Queensland, 90 per cent ownership, Copper, Gold & Zinc

Increased demand for resources has led to a recognition by downstream industry participants (smelters, metal traders) of the potential value in many of our near development/advanced exploration projects; such as Rockhampton Copper-Zinc.

The Rockhampton project is 10 kilometres south-east of the old Mount Morgan mine in southeast Queensland.

Mt Morgan produced 8 million ounces of gold and 350,000 tonnes of copper from 50 million tonnes of ore between 1882 and its closure in 1989.

The project covers a 40 kilometre strike length of a sequence of altered and mineralised volcanics equated with the hosts sequence of Mount Morgan. Potential for discovering mineralisation similar to the Mount Morgan deposits is considered high.

geology and testing

The Mount Morgan deposit is a sub-sea floor replacement deposit related to rhyolitic volcanism of Devonian age. The mined deposit formed a boot shaped body of massive and stringer sulphide mineralisation.

The ore deposit comprised the Main Pipe orebody composed of massive pyrite cut by anastomosing quartz veins and vertical high grade gold ore shoots, and the Sugarloaf orebody characterised by disseminated and stringer mineralisation of pyrite, pyrrhotite and chalcopyrite with massive sugary quartz all cut by anastomosing quartz veins.This mineralisation occurs in sheared and weathered dolerite associated with quartz veinlets and iron-oxides after pyrite.

At the Lux prospect, drilling completed by Perilya intersected 6 metres at 7.86 grams/tonne gold and 13.1 per cent zinc. Follow-up drilling by Asarco Exploration Company Inc. has intersected significant alteration and mineralisation highlighting the potential of the area to host a massive sulphide deposit. The best result was 20 metres at 6.94 per cent zinc.

The project has been joint ventured to Minocqua Metals Pty Limited, an associated company of Korea Zinc.  Minocqua can earn 60 per cent by spending $6 million in five years.