Cobre is currently pursuing two base metal exploration projects, Perrinvale and Sandiman, which both represent under-explored areas within the low-risk mining jurisdiction of Western Australia.
With early confirmation of Volcanic-Hosted Massive Sulphide (VHMS) mineralisation at the Perrinvale Project. Cobre has now moved to 100% ownership of this asset.
Recent drilling at the Schwabe Prospect at Perrinvale has identified massive sulphide mineralisation at shallow depth, including 6m grading 8.93% copper, 3.1 g/t gold, 3.52% zinc, 30 g/t silver and 0.14% cobalt. Cobre is now focussed on follow-up exploration at Perrinvale to unlock the VHMS potential of the area.
The ex-Fortescue Metals Group (FMG.AX) Perrinvale Project includes four confirmed VHMS 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.
Prospectivity of Sandiman is based on the cluster of barite veins in sedimentary basin rocks in a craton-margin geological setting. Barite has known association with Mississippi and VHMS base-metal deposits, along with mention of locally observed galena and sphalerite in historic exploration reports, gives the project area exciting exploration potential.
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 (VHMS) 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.
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 VHMS 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 VHMS. This analysis identified 8 widely-spaced conductors up to 3km long which could be associated with VHMS mineralisation.