More news from the Prominent Hill region of South Australia is likely to impact on the share prices today of companies in the Mount Woods regional exploration joint venture: Minotaur Resources Ltd (earning 19%), as operator; BHP Billiton (earning 51%) and Normandy Exploration Pty Ltd (diluting to 23.94%), Sons of Gwalia Ltd (diluting to 3.78%), and Sabatica Pty Ltd (diluting to 2.28%).
Minotaur says that regional drilling at Mt Woods intersected a new massive haematite body at the Proteus prospect, 6km southeast of Prominent Hill, and encountered a further haematite alteration system at the Triton prospect, another 1.5km to the south.
Following detailed infill gravity and other geophysical surveys around Neptune, which showed anomalous copper and gold when drilled in November 2001, at least three targets were identified within a one-kilometre radius.
Drilling to date has confirmed the presence of haematite-dominated alteration systems at the Proteus prospect (one hole completed) and the Triton prospect (two holes completed).
At Proteus, vertical drillhole DPP001 tested a gravity anomaly approximately 1km north of Neptune. From the top of basement at 74m, the drillhole intersected a dense, massive haematite rock (average 38% iron) with quartz-carbonate veining that continued to 130m depth, followed by haematite- chlorite- and magnetite-altered sediments and breccia to 188m.
The entire zone to 188m is anomalous in copper (best intercept 10m at 0.6% copper from 178m), gold (best intercept 2m at 0.5 g/t from 184m) and barium (best intercept 14m at 0.4% from 130m).
A fault zone separates the overlying sequence of interest from underlying strata that, from 209m to end of hole at 323m, largely comprise sericite-chlorite schist.
The company says that the results are indicative of the possible proximity of a Prominent Hill-style mineralisation system. Future drilling will target the haematite body and surrounds.
At Triton, vertical drillhole DT001 470m south and 1000m west of Neptune 1, intersected a sequence of pervasively haematised and silicified volcanics with minor intervals of brecciation from basement at 88m to the final depth of 402m.
Analyses returned elevated copper (maximum 1m at 0.24%), gold (maximum 0.4g/t), uranium (maximum 57ppm), cerium (maximum 1450ppm), lanthanum (maximum 1450ppm), iron (maximum 38.3%), barium (maximum 2.7%) and silver (maximum 5ppm), confirming anomalism in the indicative minerals associated with the target system.
DT002 was sited 200m north of DT001 and drilled vertically to test an area between the main Neptune magnetic anomaly and the Triton gravity anomaly. Basement was reached at 84m depth.
The hole intersected haematite-altered volcanics with elevated barium to 0.24%. No anomalous copper or gold was recorded and the hole was terminated at 237m depth.
Further drilling at the Triton anomaly will target the gravity feature extending south of DT001.
Minotaur says that the three holes confirm the prospectivity of the Mount Woods area for hosting a number of mineralised systems similar to that at Prominent Hill.