EV Resources Limited: Spectacular Copper and Gold Results from New Standard Copper Project
Highlights:
- EV Resources has received spectacular copper and gold results from the New Standard Copper Project in Arizona, USA.
- Copper values to 16.8% and gold values to 16.95g/t from surface samples, with 26 of 60 samples returning copper values > 1.0% Cu.
- Geological Consultant’s report indicates New Standard may be part of a far larger system based on geological reconnaissance and sample results.
- EVR has pegged additional Lode Claims covering 1,254 hectares around the 50 hectare New Standard claims.
EV Resources Limited (“EVR” or the “Company”) is pleased to announce that results have been received for samples collected from the New Standard Project (“the Project”). Numerous elevated copper and gold values were returned from outcrop samples, with some high-grade results from samples outside the New Standard claims. Indications are that copper-gold mineralisation associated with the New Standard mine may be only a portion of a larger system, hence the Company has pegged additional leases around the New Standard claims. EVR recently announced the Company has exercised its option to acquire the New Standard Copper Project [i].
EVR engaged highly respected geological consultants SRK Consulting (“SRK”), Reno Nevada office, to undertake site evaluation. SRK undertook geological reconnaissance and collected 60 surface samples from within the New Standard Claims and in un-tenured surrounding areas where historic workings and surface copper mineralisation was noted. Of the 60 samples, 26 returned copper values greater than 1% to a maximum of 16.8% and 16 gold results greater than 0.1g/t gold to a maximum of 16.95g/t (refer Table 1).
EV Resources’ Executive Director, Adrian Paul, commented:
“I am extremely pleased that EVR has once again been able to acquire a high-quality project, at a relatively low earn in, that fits our portfolio of technology metals assets.
The initial high-grade results provide the Company impetus to immediately undertake further exploration work to determine the extent of mineralisation and to then define drill targets.
“This is a province that hosts several world-class porphyry copper deposits including, Rosemont, Bagdad, Resolution and one of the largest copper mines in the world, Morenci. The fact that we have pegged additional claims in order to secure a larger area of mineralisation than initially recognised vindicates the Company’s interest in the Project.”
Figure 1. New Standard claim area and copper results (blue) now included within NS Claims pegged (refer Figure 2).
During initial reconnaissance, SRK observed historical workings and visible mineralisation and/or alteration outside the New Standard claim area. Hence a broader area was eventually inspected and sampled than was initially anticipated.
EVR has pegged an additional 1,254 hectare area surrounding the New Standard tenure (“NS Claims” - refer Figure 2). This decision is supported by the sample results showing the numerous high-grade copper and gold values to the west and north of the New Standard claims.
Figure 2. Location of New Standard and newly applied tenure
To the west of New Standard, a linear trend of small workings, prospecting pits and visible surface copper oxide returned values up to 6.6% Cu over 800m strike. This trend included gold values to 16.95g/t, however, in general, gold values were less elevated than copper. To the north of New Standard, a sample from a prospecting pit returned 16.8% Cu and 8.48g/t Au.
SRK noted areas to the east of New Standard that have similar alteration and mineralogy to that observed at the historical New Standard site. These areas were not sampled by SRK during this campaign. The dispersion of mineralisation suggests the presence of a larger system either below or laterally from the exposed concentrations of copper and iron associated with historic mining.
SRK concluded that, based on geological observations, the New Standard Project appears to be part of an Iron Oxide Copper Gold (“IOCG”) system associated with a copper porphyry. Other workers have suggested IOCG systems in this area of Arizona may be associated with detachment structures of a possible amagmatic origin. The area is complicated by significant structural disruption, which may have offset mineralisation from the metal’s source. Further mapping and mineralisation studies are required to determine the exact nature of the mineralisation.
Figure 3. Sample NSM-21-032:
16.8% Cu and 8.48g/t Au
(772413E, 3781087N)
Historical mine workings located at the Project include two inclined shafts that extend to depth of at least 40m, prospect pits, trenches, an 8m long adit and an 11m shaft above the area of principal workings.
The “West” New Standard Mine is a shaft of at least 10m in depth. Mines and prospects west of the New Standard claim area include the 27m long Little Golden Adit (on the north end of a line of shallow prospecting pits) and a 10m long unnamed adit located near the south end of the western line of mines.
Geology of the area is composed of faulted and variously altered and unaltered Miocene to Paleoproterozoic gneiss (with local areas of light brown marble). The metamorphic rocks in the Project area are generally covered by colluvium up to 3m thick. The area is generally hydrothermally altered, with oxidised quartz-sericite-pyrite alteration dominating the banded gneiss host rocks. Subsidiary argillic and propylitic alteration were noted, the former associated with structural zones, the latter distal to most mineralisation.
Figure 4. New Standard mine area adits and inset, sample from adit entrance returning 4.62% Cu (773170E, 3780669N).
Mineralisation, as described by SRK, is characteristic of Iron Oxide Copper Gold (IOCG) systems consisting of specularite with subsidiary copper oxides, commonly chrysocolla with minor malachite and tenorite, typically as veins and less commonly as stockwork veining found in both the footwall and hangingwall of the more prominent veins. Magnetite is only locally extant and usually absent from the iron oxide (± copper oxide) veins.
Iron and copper oxide mineralisation is generally hosted along fault planes, most commonly in the hangingwall, and frequently as matrix for brecciated host rock. Brecciation within the iron-copper oxide mineralisation is seldom encountered, an indication it formed along structural zones that acted as conduits for the hydrothermal fluids and there has been minimal structural movement post-emplacement of mineralisation.
At the time of SRK’s site visit, permitting had not been obtained for underground access. Suitably qualified personnel have now been sourced and underground sampling is currently being conducted to provide examples of mineralisation historically mined at New Standard.
EVR will undertake further reconnaissance mapping, systematic sampling and geophysical surveys within the expanded tenement area to determine the extent of alteration and mineralisation and to aid in defining targets for drilling.
ENDS
For further information, please contact:
Luke Martino
Non-Executive Chairman
Tel: +61 8 6489 0600
Adrian Paul
Executive Director
Tel: +61 8 6489 0600
This ASX announcement was authorised for release by the Board of EV Resources Limited.
Competent Person’s Statement
The information in this announcement that relates to the New Standard Copper Project, is based on information compiled by Mr Erik Norum who is a Member of the Australian Institute of Geoscientists. Mr Norum is contracted to EV Resources. Mr Norum has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Norum consents to the inclusion in this announcement of the matters based on information in the form and context in which it appears.
Forward Looking Statement
Forward Looking Statements regarding EVR´s plans with respect to its mineral properties and programs are forward-looking statements. There can be nо assurance that EVR’s plans for development of its mineral properties will proceed as currently expected. There can also be no assurance that EVR will be able to confirm the presence of additional mineral resources, that any mineralisation will prove to be economic or that a mine will successfully be developed on any of EVR’s mineral properties. The performance of EVR may be influenced by a number of factors which are outside the control of the Company and its Directors, staff, and contractors. These statements include, but are not limited to statements regarding future production, resources or reserves and exploration results. All of such statements are subject to certain risks and uncertainties, many of which are difficult to predict and generally beyond the control of the company, that could cause actual results to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. These risks and uncertainties include, but are not limited to: (i) those relating to the interpretation of drill results, the geology, grade and continuity of mineral deposits and conclusions of economic evaluations, (ii) risks relating to possible variations in reserves, grade, planned mining dilution and ore loss, or recovery rates and changes in project parameters as plans continue to be refined, (iii) the potential for delays in exploration or development activities or the completion of feasibility studies, (iv) risks related to commodity price and foreign exchange rate fluctuations, (v) risks related to failure to obtain adequate financing on a timely basis and on acceptable terms or delays in obtaining governmental approvals or in the completion of development or construction activities, and (vi) other risks and uncertainties related to the company’s prospects, properties and business strategy. Our audience is cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof, and we do not undertake any obligation to revise and disseminate forward-looking statements to reflect events or circumstances after the date hereof, or to reflect the occurrence of or non-occurrence of any events.
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[i] Refer ASX Announcement dated 8th February 2022