Projects

The Perrinvale Project, Western Australia

Cobre Limited is the 80% owner of Toucan Gold Pty Ltd (Toucan), which holds a group of tenements collectively referred to as the Perrinvale Project, covering 381km2 of the Panhandle and Illaara Greenstone Belts, in central Western Australia. The Perrinvale Project was previously owned by Fortescue Metals Group Limited (FMG) and hosts four confirmed VMS base metal prospects called Schwabe, Zinc Lago and Ponchiera and Monti.

 

The Perrinvale Project area is located around Lake Barlee, which is NW of Menzies and Kalgoorlie, and directly adjacent to the Goldfields Highway. The exploration was initially focused on known gold mineralisation in the area. However, a detailed review of historical work and ground reconnaissance suggested that part of the Perrinvale Project area was highly prospective for base metals as well.

 

After completing preliminary ground geophysics and a drilling program in June 2019, the Company intersected very high-grade grade volcanic massive sulphide (“VMS“) style copper, zinc and gold mineralisation at shallow depth, the best of which was an assayed intercept (at 50m depth) of: 5m @ 9.8% Cu, 3.2g/t Au, 34g/t Ag, 3.1% Zn. This intercept included: 3m @ 12.6% Cu, 4.7g/t Au, 43.7g/t Ag, 3.6% Zn.

“I am pleased to announce that Cobre has discovered a high-grade VMS system enriched in copper, gold, silver and zinc within its Perrinvale Project area. High-Grade VMS systems are very rare globally, with the last significant deposit in Australia discovered more than a decade ago by Sandfire Resources (SFR.AX).” Martin Holland, Executive Chairman & Managing Director of Cobre

Ground EM survey

During March 2019, Cobre and Toucan undertook a preliminary ground electromagnetic (EM) survey of the tenements which identified eight widely spaced geological conductors up to 3km long associated with VMS mineralisation.

Preliminary RC Drilling

This maiden drilling program intersected very high-grade volcanogenic massive sulphide (VMS) base metal & gold mineralisation at an assayed intercept (at 50m depth) of: 5m @ 9.8% Cu, 3.2g/t Au, 34g/t Ag, 3.1% Zn.

Next Steps

Drill site preparations complete for diamond drilling at the Schwabe, Zinco Lago and Monti Prospects within Cobre’s Perrinvale Project in Western Australia.

qode-eliptic-slider
Project Highlights

Perrinvale Project

The ex-Fortescue Metals Group (FMG.AX) Perrinvale Project includes four confirmed VMS base metal prospects called Schwabe, Zinc Lago and Ponchiera and Monti. The project area is located around Lake Barlee, which is NW of Menzies and Kalgoorlie, and directly adjacent to the Goldfields Highway. The exploration was initially focused on known gold mineralisation in the area. However, a detailed review of historic work and ground reconnaissance suggested that part of the project area was highly prospective for base metals as well.

qode-eliptic-slider
Project Highlights

Ground EM survey

Base metal potential in the Lake Barlee area was first recognised in the early 1970s, but appears to have been overlooked by subsequent explorers. At that time, ground magnetics and early IP technology were the geophysical tools applied. Today, EM survey technology is considered the primary geophysical tool used for VMS exploration. In conjunction with our consultant Newexco, a first pass ground EM survey was completed in March 2019 over parts of the project area thought to be favourable for VMS. This analysis identified 8 widely-spaced conductors up to 3km long which could be associated with VMS mineralisation.

qode-eliptic-slider
Project Highlights

Preliminary RC Drilling

During March 2019, Cobre undertook a preliminary ground electromagnetic (EM) survey of the tenements. This was followed by a maiden 1,000m RC drilling program in June 2019.

 

The maiden drilling program intersected very high-grade volcanogenic massive sulphide (VMS) base metal and gold mineralisation at shallow depth.

 

Best assayed intersect (at 50m depth): 5m @ 9.8% Cu, 3.2g/t Au, 34g/t Ag, 3.1% Zn. This intercept included: 3m @ 12.6% Cu, 4.7g/t Au, 43.7g/t Ag, 3.6% Zn.

Regional HeliEm survey complete

Cobre Limited has completed a regional HeliEm survey using geophysics contractor New Resolution Geophysics (NRG). The data collected from the survey, including any identified conductors, are being modelled by the company’s consulting geophysicist to establish targets for further drilling.