This EL of 287km 2 is located on splays off the Gilmore Suture and the Lake Cowal Volcanic Complex consisting of Ordovician age volcanics, intrusives and sediments. The Gilmore Suture is a structure that is a focus of gold mineralisation to the north and south with a number of mines and deposits localised along its length. The zone rivals the Black Hills/Broad Arrow/Paddington Zone in W.A. The EL contains a number of untested geochemical gold and copper anomalies and magnetic targets.
The Cowal Gold Project similarly on the Gilmore Suture and Lake Cowal Volcanics, is located adjacent to the south of this EL. This 2.68M oz Au deposit had its first gold pour in April 2006.
A strong magnetic volcanic complex with faulting underlies the EL. Gravity and aeromagnetic data highlight structure that lies under cover on this EL. Exploration targets include untested magnetic low signature Gidginburg epithermal gold in andesite (high sulphidation gold) and magnetic high signature Peak type of deposit (high sulphidation gold) and Cobar deposit (polymetallic Au Ag). The propylitically-altered andesites replaced by chalcedonic silica is the host rock target to the gold mineralisation. Exploration is for large open pittable low-grade high tonnage gold (copper) deposits.
Exploration Programme
Further reviews will be made of the interpretation of the aeromagnetic, ground magnetic, gravity, structural data, image processing and computer modelling. Anomalies will be prioritised and evaluated. A grided ground magnetic survey will be carried out over anomalies, results prioritised and interpreted. Other geophysical techniques may be used such as T.E.M., radiometrics, I.P. and gravity. Percussion drilling of targets will be carried out on identified targets.
The proposed expenditure budget for Glencoe is set out below.
Item
$
Stage 1
Compilation and reinterpretation of available data
4,000
Geophysics comprising ground magnetics
25,000
Geochemical sampling, assays/follow up anomalies
8,000
Image processing of geophysical and geochemical data
15,000
Mapping
5,000
Aircore/RAB drilling of target areas to confirm structural controls and stratigraphy
83,000
Sub Total
140,000
Stage 2
RC drilling of primary targets
65,000
Follow up diamond drilling
135,000
Assays
20,000
Reporting and evaluation
30,000
Sub Total
250,000
Total Stages 1 and 2
390,000
