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Juniors on Radar: 5 ASX Explorers to Watch today

Tue 25 Jan 22, 10:58am (AEST)
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Key Points

  • Five juniors with interesting announcements today
  • Superior Resources, Manhattan Corporation, Sunshine Gold, Lefroy Exploration, Challenger Exploration

Superior Resources - First 2021 Bottletree hole builds confidence in porphyry system

Superior Resources Limited (ASX: SPQ) announced today the first assay results from a 2,300m diamond drilling program at its Bottletree Copper Prospect, which forms part of the Company’s 100%- owned Greenvale Project, approximately 210kms west of Townsville, Queensland.

Assay results for rock chip samples taken from the Bottletree area are also reported.

BTDD001, drilled to 684.6m, is one of two deep core holes testing a large MIMDAS induced polarisation (IP) chargeability anomaly located on the outer edge of a 1.5km x 1km soil copper anomaly, which defines the Bottletree Prospect.

The IP chargeability anomaly highlighted a part of a large zone of disseminated and vein copper mineralisation that extends for 750m within a major northwest-striking mineralised structural corridor.

Superior’s Managing Director, Peter Hwang commented:

“Each of the three holes drilled at Bottletree last year has taken our understandings of the mineralisation system and the prospect to new levels. Our initial focus was on the large MIMDAS IP anomaly, but the turn of events that directed us westwards to a much larger and higher potential target was exciting to see.

Although the mineralisation associated with the IP anomaly is not the targeted porphyry deposit, the amount of copper being identified there is significant, starts from surface and there is good potential to define a sizeable deposit.”

Manhattan Corporation – Drilling commencing

Manhattan Corporation (ASX: MHC) has provided an update on the drilling program planned for its flagship Tibooburra Gold Project, located in the emerging Koonenberry Gold District, North of Broken Hill, New South Wales.

Drilling Rig and Technical crew have mobilised on the “Main Zone” at New Bendigo and will commence drilling shortly.

The current 2,200 skm Tibooburra Gold Project comprises a contiguous land package of 11 granted exploration licences and four exploration licence application that are located approximately 200km north of Broken Hill.

It stretches 160km south from the historic Tibooburra townsite and incorporates a large proportion of the Albert Goldfields (which produced in excess of 50,000 to 100,000 ounces of Au from auriferous quartz vein networks and alluvial deposits that shed from them during its short working life), along the gold-anomalous (soil, rock and drilling geochemistry, gold workings) New Bendigo Fault, to where it merges with the Koonenberry Fault, and then strikes further south on towards the recently discovered Kayrunnera gold nugget field.

The area is conveniently accessed via the Silver City Highway, which runs N-S through the project area.

Sunshine Gold - Significant NdPr Rare Earths Target at Elphinstone Creek, Ravenswood West

Sunshine Gold Limited (ASX: SHN) has provided an update on recent rare earth element (“REE”) soil sampling and its integration with historic stream sediment sampling at the Elphinstone Creek REE-Au prospect, Ravenswood West (Sunshine Gold 100%).

Elevated REE from recent soil sampling at Elphinstone Creek including 11 results 1,000ppm total rare earth oxides (“TREO”) with a peak value of 1,327ppm. Discrete zones of REE enrichment are located near the pluton margins of the Barrabas Adamellite – a regionally “unique” alkali intrusion and the likely source of the REE.

The soil sampling results confirm 15 historic stream sediment samples with strong Neodymium and Praseodymium oxides (“NdPr”) levels.

Historic rock chip sample taken 1.8km west of the Barrabas Adamellite contact returned 49.07% Cu, 0.24 g/t Au, 1,793 g/t Ag and 0.21% Mo (BKR-060).

Sunshine Gold’s Managing Director, Damien Keys commented:

“Stream sediment sampling in 1995 and 2018 provided the first indications of REE potential associated with a regionally “unique” alkali intrusion – the 27km2 Barrabas Adamellite. This sampling produced exceptional REE and gold results from Elphinstone Creek and its tributaries.

Importantly, the REE are high in Neodymium and Praseodymium which constitute an estimated 90% of global REE value. Our recent soil sampling campaign has confirmed that the Barrabas Adamellite is a REE-enriched intrusion.”

Lefroy Exploration - RC Drill Results Outline New Gold Position at Burns

Lefroy Exploration Limited (ASX: LEX) has reported results from the 17-hole RC drill program that evaluated multiple proof of concept targets at the Burns copper (Cu) gold (Au) prospect in October 2021.

Burns is within the Eastern Lefroy tenement package, which is part of the wholly owned greater Lefroy Gold Project (LGP) located 50km southeast of Kalgoorlie.

The Burns prospect is situated on the eastern margin of a large interpreted felsic intrusion, termed the Burns Intrusion (Figure 2). The intrusion does not outcrop but features a distinctive annular aeromagnetic and gravity geophysical signature.

The Company has not yet established the association between the larger Burns intrusion and the diorite porphyry intrusions intersected at Burns but consider there is a genetic relationship between them.

Challenger Exploration - Exploration drilling significantly extends mineralisation at Hualilan opening several new high-grade drill targets

Challenger Exploration (ASX: CEL) has announce results from the Company's flagship Hualilan Gold Project in San Juan, Argentina. The results are from a series of exploration drill holes designed to test new targets and geological concepts and extend mineralisation well beyond the existing boundaries.

These exploration focused drill holes returned significant intercepts opening several new and material targets for drilling.

GNDD-434 was drilled with the portable rig and is the deepest and most westerly hole on the Sanchez Fault for which results have been received.

The hole was collared approximately 100 metres up into the Hualilan Hills at the eastern limit of the current drill access road.

GNDD-434 extended the Sanchez Fault mineralisation almost 200 metres to the east intersecting 5.4 metres at 28.7 g/t AuEq (28.6 g/t gold, 11.1 g/t silver) from 24.4m including 2.4 metres at 60.2 g/t AuEq (60.0 g/t gold, 20.4 g/t silver).

This intersection was located directly above a 3-metre void with the void interpreted as old workings, given the proximity of the hole to surface and the access tunnels noted in the vicinity of the collar location.

Commenting on the results, CEL Managing Director, Mr Kris Knauer, said:

“Beyond the areas where previous drilling has been focused, this series of exploration drill holes demonstrates that Hualilan has a lot more to offer. This first series of exploration focused drill holes has significantly extended the mineralisation in multiple locations.

Intercepts such as 97.8m at 2.2 g/t and 3.0m at 14.3 g/t gold equivalent, both of which extend the mineralisation 400 metres, are outstanding. These results open several new areas that have considerable potential to add significant ounces to the Hualilan Gold Project.”

 

Written By

Mark Story

Editor

Mark is an investigative financial journalist and editor who started his career working for Marathon Oil in London. He has a degree in politics/economics and a diploma in journalism. Mark has worked on 70-plus newspapers and financial publications across Australia, NZ, the US, and Asia including: The Australian Financial Review, Money Magazine, Australian Property Investor and Finance Asia. Mark is passionate about improving the financial literacy of all Australians through the highest quality content. Email Mark at [email protected].

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