First annual report on the evaluation of AN 455, AN 456 and AN 457

Abstract

AN 455, AN 456 and AN 457 cover highly prospective near mine exploration leases close to the Here's Your Chance (HYC) Zn-Pb SEDEX deposit, located approximately 60km south of Borroloola in the Northern Territory. The deposit is currently mined by McArthur River Mining (MRM). The ground covered by AN 455, AN 456 and AN 457 was formerly part of the MIM held AN 366, but was relinquished in 1996 under statutory relinquishment requirements. The relinquished ground was then reapplied for by MIM as separate Authorisations, under identical legislative conditions as an Exploration Lease. Although the first application was lodged by Mount Isa Mines in mid 1996, hurdles in the application process meant the tenements were not formerly granted until August 2006. AN 455 (6 graticule blocks, 19.74km2) is situated over the Coxco Valley prospect, located approximately 5km south of the current McArthur River Mining. The area shows anomalous base metal concentrations, and is adjacent to the Coxco Prospect, a sub-economic, carbonate hosted Zn - Pb deposit. The Coxco Valley area has the potential to host both HYC style mineralisation and later stage remobilised base metal stockworks and veins. AN 456 (2 graticule blocks, 5.58km2) and AN 457 (1 graticule block, 3.29km2) cover extensions to the north and south of the Amelia Prospect (AN 366 South), a package of highly prospective ground currently under lease to McArthur River Mining. This area was the focus of significant exploration activities by Mount Isa Mines Exploration division between 1988 and 1995. Base metal mineralisation within the Amelia Prospect is confined to vein and stockwork structures associated with brittle deformation adjacent to the Emu Fault Zone (EFZ), and is prospective as a target area for a moderate grade, low tonnage structurally controlled Zn-Pb resource. Work in this reporting term consisted of literature review, a reconnaissance visit and checking lease boundaries.