Red Metal drill hole points to Qld | Australian Markets

Crimson Steel’s first scout diamond drill gap at its Bluebush silver-lead-zinc prospect in northwest Queensland has pointed the company in the direction of new goal alternatives in the identical geology that hosts two of northern Australia’s largest silver-lead-zinc mines.

The drill gap delivered a 73-metre hit at 9 grams per tonne (g/t) silver, together with a 12m intercept at 19g/t silver. The silver runs additionally embody base metallic hits, with the 73m interval assaying 990 elements per million (ppm) lead and 256ppm zinc from 301m and the 12m run assaying 2446ppm lead and 780ppm zinc from 362m.

The drillhole bored by way of a additional 33.6m assaying 4916ppm zinc and 304ppm lead from 538m.

Crimson Steel says outcomes from its first drill gap on the prospect, within its Garden Hill project, focused a stand-out stratigraphic gravity anomaly, tagged BB01.

It efficiently intersected a dense, closely pyritic, dolomitic and carbonaceous siltstone over a true width of 119m.

The company considers the in depth pyritization as attribute of the Barney Creek Formation and Urquhart Shale sequences, which host the River McArthur River and Teena silver-lead-zinc mineralisation within the Northern Territory.

Interpreted Riversleigh Siltstones in Crimson Steel’s core mark the time equivalence of the Barney Creek Formation.

The McArthur River mineralisation includes a giant sediment-hosted zinc-lead-silver deposit characterised by eight ore lenses within the Barney Creek Formation, separated by breccias and dolomitic siltstones.

It’s one of the world’s largest and most studied sediment-hosted base metallic deposits, owing to its lack of deformation and preservation of sedimentary and ore textures.

Anomalous hint components related to lead and zinc mineralisation embody silver, thallium, antimony, arsenic, copper and cobalt.

The accompanying and largely coincident anomalous thallium ranges – over an intercept of 153m assaying 66ppm thallium – and high silver-to-lead ratios within the analyses level to a probably “near miss” setting, the place the drill gap is more likely to have pierced the margins of a more extremely mineralised zone.

This interpretation has led the company to suggest further holes to focus on precedence gravity targets.

Particular gravity measurements on the dense pyritic sequences are very high and vary from higher than 3 grams per cubic centimetre to 4.62 grams per cubic centimetre, which supplies a clear clarification of the source of the focused gravity anomaly.

Closely pyritic sequences mendacity close to different massive strata-bound silver-lead-zinc deposits typically show anomalous thallium values accompanied by high silver-to-lead ratios.

The new drillhole confirms that the company’s Bluebush prospect happens within key McArthur River equal stratigraphy.

The prospect comprises more than 88 historic drill holes within a 15 kilometre by 13km space, 40 of which produce broad intercepts of low-grade zinc and lead mineralisation.

Gravity surveying by Crimson Steel has recognized a number of high-priority, stratigraphic targets alongside the pattern of and adjoining to historic mineralised drilling.

Imbued with new enthusiasm after this primary batch of outcomes, the company’s maiden drill gap will comprise the vanguard assault on the prospect and it has new holes lined up to check the new targets.

Future exploration on Bluebush will prioritise gravity targets nearer to the interpreted growth faults the place the potential for higher-grade mineralisation is speculated.

The truth that such clear geochemical and lithological coincidence has been outlined in Crimson Steel’s first drill gap geared toward a largely conceptual goal needs to be taken as a proof-of-concept from a very daring first gap, particularly contemplating its depth.

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