Under the terms of the Thackaringa Joint Venture (TJV), BPL retains the rights to base and precious metals on the Thackaringa tenements, where it is actively exploring for Broken Hill (Pb-Zn-Ag) style mineralisation.
The Broken Hill Group, which hosts the world class Broken Hill Pb-Zn-Ag (300Mt of ore containing 30Mt Pb, 24Mt Zn, 1B oz Ag and 1M oz Au), is widely distributed across the Thackaringa Project with multiple prospects prioritised for further exploration (Figures 1 & 2).
Recent geological mapping and sampling combined with newly acquired high resolution geophysics has greatly enhanced exploration targeting. Newly discovered prospects characterised by outcropping quartz gahnite rocks — a key vector for Broken Hill Pb-Zn-Ag style deposits — and rock chip sampling has defined extensive Cu-Pb-Zn-Au-Ag mineralisation. Numerous geochemical and geophysical targets will be tested during sterilisation drilling at the Thackaringa Cobalt Project in parallel with ongoing advanced feasibility studies.
In addition, BPL recently lodged three exploration licence applications in the Broken Hill Region, significantly increasing its overall exposure to this world class mineral province and securing a number of under-explored base, precious and industrial mineral prospects. The applications are expected to be granted during the second calendar quarter of 2018.
Apart from the clear potential for base and precious metals in this expanded tenement package, the BPL Board believes that the industrial mineral potential of the Broken Hill Region has been systematically ignored over recent years. Several large, advanced, mining and infrastructure projects in the area will potentially bring additional and improved services and/or generate their own industrial mineral demands, delivering a change to the economic case.
Broken Hill Group Prospects
BPL’s Broken Hill type prospects include Pyramid Hill and Himalaya North:
· Occurs in the lower Broken Hill Group
· Outcropping ‘lode rocks’ persistent over 500m of strike
· Rock chip assays up to 7.5% Cu, 40g/t Ag, 1g/t Au, 0.1% Ni, 0.2% Pb & 0.4% W
· Only 150m of the mapped extent has been tested by shallow drilling
· Historical drill intersections include 5m at 0.23% Cu, 1g/t Ag, 0.66g/t Au, 0.04% Zn, 103ppm Co & 569ppm Ni from 64m (11RCPM01)
· Hosted by the lower Broken Hill Group
· A stacked sequence of ‘lode rocks’ mapped over 1,500m strike
· Rock chip assays up to 2.6% Cu, 5.9% Pb, 62g/t Ag & 0.8% Zn
· An area of multiple quartz gahnite occurrences
· Shallow reconnaissance drilling tested 200m of the mapped extent with intersections including 2m at 0.17% Cu, 0.17% Zn, 0.04% Pb & 7g/t Ag from 41m (11RCHN3)
Thackaringa Group Prospects
The Thackaringa Cobalt–Pyrite deposits occur in the Himalaya Formation of the Thackaringa Group. BPL has identified numerous copper-rich Broken Hill type targets within the underlying Cues Formation (Figures 1 & 2) including Old Coolgardie West and Ram Paddock:
Old Coolgardie West
· Anomalous rock chip samples over 800m of strike
· Assays up to 5.2% Cu, 140g/t Ag, 0.2g/t Au, 0.2% Ni & 0.1% Pb
· The zone contains extensive garnet amphibolite and laminated calc-silicate with a strong magnetic response.
· Iron oxide Cu–Co±Ni±Au target
· Rock chip assays up to 1050ppm Co, 850ppm Cu, 420 ppm Ni, and 500ppm Zn