Core Exploration’s Yorke Peninsula Copper Project covers 243km² of the Olympic Copper-Gold-Uranium Province of the Gawler Craton. The Yorke Peninsula Project is located adjacent to the west of Rex Minerals (ASX:RXM) tenements on the Yorke Peninsula in South Australia
The Project is considered highly prospective for the discovery of IOCGU’s similar to Hillside, Olympic Dam, Prominent Hill and Carrapateena; as well as shear zone hosted massive sulphide copper-gold deposits like those found in the Moonta area.
The discovery of the nearby Hillside Copper Project by Rex Minerals Ltd shows that the area remains highly prospective for large copper discoveries.
Regionally important structures are believed to control the location of IOCGU mineralisation within the region. The most obvious structure is the Pine Point Fault which runs in a north-south direction on the eastern side of the Yorke Peninsula. Importantly, a number of south-westerly faults splay off of this feature into the tenements held by The Company.
Core has completed detailed airborne magnetic and ground based gravity surveys over the tenement. Interpretation and modelling by the Company of this data have identified similar fault systems on the Yorke Peninsula Project to that controlling mineralisation at nearby Hillside Project 15km to the east. Within these fault systems are a number of semi-coincident gravity and magnetic anomalies consistent with the occurrence of concentrations of magnetite and hematite associated with IOCGU style mineralisation.
The coincidence of strongly anomalous copper in association with magnetite and hematite breccias in the region confirms the Company’s view of the highly prospective nature of the project area for iron oxide copper-gold-uranium deposits (IOCGU’s).
Numerous drill targets have been identified on semi-coincident gravity and magnetic targets within zones of structural control. Six targets have subjected to diamond drilling.
The drilling successfully identified the geological source of the targeted semi coincident gravity and magnetic anomalies and identified IOCG style alteration within the system. Minor copper sulphides (chalcopyrite) were identified in association with the alteration.