Following a recent induced polarisation (IP) survey and rock chip sampling, fellow explorer Sultan Resources (ASX:SLZ) plans to start drilling at its Big Hill gold-copper prospect, which borders Kincora Copper’s (ASX:KCC) Cundumbul licence.
Sultan describes the Big Hill prospect as “the standout, undrilled porphyry gold-copper target in the central Lachlan Fold Belt” and is planning a 10 by 450m depth diamond drilling program commencing mid-May.
The Big Hill Complex is interpreted to represent the upper or outer parts of an alkalic porphyry gold-copper system like Newcrest Mining’s (ASX:NCM) mammoth 50 million oz operating Cadia mine and Alkane Resources’ (ASX:ALK) still growing Boda prospect.
Boda revealed itself in September 2019 following a massive drill hit of 502m at 0.48g/t gold and 0.2 per cent copper, 211m from surface. Further high-grade results were announced earlier this week, including 101m at 2.47g/t gold and 0.83 per cent copper from 824m, sending Alkane’s share price up over 30 per cent creating almost $140m in shareholder value. The Big Hill Complex is located about equal distance from Boda and Cadia.
Rock chip samples at the Big Hill prospect have delivered high grades of up to 24.6 grams per tonne gold and 26.1 per cent copper.
The recent IP survey revealed a large-scale chargeability anomaly measuring about 1km long by 650m wide and extending down to about 500m. The IP anomaly occupies the centre of the 5km long by 2.5km wide Big Hill Magnetic Complex and is complementary with previous high-grade rock chips, distinct gold and copper plus pathfinder element geochemical soil anomalism and porphyry style alteration.
From publicly available airborne magnetics it appears approximately 80 per cent of the magnetic complex is almost split equally across Sultan’s and Kincora’s ground and the IP target at Big Hill straddles the licence boundary.