EXPLORATION UPDATE – MT TURNER PROJECT
VANCOUVER, BC, June 21, 2022 /CNW/ – Essex Minerals Inc. (the “Company”) (TSX-V: ESX) (OTCQB: ESXFM) (FRA: EWX1) is pleased to announce that the first phase of exploration for the Mt Turner Cu-Mo-Au project in the north queensland identified a number of previously unknown near-surface drill targets as well as deeper sub-vertical targets possibly associated with targets of porphyry mineralization.
The Mt Turner property is optioned by Meryllion Resources Corporation (CSE: MYR) (“Meryllion”) which is funding a geophysical and induced polarization (IP) mapping program to identify drill targets associated with an underexplored porphyry intrusive complex .
- A total of 31 line kilometers of IP for Phase 1 has been completed on the Mount Turner Porphyry Complex. The lines were spaced 400 meters with readings at 100 meters along the lines (See Figure 1).
- The IP program successfully identified a number of significant high-intensity chargeability anomalies indicative of sulphide mineralization within a large center of porphyry-style felsic mineralization (see Figure 2) with strike lengths up to 1.6 km and widths up to 1.2 km. The larger anomaly remains open to the north.
- Coinciding with and spatially related to the chargeability anomalies, detailed mapping has uncovered a number of altered sub-volcanic and high-level volcanic intrusions, as well as an elongated and highly altered volcanic center.
- Ongoing strike chargeability anomalies have been identified in four main geological settings (see Figure 3):
- An area of flat high chargeability at a depth between 100 – 150 meters on the eastern flank of the altered volcanic center.
- Deep sub-horizontal and vertical anomalies associated with Mt Turner-type volcanic intrusions.
- Additional vertical anomalies associated with a NE trending west structural corridor.
- Anomalies associated with vertical altered subvolcanic intrusives.
- The eastern flat area is characterized by a +40 millivolt/volt anomaly currently plotted for a strike of 1.6 km (open to the north) with a width of up to 1.2 km. Initial interpretation suggests that this anomaly may represent secondary sulphide cover or mineralization associated with overlying impermeable flat volcanic units and underlying coarser units and flat granite fractures above rock structures. feeder – a classic trap site for hydrothermal fluids. The anomaly represents an important previously unknown near-surface drill target.
- The associated sub-horizontal and vertical anomalies are associated with the Mount Turner and Mount Turner East annular intrusive centers and provide important new data to define important porphyry drill targets at Mount Turner. Detailed field mapping has confirmed that the intrusive and granitic host contact is often occupied by hydrothermal and collapsed annular breccias intruded by late-stage pebble dykes. The clasts are rounded indicating transport and cemented in places by drusy quartz and gossan and display an open space texture. Additionally, mineralized quartz-veined clasts within the breccia indicate that hydrothermal fluids brought deeper mineralization to the surface (see Figure 4). These hydrothermal breccias may have transported deeper porphyry-style molybdenite mineralization to the surface that has been identified in previously reported ground anomalies. Decompression breccias indicative of a porphyritic environment were also observed.
- The Northeast West orientation area ranges from 100 to 200 meters wide and is currently 1.2 km on strike. Several quartz-veined gossanous breccia zones associated with schist and weathered granite fault slices intruded by rhyolite dykes are evident at surface. A large vertical chargeability anomaly (+40 millivolts/volts) coincides with a gold-in-ground anomaly on IP lines 3 and 5. Supergene copper mineralization has been located at lower elevations associated with quartz veining . Several rock chips of surface mineralization were submitted for analysis.
President and CEO of Essex Minerals Paul Loudon: said, “We are pleased with the results of the Phase 1 IP program, which identified significant near-surface and deeper porphyry drill targets coinciding with previously identified gold, copper and molybdenum surface anomalies. These new sulphide targets are also associated with regionally peripheral associated gold mineralization targets Drummer Fault and breccia complexes further north, making the Mt Turner property an exciting new center for exploration.”
Meryllion Option and Joint Venture
Essex granted Meryllion a 90-day option to fund a minimum $250,000 on exploration at Mt Turner, including a detailed IP survey to define drill targets in the porphyry system. Meryllion will then have the right to acquire up to a 70% interest in the project by financing up to $3,800,000 in exploration in three stages. (see the company’s press release) April 26, 2022)
Summary of Mt Turner Project Geology and Mineralization
The Mount Turner property is in the western part of the Georgetown Inlier which constitutes the bulk of the proclaimed property Etheridge Gold Field. It consists of variably metamorphosed and deformed sedimentary and volcanic rocks of Paleo- to Mesoproterozoic age, cut by Mesoproterozoic granites.
The Proterozoic rocks were intruded by granitic rocks of Siluro-Devonian age during a period of subduction and underplating thought to have taken place during the Tabberabberan cycle of the Tasman Orogen (ca. 430-380 Ma).
The Georgetown Inlier then experienced a period of felsic intrusion and accompanied subaerial volcanism during the Carboniferous to Permian period (ca. 350-230 Ma) associated with extension and rifting that developed during the Hunter-Bowen cycle of the Tasman orogeny. This magmatism is referred to as the Kennedy Igneous Association, which consists of extensive and bulky extrusive and felsic intrusive igneous rocks, producing a number of large volcanic subsidence structures. This magmatic event was responsible for the 5 million ounce Kidston gold deposit located approximately 70 km SE of Mt Turner and several other precious metal deposits in queensland.
The Permo-Carboniferous Mount Turner Intrusive Complex, which is centered on the property, consists of several phases of micro-granodiorite rhyolite dykes, stockpiles and associated breccias, hosted by the Meso-Proterozoic Mount Turner Granite and the metasediments of the Paleo-Proterozoic way. Formation of the creek.
The property was first examined as part of a special departmental reserve during the 1975-78 field seasons by geologists from the Australian Government’s Bureau of Mineral Resources (now Geoscience Australia) and the Geological Survey of queensland after the discovery of significant hydrothermal alteration around Mount Turner.
The later report (Baker & Horton, 1982) describes the intrusive complex as a copper-molybdenum porphyry system with zoned polymetallic mineralization. The report was based on 11 extensive and shallow vertical drill holes less than 100 meters deep and four diamond holes, only one of which was located near the intrusive center. None of the drill holes have been analyzed in their entirety.
Part of Mt Turner was owned by Kidston Gold Mines (“KGM”) in 1994-1998 and graded for gold only. Mega Uranium conducted detailed regional aeromagnetic flights in 2006-2007 as part of a regional uranium assessment. No follow-up exploration was undertaken on the copper-molybdenum porphyry potential identified in the 1970s until the land was staked in 2019 by KNX Resources Limited, an Australian exploration company now wholly owned by Essex.
Essex currently owns 100% of the Mt Turner property.
Adoption of Notice Provisions
As disclosed in the Company’s management information circular dated April 13, 2022, the Company has adopted a new form of Articles, which includes, among other things, the adoption of notice provisions (the “Notice Provisions”) in respect of the appointment of directors for election at general meetings Company annuals. The Company received shareholder approval for the new articles of association at its annual and extraordinary general meeting held on May 16, 2022.
The purpose of the notice provisions is (i) to provide the shareholders, directors and management of the Company with guidelines on the procedure for the appointment of directors by the shareholders; (ii) establish a framework under which the Company sets a deadline by which registered holders of Common Shares must submit director nominations to the Company prior to any annual or special meeting of shareholders; and (iii) state the information that a shareholder must include in the notice to the Company in order for the notice of appointment to be drawn up in due form.
A copy of the new Articles of Association of the Company will be available on the profile of the Company on www.SEDAR.com.
Essex Minerals is an exploration and development company focused on mineral exploration, mine development and financing opportunities where it can adopt an option to buy and joint venture model. The Company identifies geological teams that have already spent time and capital to assemble superior advanced projects, with a particular focus on gold projects in Tier 1 jurisdictions, where the Company can earn interest by financing the exploration. Management time is split between several different projects, as the geological teams already in place at the project level manage the approved exploration and development programs. This strategy has the potential to accelerate shareholder value growth for Essex by gaining interest in a range of merit projects in a much shorter period of time than would otherwise be possible.
All scientific and technical information contained in this press release has been reviewed and/or prepared by Mr. Lee K. Spencer, BSc (Hons), MSc, MAusIMM, a “qualified person” within the meaning of National Instrument 43-101 – Disclosure Standards for Mining Projects.
ISSUED IN THE NAME OF ESSEX MINERALS INC.
President and CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.