AN exploration company’s management has told stock exchange traders traces of gold and copper found at an old mine near Wellington may indicate a gold and copper ore body of a similar size to Cadia’s Ridgeway mine.
Impact Minerals managing director Dr Mike Jones has confirmed small indications of gold and copper have been found at the old Commonwealth Mine near Wellington, leading to belief they could be part of a larger deposit under the ground.
Dr Jones said Impact Minerals staff would be arriving in Wellington in the next week to drill in the area, stressing there was potential for large finds at the old mine.
“Where’s the smoke it may just fan a large fire, as the saying goes, but once again I emphasise there is a very good potential there. The drilling will assist in our investigations,’’ he said.
Dr Jones will visit Wellington in the next fortnight to see the area for himself.
Impact Minerals management has released a statement and geological maps and data to the Australian Stock Exchange.
“New exploration results from Impact Minerals Limited 100 per cent owned Commonwealth project near Orange in NSW indicate that the known high-grade gold, silver base metal mineralisation at main shaft, Commonwealth south and Silica Hill, which have been the focus of most of Impact’s work to date, may be part of a much larger and very poorly explored mineralised system,” the statement said.
“This system, which covers at least several square kilometres, may be related to a number of porphyry intrusions buried at varying depths below surface (blind) that are prospective for bulk tonnage gold, copper deposits such as the Cadia-Ridgeway deposits that contain over 25 million ounces of gold and five million tonnes of copper located 100km to the south of Commonwealth in the same mineralised belt.”
Dr Jones believes further investigation of the area may reap results.
“This new interpretation has important implications for further exploration at Commonwealth and in particular the search for the presence of buried porphyry intrusions that may host bulk tonnage copper, gold mineralisation similar to Cadia-Ridgeway.”
“This area has not been previously explored. Further mapping, soil sampling and ground geophysics will be required to identify drill targets within the centre of the doughnut area. However the scale of the soil anomaly is significant and it is a priority area for follow up work.’’