New exploration technology has been credited with helping identify potential new near surface copper mineralisation in the renowned Burra copper province north of Adelaide.
The breakthrough will not only help boost copper target assessment in the area but widen the potential to discover larger regional iron oxide copper gold (IOCG) depositions in South Australia's mid north.
Addressing the second day today of the two day Paydirt 2019 South Australian Resources and Energy Investment Conference in Adelaide, Ausmex Mining Managing Director, Mr Matthew Morgan, said the use of "Audio-Magnetotelluric" (AMT) surveys had identified potential "plumes" extending to near surface and just below known at surface copper mineralisation just east of the Burra township.
The plumes extended to the top 100 metres of surface and are similar in style to those evident below Olympic Dam, Carrapateena and other IOCG deposits in South Australia's Gawler Craton.
AMT is a new exploration tool which samples signal frequencies in the range of 20k Hz down to ~ 1Hz to provide more detailed data pertaining to the very Upper Crust of the Earth's surface.
Ausmex has access to around 7,400 square kilometres of exploration ground around Burra, key parts of which are in the same structural corridor as the existing Olympic Dam and Prominent Hill copper-gold mines.
Mr Morgan said Ausmex had worked with the University of Adelaide to successfully apply AMT and like technologies to identify seven conductive zones in the Burra region.
"The technology is low cost, non-invasive and has low environmental impact," Mr Morgan said.
"Certainly the initial results warrant further follow-up.
"The specific AMT surveys completed last month targeted mineralisation from surface to one kilometre depth in a geological structure which has some quite complex geo- electromagentic regimes.
"The confirmation of the plumes rising to surface below known copper mineralisation is a successful outcome."
Ausmex's success comes as the Company celebrates a successful oversubscribed placement which has given the Company close to $8 million in the bank.
The Company has a primary interest in a major IOCG project near Cloncurry in northwest Queensland.