ASX-listed Latitude Consolidated has struck wide gold mineralisation at its Circle Valley project within the Albany-Fraser mobile belt that hosts the multi-million-ounce Tropicana gold deposit. Multi-element analysis from end of hole sampling has highlighted a suite of pathfinder elements that the company says bear striking resemblance to the geochemistry that led to the discovery of AngloGold Ashanti and Regis Resources’ joint venture behemoth Tropicana deposit.
Recent aircore drilling at the Circle Valley project followed up on a 1.2 kilometres by 400 metres gold in soil anomaly and managed to snag a bundle of thick, shallow gold intercepts. Significant results include a 23m hit grading 0.64 grams per tonne gold from 12m downhole, including a 12m section going 1.05g/t gold.
Another 24m hit graded 0.38g/t gold from 12m, including 4m going 1.49g/t gold.
The first pass aircore drill campaign was essentially just a glorified soil sampling program and did not get fully into the bedrock geology which could be harbouring the real prize.
All aircore drill holes underwent bottom-of-hole multi-element analysis and showed maximum alteration enrichment at the top of fresh rock boundary of 4.81 per cent potassium, 1.77 per cent sulphur, 1220 parts per million barium, 1.7ppm silver and 19.75ppm molybdenum. Curiously Latitude says the geochemical results correlate well with downhole, top of fresh rock multi-element results encountered at Tropicana.
When first discovered, Tropicana showed 5.39 per cent potassium, 2810ppm barium, 3.31 per cent sulphur, 1.82ppm silver and 14ppm molybdenum in multi-element pathfinder assays.
The geochemical results from the Tropicana dataset were taken from much deeper into the fresh rock, up to approximately 60m down-hole, in contrast to the 15m to 36m end of hole depths at Circle Valley. Drilling deeper into the fresh rock often results in elevated geochemical signatures by comparison to results taken from the partially weathered rock just above the top of the fresh rock boundary.
Follow-up drilling is planned to commence imminently at Circle Valley to test the mineralisation extension, which is open in all directions, in addition to testing deeper into the fresh rock.
Upcoming drilling will be co-funded by the Western Australian government exploration incentive scheme, that will provide up to $150,000 in funding.
The Circle Valley deposit sits on the western flank of the Albany-Fraser orogen, sometimes known as the Fraser Range that is bookended by the extraordinary Nova-Bollinger nickel discovery to the south and Tropicana to the north.
The Albany-Fraser belt runs adjacent to the Archean Yilgarn craton that hosts numerous world-class gold and nickel deposits.
Magnetic survey interpretation around the structurally complex Circle Valley project area shows Archean aged rocks exist that are considered to be of appropriate age to host Tropicana style gold mineralisation according to the company.
Regional gravity surveys also support the company’s views that Circle Valley is prospective for Tropicana style mineralisation as it sits on several reactivated thrust faults that run parallel with the Albany-Fraser mobile belt.
Latitude Consolidated Chief Executive Officer, Tim Davidson said: “Up until now Circle Valley has had no systematic gold exploration and the Company intends to address this with further aircore, RC and diamond drilling planned in the coming months. Initially this will target Anomaly A, as well as the Fenceline prospect 8km to the northeast where thick gold mineralisation has also previously been intercepted.”
Recent aircore drilling efforts at Circle Valley were designed to build a depth of cover model and map the geology to understand the structural architecture better.
Although recent drilling was not designed to target a specific ore body, Latitude received a pleasant surprise from its reconnaissance aircore drilling campaign at Circle Valley. Perhaps just as surprising was the geochemical pathfinder elements that popped up in the first pass that look suspiciously similar to Tropicana.
With thick gold mineralisation parcels intersected near surface and fruitive geochemistry results akin to the mighty Tropicana gold deposit, Latitude will no doubt be raring to get the drill rig back in action to see just how deep this rabbit hole goes.
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By Matt Birney
