Potential for a repeat of the Bluebird high-grade copper-gold zone
Australian copper explorer Tennant Minerals Ltd (ASX: TMS; FRA: UH7A) reports further exceptional high-grade copper and gold results from the shallow eastern extension of its Bluebird discovery (see Figures 1 and 2) at the Barkly project in the Northern Territory. Recent results include a 2.6 metre zone of 18.8% copper and 12.3 g/t gold within a wide and high-grade intercept of 14.1 metres at 10.4% CuEq* (7.6% Cu, 2.4 g/t Au, 0.32% Bi) in hole BDD0042 (see Figure 1). The measured results are the highest grade results received to date from the near-surface extension of the Bluebird discovery. The new results are from the current phase of the ongoing drilling programme, which to date comprises 15 holes totalling approximately 3,000m. The discovery of a repeat Bluebird at Bluebird East would offer the potential to double the extent of the copper-gold mineralised zone at Bluebird (see Figure 2).
Figure 1: Bluebird cross-section 448,500mE showing a new high-grade copper and gold intercept in BBDD0042
Figure 2: Longitudinal projection of Bluebird showing the main copper-gold intercepts and new high-grade copper and gold intercepts discovered in the planned drilling of the Bluebird East target.
Four assay results are pending from the ongoing programme that has tested targets across the entire 1.5km target corridor at Bluebird. All four holes in three key target areas are strongly mineralised: BBRC0026 (see Figure 1) includes a 58.5m zone of hematite and 22.5m of visible copper mineralisation at less than 40m depth at the eastern extension of Bluebird, indicating the potential for initial open pit mining at Bluebird BBDD0043 shows a 24m zone of chlorite-silica-hematite alteration, including 8m of copper mineralisation1 (chalcocite, malachite) at the Bluebird East target zone. Further drilling is underway at this potentially important discovery.
Both drill holes BBDD0045 and BBDD0046 show strong to intensely mineralised intercepts in the high-grade Bluebird West gold-copper zone (Figure 2). Drill core is currently being collected for composite metallurgical sampling and assaying.
Tennant Minerals Chairman, Neville Bassett, commented: “This latest intercept (BDD0042) has again demonstrated the widespread and exceptional copper and gold grades along the entire identified strike length of the Bluebird discovery. Mineralisation was intersected at a depth of 40m below surface, suggesting that there is potential to develop the upper part of the deposit via an open pit before continuing as a long life underground mine. We are continuing to drill the Bluebird East discovery, which has the potential to be a repeat of the Bluebird high-grade copper-gold zone.”
Conclusion: The discoveries made by Tennant Minerals could finally awaken the eponymous Tennant Creek mineral field (see Figure 3) in the Northern Territory from its slumber. The mineralisation intersected at Bluebird is typical of the high-grade copper-gold orebodies in the area, which produced more than 5.5 million ounces of gold and over 700 kt of copper from 1934 to 2005. Drilling to date at Bluebird has identified copper-gold mineralisation over a strike length of 500m and at a depth of over 250m. Most encouragingly, recent drilling indicates the possibility of commencing open pit production at a later stage. Once all results from the current drilling programme have been evaluated, Tennant Minerals will present an initial modelling of the mineral resources. At Bluebird, Tennant Minerals is proving that modern exploration methods can be used to discover blind deposits in the area. The company plans to test other key targets in the Bluebird-Perseverance corridor using gravity, magnetic and IP resistivity modelling. Tennant Minerals will seek co-funding to test the deeper targets and other regional targets such as Perseverance North and Babbler (see Figure 3 ) from the Northern Territory Government. So far, the Australian market has barely reacted to Tennant's drilling success. The share price rose by around 5 per cent. We believe that the Company will achieve a re rating and an increase in share price once it becomes clear to the market that Tennant has a mineable gold/copper orebody.
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