Nexus Minerals Ltd (ASX:NXM) has welcomed a positive outcome from a fertility study on its Bethanga Copper-Gold Project in northeast Victoria, which indicated the tenure is highly prospective for a porphyry copper-gold system.
The prospective porphyry target zone covers an 8-kilometre by 3-kilometre area, with a high-priority target zone of 3-kilometre by 1.5-kilometres.
NXM has already identified several targets to investigate and has started planning a diamond drilling program based on aeromagnetic and ground magnetic survey results.
Soil geochemistry has also indicated the presence of a porphyry system with evidence of trace element enrichment expected from the upper levels of such a system.
Anomalies point to porphyry system
“Whilst very early in our porphyry copper-gold exploration activities at Bethanga, it is hugely satisfying to see such positive results at this early stage,” Nexus Minerals managing director Andy Tudor said.
“To have multiple coincident anomalies all indicating the presence of porphyry style mineralisation within a magmatic-hydrothermal system is a great start.
“We look forward now to completing our diamond drill hole program planning.”
Led by veteran geologist Dr Dennis Arne of Telemark Geosciences, Nexus has combined data from magnetic surveys, soil and rock sampling, and an examination of the local lithologies and elemental associations to determine Bethanga’s prospectivity.
NXM believes it has identified the primary core of the system to be “invariably magnetic” and has produced several high-priority drill targets from its efforts, which will aid in planning an upcoming diamond drilling program.
In Lachlan Fold Belt
The Bethanga porphyry copper-gold project lies within the East Lachlan Fold Belt (ELFB), which has an endowment of more than 13 million tonnes of copper and 80 million ounces of gold.
It hosts the Tier 1 Newcrest Cadia-Ridgeway deposits that represent some of the world’s most profitable producers. In addition, the ELFB hosts the long-life mining copper-gold operations at Northparkes and Cowal.
The project is around 50 kilometres east of Albury and is near the Victoria-NSW border.