Taiton Resources Ltd (ASX:T88) has gained “clarity on target mineralised zones” at its Highway project in South Australia after recent surveys identified a potentially significant body of molybdenum mineralisation.
An induced polarisation (IP) survey was conducted by Geophysical Resources and Services over the project’s Merino prospect, located roughly 64 kilometres north-west of Glendambo in the Gawler Craton.
Mitre Geophysics, meanwhile, carried out a separate IP-resistivity survey and collected the data from both to produce 2D and 3D chargeability and resistivity models.
Combined with existing geochemical and geological data, the results point to three priority targets where historical drilling returned anomalous molybdenum and pathfinder elements.
“Our narrative since from the start of our journey was to identify the presence of a fertile mineralised hydrothermal system. We believe that at this stage we have proven this to be the case,” Taiton Resources managing director Noel Ong said.
“We are extremely excited to take on the next phase. The results have also given us the confidence to add layers to the process of discovery.”
The next Climax-type molybdenum orebody?
In addition to the survey results, Taiton Resources said the potential for significant molybdenum mineralisation is also supported by observable similarities of the Merino prospect to the Climax porphyry system in Colorado, USA.
Between 1918 and 1987, the Climax mine produced roughly 421 million tonnes of molybdenum disulfide. As of 2018, remaining proven and probable reserves stood at 168 million tonnes.
As with the Climax system, geological signatures at the Merino prospect best conform to the rift classification of molybdenum porphyries. These signatures include anomalous molybdenum assays from rock chip sampling and historical drilling, high silica intrusion, elevated fluorite drilling results, and cross-cutting quartz veins enriched in silver.
Further exploration
Buoyed by the success of the surveys, Taiton Resources has its sights now set on additional exploration work while it waits for drilling approval.
“We are implementing an ultrafine soil survey to further define the area while we are awaiting drilling approvals from the South Australian Energy and Mines,” Ong said.
“To continue our aggressive approach for discovery and showcasing the potential of the Highway project, we will be undergoing a project wide study to unlock other potentials.”
The ultrafine soil survey is expected to provide time- and cost-effective prospect targeting and will begin soon.
Written by Oliver Gray.