The Junee Project is located within the highly-endowed Lachlan Fold Belt of New South Wales and covers an area of 281.3km2. DevEx has identified the potential for buried porphyry-style copper-gold style mineralisation of similar style to other major deposits in this region including the world-class deposits Cadia-Ridgeway (owned by Newcrest Mining Ltd) and Northparkes (owned by China Molybdenum Co Ltd).
Exploration by DevEx has identified several new large-scale porphyry copper-gold targets at Junee, located 60km north-west of the Bogong Project. The Junee Project remains underexplored, with no exploration drilling on the ground for +20 years.
Figure 1: The Junee Copper-Gold Project is strategically located within the Lachlan Fold Belt of New South Wales and north-west of the Company's Bogong Copper-Gold Project.
DevEx significantly upgraded the exploration potential of the Junee Project following the recent assessment by the Geological Survey of New South Wales1 (‘GSNSW’) which found that rocks within the Project are are prospective for large-scale "type" porphyry copper-gold deposits.
With the majority of the targets masked by shallow transported sediments (1 to 20m), the Company has focused on areas where the Junawarra Volcanics are exposed at surface, thereby maximising the amount of information prior to further target testing using ground geophysics and drilling.
In contrast to the intense exploration drilling activity within the main Junee-Narromine Volcanic Belt to the north, the Junee Project has has very little systematic exploration with previous cursory drilling within the Project dating back over 20 years ago.
Please refer to ASX Announcement on 24th January 2018’ for full details.
Geophysical moderlling and geological review by DevEx has defined several new large-scale drill targets, including (see Figure 3):
Figure 2: Several porphyry copper-gold targets have been identified based on mapping, historical exploration and interpretation of airborne magnetics (underlay) and gravity. White outline represents Figure 3 location.
Follow-up fieldwork at the Riversdale North and Billabong Creek Prospects has identified several new areas of copper, gold and base metals mineralisation (Figure 4).
Anomalous rock-chip results ranging up to 2.81g/t gold and 1.26% copper are spatially associated with epidote and actinolite alteration/veins, including a gossanous base metals sub-crop (vein), and several breccias, further enhancing the potential to discover a large-scale porphyry copper-gold deposits similar to those seen elsewhere in the district.
Figure 3: Copper assay results from rock chip sampling at Riversdale North and Billabong Creek underlain by airborne magnetics.
DevEx is currently progressing towards a drilling program in early 2020.
A program of targeted ground geophysics (Induced Polarisation) is currently being planned to test several of the recently identified prospects. In conjunction with this planned activity, the Company continues to make progress in landowner engagement with the purpose of entering into Rural Land Access Agreements (RLAAs) over these and prospects.
For the latest project overview, view our Investor Presentation.
The Junee Project area covers a sequence of Ordovician and Silurian volcanics, the Junawarra Volcanics, adjacent to a major crustal structure, the Gilmore Suture Zone, within a province with a high copper-gold endowment, the Macquarie Arc. The rocks of the Macquarie Arc host many large porphyry copper-gold deposits. This is the style of mineralisation targeted on the Company’s tenure.
The Project also contains the Billabong Creek gold prospect and the Riverdale monzonite porphyry associated copper-gold occurrences. The area has been subjected to previous exploration by other companies and a number of zones of altered rocks with anomalous geochemistry indicative of porphyry associated copper-gold mineralisation have been defined.
There is clear potential for discovery of a major porphyry-related copper-gold system.
1East Riverina Mapping Project - Some Highlights and Implications, Eastlake and Trigg