550 parts per million (ppm) copper, 650ppm lanthanum, and 0.7ppm gold.
- The likely continuation of this zone on the south west flank of the main ridge at Milo. This remains largely untested by drilling to date.
- A large copper soil geochemical anomaly with peak assay values of 1.44% copper, 0.35ppm gold and 120ppm lanthanum, associated with a strong magnetic and topographic high to the south west of the Milo Prospect.
GBM has also received complete results from 402 soil samples from the Greater Milo area.
It said this data, the recently completed successful diamond drilling and finalisation of revised resource estimate and scoping study, will all form part of a co-ordinated strategy to demonstrate the potential of the Milo area to host an extensive mineralising system containing additional, large tonnage iron oxide copper gold and rare earth elements deposits.
Further sampling is in progress to infill and further extend geochemical coverage of the area with results expected during the September quarter.
The recent drilling program had confirmed that the mineralisation identified to date is part of a much larger system at Milo, with mineralisation remaining open to the north and south.
This confirmed that the copper equivalent and rare earth elements and yttrium (REEY) mineralisation extends to the north beyond the current Resource at Milo, which is 103 million tonnes at 760 parts per million (ppm) total rare earth elements and yttrium (TREEYO).
Highlight copper equivalent intersections include 70 metres at 0.8%, including 18 metres at 1.3%; 51 metres at 0.8%; and 7 metres at 1.2%.
Notable rare earth element intersections returned were 20 metres at 3,979ppm and 11 metres at 1,382ppm.
The Milo deposit covers a broad TREEY zone, over 200 metres in places. The dominate rare earth elements include neodymium, yttrium, dysprosium and lanthanum.
Demonstrating the size potential of the deposit, drilling has only been carried out on around 7,500 metres of a 2 kilometre long mineralised system.
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