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Lithium Plus Minerals (ASX:LPM) has highlighted the potential for large scale gold mineralisation at its Wingate project in the Northern Territory, based on a detailed study of the Fletcher’s Gully goldfields.
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The study concentrated on both an extensive gold-in-soil anomaly – measuring more than 40 parts per billion and extending over 1,500 metres of strike and 450 metres wide – plus a series of historical drill intersections which revealed gold grading above 10 grams per tonne in some assays.
These historical drill intersections included 14 metres at 0.94 g/t of gold from 24 metres, 10 metres at 2.28 g/t Au from 46m, three metres at 10.1 g/t Au from 62m, and three metres at 10.1 g/t Au from 62 metres.
Based on these results – whose mineralisation was found underneath old workings – LPM has ascertained that Fletcher’s Gully is a significantly underexplored historical goldfield, with potential for both gold and copper discoveries.
The latter is based on the fact that the gold mineralisation was found to be associated with copper, recording grades of more than 0.52% over two metres.
LPM is planning a program of on-ground exploration to begin soon, with drilling being guided by a detailed structural review which showed numerous new targets along strike from previous intersections, in addition to other prospective sites across the project.
Executive chairman Dr Bin Guo said Fletcher’s Gully represented a ready source of exploration, and a valuable “brownfields” target for the company.
“The Wingate Project, located within the highly prospective Central Domain of the Pine Creek Orogen, has demonstrated strong potential for the delineation of gold across multiple structural targets, including, but not limited to the Fletchers Gully goldfield,” Mr Bin Guo said.
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“The historic drilling results at Fletchers Gully are highly encouraging and provide a strong indication of a larger, more pervasive gold system.
“We believe the area has all the geological characteristics of similar-style gold deposits found within the Burrell Creek Formation throughout the Central Domain.”
LPM has been trading at 6.1 cents.
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