East Tennant IOCG Drilling Greenfield Diamond Drilling Application EL 32617 Final Report Geophysics and Drilling Collaborations Program Round 14 (2021)

Abstract

The object of the program was to discover a copper-gold orebody by testing for the source of a large coincident magnetic and gravity anomaly within EL 32617. Two 650m diamond drillholes were planned, designed to test different parts of the interpreted Iron Oxide Copper Gold (IOCG) target. One 690.4m diamond drillhole was completed BKDD001, the second hole was not completed due to the delays in completing the program which resulted in cost increase compared to budgeted and that the rocks identified in BKDD001 indicated that the magnetic and gravity anomalies were likely to be explained by lithological units rather than iron rich IOCG fluid influx. The drillhole intersected limestone and sediments of the Georgina Basin to 203.4m when it intersected a package of metasediments with fine grained hematite alteration and zones of intense hematite - carbonate - chlorite alteration with patchy breccia texture. SER completed comprehensive geochemical suite in 1m samples of the entire basement intersection totalling 508 samples including standards and duplicates every 40m. Each sample was analysed for Au using Fire Assay (Au-AA23 ALS) and multi element geochemistry after four acid digest (ME-MS61L ALS). The sampling included the bottom three metres of the Georgina Basin and all the intersected basement. The results indicated no significant intercepts for any metals. IOCG indicator elements were also uniformly low suggesting that BKDD001 has not intersected an IOCG fertile system. Full drilling data and geochemistry is provided in Appendix 1-7. Petrology of selected samples indicated that all the basement rocks intersected were sedimentary in origin with evidence of a regional low grade metamorphism. The magnetic response in the metasedimentary package is likely due to a significant volume of fine grained stilpnomelane (hydrated K-silicate mineral like biotite, but forms at lower metamorphic grade) and lesser magnetite. The syn peak metamorphic fractures are filled with quartz + stilpnomelane + chlorite + opaque (magnetite), which is equivalent to the host mineralogy whilst the post peak metamorphic fractures which form as thin brittle fractures and local brecciation are filled with a variety of minerals associations including carbonate chlorite- hematite (CO2-Ca-Mg-Fe-rich fluid), quartz- clinozoisite -chlorite (CO2-poor and silica-Ca-Fe-Al-rich fluid), and quartz-K-feldspar-chlorite-hematite (silica-K-Fe-Al-rich fluid). Hematite commonly forms as pink-red stain salvages (Appendix 8).