Mt Turner Porphyry Copper-Molybdenum-Gold-Silver-Uranium Project
(Meryllion earning up to 70%)
The Mt Turner Project located in the Georgetown region of northern Queensland, Australia. Meryllion is earning up to a 70% interest in the project through a Farm-in and joint venture agreement with Essex Minerals Inc.
The principal deposit types in the Mt Turner Project are intrusion related porphyry copper – molybdenum and epithermal gold and silver mineralization which has been identified in five prospects:
- Mt Turner – Mt Turner Fault porphyry copper – molybdenum mineralization
- Drummer Fault – Epithermal gold-silver mineralization
- Western Zone – Porphyry copper mineralization
- Red Hill, Balaclava Hill – Epithermal gold-silver mineralization
- Dingo Hill – Epithermal gold-silver mineralization porphyry at depth.
Mt Turner also contains significant known uranium deposits.
Previous exploration identified a coherent copper in soil anomaly (>100ppm) flanking a molybdenum in soil anomaly (>10ppm) over a 4km x 4km area at Mt Turner. The soil anomalies are coincident with circular aeromagnetic and geological features which display classic signatures of a large copper-molybdenum porphyry system.
Mt Turner also has the potential to identify an economic gold resource along the Drummer Fault structure, which has demonstrated gold mineralization beneath six small oxide open pits, previous drilling, and rock chip samples along 14 km of the identified strike length within the project area.
The Drummer Fault hosts a number of known uranium deposits previously discovered by Esso Exploration Australia including a geological resource for the Central 50 Zone described as a plunging shoot, 200m long with a vertical depth of 280m for 347,500t @ 1.55% U3O8. (non-JORC Compliant)
Meryllion announced on April 26, 2022, that it had entered into a 90-day option agreement with Essex Minerals Inc (TSX-V: ESX) (OTCQB: ESXFM) (“Essex’) to fund a minimum $250,000 on exploration at Mt Turner.
On June 21, 2002, Meryllion announced the results form its recently completed IP Survey and soil sampling program:
- A Phase 1 total of 31-line km of IP was completed over the Mt Turner porphyry complex. The lines were spaced at 400m with readings at 100m along the lines (See Figure 1).
- The IP program has successfully identified a number of significant high-intensity chargeability anomalies indicative of sulphide mineralization within a large felsic, porphyry style mineralizing center (see Figure 2) with strike lengths of up to 1.6 km and widths of up to 1.2 km. The largest anomaly remains open to the north.
- Coincident with and spatially related to the chargeability anomalies, detailed mapping has discovered a number of altered sub-volcanic and high-level volcanic intrusives, as well as an elongate, extensively altered, volcanic center.
- Strike continuous chargeability anomalies have been identified in four main geological settings (See Figure 3):
- A flat-lying high chargeability zone at a depth of between 100 - 150 m on the eastern flank of the altered volcanic center.
- Sub-horizontal and vertical deeper anomalies associated with the Mt Turner-type volcanic intrusives.
- Additional vertical anomalies associated with a NE trending western structural corridor.
- Anomalies associated with vertical altered sub-volcanic intrusives.
On June 22, 2022, Meryllion announced that it had exercised its option over the Mt Turner Project by funding an induced polarization (IP) geophysical and mapping program to identify drill targets associated with an under-explored porphyry intrusive complex. Meryllion is in the process of earning up to a 70% interest in the project by funding up to $3,800,000 in exploration in three stages:
- $400,000 on exploration within 12 months from the exercise date of the Option (“First Stage Earn-In”) to earn 25%
- $1,400,000 on exploration within 36 months of exercising the Option (“Second Stage Earn-in”) to earn 51%; and a further $2,000,000 on exploration to earn a total 70% interest
Drummer Fault-Fault Hosted Epithermal Gold Target
- The Drummer Fault structurally controlled gold mineralization is conceptually a “simple” and straight forward exploration target
- Historic and recent work has demonstrated the strength of the project
- Discontinuity in the magnetics and the systematic right-stepping of the strike-slip/oblique slip fault represents a significant untested exploration concept. The “relay or accommodation zones” along the fault trace can be considered as structural weakness zones with enhanced permeability and fluid flow for mineralization bearing fluids
The Drummer Fault target is a straightforward exploration targeting object which will benefit from further integration of mapping and correlation of field data with geophysical data for refined targeting drill positions.
The Drummer Fault mineralization is a fourteen (14) kilometer structure striking east west and displaying dextral movement. Drilling in 2021 by Ismin Pty Ltd (“ISM”) confirmed intrusion of Carboniferous-Permian rhyolites emanating from the Mount Turner intrusive complex with associated hydrothermal alteration and mineralization, and that localized gold and silver mineralization occurs in the primary sulphide zone. Sporadic gold, silver, lead and zinc anomalous samples from surface rock chip, mine dumps and soil sampling suggest the mineralization is discontinuous along strike, having a shoot nature in those areas that have been drilled. ISM drilling beneath the Drummer Toy pit, the furthest east of the five pits, confirmed gold mineralization associated with sub-vertical zones of silica flooding associated with pyrite, arsenopyrite and base metals. The current disposition of this mineralization is likely to be associated with the Mount Turner intrusive event which contributed metals and rhyolite intrusives and may have remobilized existing mineralization in the fault. Drilling a single hole beneath the Drummer West Pit confirmed a high-grade intercept in the primary zone at the contact with dolerite. In summary, the Mount Turner property is considered a property of merit and is worthy of a significant initial phase of exploration.
Drummer Fault Uranium Project
Established uranium resources have been discovered and investigated at the Mt Turner project and, more specifically, running along the Drummer fault about 30kms WNW of Georgetown, called the Lineament Prospect. The resource was established by Esso Exploration Australia (“Esso) in 1976. Esso undertook extensive airborne and ground radiometric surveys, stream and rock sampling, costeaning and 16,369 meters of RC and diamond drilling and reported a U3O8 mineralized structure at least 9km long with an average width of 5.5m. Esso defined 4 zones of mineralization but only calculated a geological resource for the Central 50 Zone described as a plunging shoot, 200m long with a vertical depth of 280m for 347,500t @ 1.55% U3O8. (non-JORC Compliant).
Australia holds 30% of the world’s known uranium resources and accounts for about 10% of world uranium production. There are currently three operating uranium mines in Australia: Ranger in Northern Territory, Olympic Dam in South Australia, and Beverley with Four Mile in South Australia. Four Mile has final processing through the Beverley plant. Uranium mining has progressively been banned approved and then again subsequently banned in the state of Queensland. The last such ban is still in place, having been made in 2015.
With growing social and political debate continuing in respect to greenhouse gas emissions and climate change, a number of parties are bringing pressure to bear once again on removing Queensland’s ban on uranium mining. The Queensland Resources Counsel is supporting efforts to reopen the industry on economic grounds and for export only.
Although uranium mining in Queensland is not currently permitted, the uranium potential for the Company remains and in the event that current efforts are successful, could potentially represent a valuable asset for Meryllion.