WCP drills large-scale IOCG target

  WCP Resources has commenced drilling a 2,000m diamond drilling program at its Lilleyvale project, located 200km south of Cloncurry in western Queensland.WCP recently re-modelled existing aeromagnetic data using 3D inversion software that has identified a large and complex magnetic body, measuring 4km by 3.4km and located under nearly 600m of cover. According to the company, the magnetic anomaly has the appearance of a large synformal feature, cross-cut by an interpreted major north-northwest to northwest trending fault, and shares many similarities with the Cannington BHT Ag-Pb-Zn deposit. Previous drilling at Lilleyvale tested the smaller of two peak intensity magnetic anomalies at the extreme northern end of the large magnetic body. This drilling intersected basement at 572m where it entered a 200m interval of a large altered ironstone system containing magnetite-pyrite mineralisation in a banded and brecciated quartz-feldspar-magnetite rock. WCP said that between 673m and 730m, there is a wide interval of low-grade copper-gold mineralisation, grading 46m @ 0.2% Cu, 0.112g/t Au, including 11.1m @ 0.49% Cu, 0.318g/t Au, and 1.2m @ 1.46% Cu and 1.07g/t Au. The company said up to three intervals of intense garnet-quartz alteration were intersected within the basement that is considered analogous to the BHT ‘lode horizon’ at Cannington, further supporting its prospectivity. Based on 3D modelling, WCP said it is clear that the most intense part of the magnetic anomaly, which is coincident with the peak gravity response, has not yet been tested. This peak response is large in itself, measuring up to 1,000m by 600m. This new deep drilling campaign will test two targets: the coincident peak magnetic and gravity response, and the interpreted northwest trending fault zone. WCP said it plans to utilise downhole electro-magnetic (EM) surveying to maximise the value of these two drill holes, exploring for any large conductors proximal to the drill holes. Large conductors in these geological environments are likely related to massive sulphide bodies that are either directly related to mineralisation (chalcopyrite, galena) or associated gangue (pyrrhotite). WCP said that at these depths, EM will help assess whether large high-grade pods of sulphide mineralisation may be present within the vicinity of the new drill holes.WCP can earn up to an 80 percent interest in Lilleyvale from its joint venture partner, PlatSearch NL.