Exploration Licence 7976 lies 90km west of Condobolin in NSW and covers about 300km2 of highly prospective stratigraphy within the Rast Trough region in the Cobar Superbasin. The tenement contains the Mundoe prospect, which shares the “Cobar style” of mineralisation seen at the Mallee Bull deposit about 50km to the north. The prospect is defined by a 2km long multi-element geochemical anomaly, first identified in the 1970s as a “bulls eye” magnetic anomaly. Follow-up exploration in the early 1980s included geological mapping, RAB drilling, IP and gravity geophysical surveys, and diamond drilling; significant results from the program include 3m @ 2.90% Zn, 0.87% Pb, 30 g/t Ag, 0.4 g/t Au from 88m in MUD-1 and 6m @ 1.66% Cu, 103 g/t Au from 111m in MURP-2.
A follow-up drilling program in 2005 failed to return mineralisation. However, a data review by Peel indicated that the sediment-hosted mineralisation is likely to be dipping to the east, presenting a significant possibility that this drilling (drilled from west to east) inadequately tested the previously intersected mineralisation. An RC drilling program was conducted accordingly in December 2012 for a total 1,753m, and results indicated the validity of this theory. Better results from the program include:
- 19m @ 0.3 g/t Au from 88 and 24m @ 15 g/t Ag, 0.29% Cu from 124m in MURC002
- 13m @ 28 g/t Ag, 0.76% Cu from 106m in MURC003
- 19m @ 0.33 g/t Au from 8m, 23m @ 25 g/t Ag and 0.4% Cu from 129m in MURC005
- 23m @ 15 g/t Ag and 0.31% Cu from 153m in MURC007.
Three additional RC holes have been completed since then, testing for northerly and southerly extensions to the existing base and precious metals mineralisation. Significant results include:
- 26m @ 0.33% Cu, 15.2 g/t Ag from 97m (incl. 7m @ 0.42% Cu, 29.6 g/t Ag from 97m) and 1m @ 2.89% Cu, 71 g/t Ag from 165m in MURC011, which was drilled between holes MURC003 and MURC005
- 8m @ 0.15% Cu, 55.3 g/t Ag from 205m (incl. 1m @ 0.45% Cu, 56 g/t Ag from 205m) and 2m @ 0.13% Cu, 138 g/t Ag from 209m in MURC012; these intercepts potentially extend known mineralisation at Mundoe approximately 100m further south.