Mary Kathleen Project, Queensland
(GOLDSEARCH 75%)
Goldsearch is exploring for Mary Kathleen-style uranium deposits, Shear-zone hosted copper and Iron oxide copper gold (IOCG) deposits in the highly prospective Mount Isa Inlier, North Queensland. The project area is located to the north and south of the former Mary Kathleen mine between Mount Isa and Cloncurry and is comprised of three granted tenements, EPM 14019, EPM 14022 and EPM 15257 covering a total area of approximately 160 square kilometres. Goldsearch has a 75% interest in this project, the other 25% is held by Central West Gold NL.
Goldsearch is undertaking an ongoing program of geochemical and geophysical exploration at a number of exploration areas targeted through evaluation of historical information. The aim of this work is to generate targets to be evaluated by exploration drilling. During the first half of 2008 drilling was completed at a number of target areas, initial results were encouraging and further follow up drilling is anticipated.
Goldsearch Limited, Mary Kathleen Project location and exploration target areas
Uranium Exploration
Mineralisation at the Mary Kathleen mine is hosted in metamorphosed calcareous sediments of the Corella Formation proximal to the Burstall Granite, an upper plate granite with elevated uranium levels. Key factors in targeting further uranium mineralisation are the regional faults intersecting the reactive Corella Formation lithologies and an associated source granite.
Goldsearch has a priority target at Elaine Dorothy six kilometres south of Mary Kathleen on the trace of the Mary Kathleen Syncline. The Elaine Dorothy target area is a distinct uranium anomaly in the airborne radiometric data. Limited drilling at this prospect by Mary Kathleen Uranium, the operators of the former mine during the late 1950's, intercepted high grade Mary Kathleen-style mineralisation in Corella Formation rocks. Goldsearch completed a small program of confirmation drilling in December 2006. This program confirmed the existence of the mineralised zone which extends over at least 500m in strike. Better results in the previous historic drilling include 2.3m @ 0.262% U3O8 from 26m in hole ED2, 9.5m @ 0.036% U3O8 from 13.5m in hole ED4 and 2m @ 0.134% U3O8 from 100m in hole ED11. Best results from four holes drilled by Goldsearch was 1m at 0.047% U3O8 and 0.988% Rare Earth Oxides from 83m in hole MKRC4.
Further drilling to test the depth potential of the mineralised zone at Elaine Dorothy is planned for the second half of 2008.
Elaine Dorothy Prospect simplified geology and drill hole plan (showing hole traces)
Gold / Copper Exploration
Goldsearch is targeting Ernest Henry / Olympic Dam style iron oxide copper gold (IOCG) and shear zone-hosted copper deposits similar to the nearby Rocklands/Double Oxide deposit where resource definition drilling is being undertaken by Cudeco Limited.
Nearby definition drilling is also being undertaken on a similar style of copper, gold, molybdenum, rhenium, uranium mineralisation discovered at the Kalman prospect by Kings Minerals NL.
Regional geochemical and geophysical programs have been completed at a number of priority targets. Drilling of priority areas was completed in the first half of 2008.
At the Pindora target geochemical sampling has defined a mineralised trend over approximately 8km with peak assay results up to 5480ppm Copper and 132ppb gold. The trend is defined in the south of the tenement area by a number of shallow mines which exploited oxide copper mineralisation from a wide shear zone. In the north of the tenement area the trend is obscured by shallow transported cover. The mineralised trend at Pindora is located 3.5km east of the Kalman deposit and is sub-parallel to the Pilgrim Fault Zone which hosts this mineralisation.
At Hardway a number of shallow open cut mines have exploited oxide copper mineralisation associated with a wide zone of shearing along the margin of the Hardway granite. Mineralisation is hosted by dolerite and Corrella Formation calc-silicate rocks. This mafic shear-hosted style has similar characteristics to the Rocklands/Double Oxide deposit currently being evaluated by Cudeco Limited and located approximately 49 kilometres to the east. Peak assay results from geochemical sampling include 0.5% copper and 195ppm cobalt. The zone of elevated copper geochemistry is defined over a strike length of approximately 2km and is open towards the south.
Further drilling to evaluate these prospects is anticipated in the second half of 2008.