Emerging tungsten producer Carbine Tungsten Limited (CNQ) has acquired two gold prospects from Frontiers Capital Group, both located in NSW.
Image credit: Carbine Tungsten ASX release
The first gold prospect is the Crow Mt Exploration Licence 6648, which lies approximately 20km south east of Barraba in northern NSW. Within EL6648, over an area of approximately 9 km2, there are numerous shallow old workings dating from 1868 with historical records indicating that high to bonanza grade gold occurred in quartz veins up to 38cm wide and 12 cm long.
Carbine said the licence, which was previously held by its precursor company, Icon Resources, has also been partly investigated by 3D-IP survey, drilling and surface sampling.
“The licence was a key component of a proposed listing of Icon’s prior gold prospects that it reluctantly sold in 2011. Carbine is very pleased to have been able to re-acquire the tenement as it still strongly believes it holds significant exploration potential,” Carbine told the ASX.
The second exploration licence, the Panama Hat EL 8024, covers 80% of the historical gold workings in the Broken Hill District, about 30km south east of Broken Hill.
“The workings mostly date from 1931-1935, and occur along an accurate line of quartz veining with associated iron oxides. Sericitic alteration of the host metamorphic rocks accompanies the quartz veining. The iron oxides are interpreted to result from weathering of sulphide mineralisation at depth,” reads the company’s statement.
“Hand-picked iron oxide-bearing quartz samples were recorded as assaying up to 34g/t, and this has been confirmed by recent sampling as part of a due diligence study of the licence by CNQ. Previous exploration in modern times includes an MMR/EIP geophysical study and several percussion drill holes, but CNQ’s opinion is that the licence area is underexplored.”
CNQ said that its exploration objective was to determine the extent of oxide gold mineralisation, with the intent of establishing an open pit mineable resource in the weathered zone, in the first instance, and secondly to determine gold mineralisation and grade in the primary zone below the historical workings.
