The Bogong Project lies within the Lachlan Fold Belt, a proven geological province hosting several of Australia’s largest copper deposits including the world-class Cadia-Ridgeway (owned by Newcrest Mining) and Northparkes (owned by China Molybdenum Co Ltd).
DevEx has identified significant near surface, broad copper intercepts supporting the potential for a substantial copper-gold discovery.
The 100%-owned project covers an area of 53 km2, and is located close to modern infrastructure only ~18km from the township of Tumut, New South Wales. Bogong is located 60km south east of DevEx’s nearby Junee Project, further strengthening the Company’s copper-gold exploration strategy in NSW.
The Bogong Project represents a fresh opportunity, with no systematic exploration conducted within the globally-recognised copper-gold region for decades.
Figure 1: The Bogong Copper-Gold Project is strategically located within the Lachlan Fold Belt of New South Wales and south-east of the Company’s Junee Copper-Gold Project.
DevEx commenced a maiden reconnaissance exploration program in June 2019. Initial exploration focused on the area surrounding the former Bogong Copper Mine, where historical percussion drilling by A.O.G. Minerals Pty Ltd (‘AOG Minerals’) in 1974 identified significant near-surface copper sulphide mineralisation including (see Figure 2):
Follow-up field mapping and rock chip sampling in the area has identified significant copper sulphides (chalcopyrite and bornite) associated with a porphyry intrusion, with assays of up to 10% copper and 0.47g/t gold with mineralisation extending over 500 metres of strike (see ASX Announcement – 1st August 2019).
DevEx completed a subsequent dipole-dipole Induced Polarisation (IP) survey in the same area, revealing a significant chargeability IP anomaly beneath these historical intercepts (see ASX Announcement – 23rd October 2019).
The Company considers that the Bogong Project is largely untested for economic deposits of copper and gold mineralisation. Collectively, the historical intercepts, the presence of bornite and chalcopyrite from surface and the association with a porphyry host rock, are all seen as positive indicators for the potential to discover a significant copper-gold system.
DevEx recently completed a diamond drilling program in late 2019, designed to test these significant, shallow historical copper intercepts and recent IP anomalies. A total of seven diamond drill holes for 1,548m was completed.
Figure 2: Plan View of the Company’s drilling programme at the main Bogong Copper-Gold Prospect.
To date, the Company has received assay results for the top half of the first diamond hole (19BGDD001), which intersected:
Refer to ASX Announcement - 27th November for full details.
Figure 3: Diamond Holes 19BGDD001 to 002 on line 6081600mN (Section 600mN) underlain by November’19 Induced Polarisation (IP) survey and historical (1974) AOG Minerals drilling (off section). Assay results are reported as down hole intercepts as true widths are not known. Assay results have been received for top half of 19BGDD001 (0 to 82m). The chalcopyrite + bornite bearing breccia zone on the western side of the diorite is interpreted to dip steeply to the west and subparallel to the western flank of the IP anomaly.
Further assays are expected in mid-late January 2020. As a result of these positive findings, the Company has concurrently commenced regional mapping to evaluate the broad-spaced circular magnetic feature underlying the historical copper in soil anomalies.
For the further project information, please view our latest Investor Presentation.