Lucapa Diamond Company Limited announce outstanding results from the first geophysical survey conducted in 25 years at its Merlin Diamond Project in the Northern Territory. A preliminary review of the electromagnetic survey data has identified two large and highly conductive base metal targets. The program involved a new generation helicopter-borne time-domain electromagnetic (HTDEM) survey over the 234sqkm area, covering both the Merlin Mineral Lease and the surrounding Exploration Licence.
The base metals targets occur along structures in an area of Proterozoic sediments with very similar geology to those which host the world-class McArthur River zinc-lead resource approximately 50km to the north of the project area. This area has previously been identified as having potential to host mineralised structures and therefore is of high interest for hosting base metal deposits.
Glencore’s McArthur River base metal mine, which is one of the world’s largest deposits of zinc and lead, has been operating for 30 years along structures that extend through the Merlin Exploration License area. The mine generates over 1.2 million ounces of silver a year.
The geology of the Merlin area is considered prospective for similar types of deposits and is highly suitable for
Electromagnetic (EM) surveys due to limited conductive cover in most areas of the tenements, hence Lucapa’s excitement about the two targets announced today.
Lucapa Managing Director Alex Kidman said: “These are highly promising results in an area which has never been exposed to the latest geophysics technology and which sits just 50km from the giant McArthur River zinc-lead mine.
Given the highly prospective nature of the targets identified, we are already considering the next phase of exploration, which will probably comprise ground-based geophysics to further define the targets. We also look forward to receiving the results of the next phase of data review this quarter, which should identify any new kimberlite targets”.
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