Coolabah Metals Limited (ASX: CBH) (“CBH” or “Coolabah Metals”) is pleased to announce an update regarding our maiden rockchip sampling program conducted over Gunpowder Creek EPM27733, located 45km north-west of Mt Isa, QLD
Coolabah Metals has completed a first pass rockchip sampling program consisting of 251 rockchip samples in Coolabah Metals Gunpowder Creek Project in Northwest Queensland. The program was designed to test the 26 recorded historic gold workings and occurrences forming a >5km strike length parallel to the May Downs Fault.
Multiple generations of quartz veining were observed parallel, oblique and perpendicular to the May Downs Fault zone with varying degrees of alteration. Multiple quartz gossan veins were mapped and sampled; some traces of sulphides were identified associated with quartz outcrops.
A review of historical exploration revealed a large number of rockchip samples collected within the lease, approximately two-thirds of these were not assayed for gold. The samples that were assayed for gold have results up to 32g/t gold1.
Coolabah Metals are in the process of having the 251 samples analysed for gold and all other elements using fire assay and multi-element ICP at North Australian Laboratories Pty Ltd.
Reconnaissance field mapping was undertaken concurrently with the sampling program and all structural and lithological data is being reviewed.
“Coolabah Metals, Gunpowder Creek Project is prospective for vein and fault-hosted high-grade gold and Mount Isa style mineralisation."
Cameron Provost, Managing Director of Coolabah Metals Limited
Coolabah Metals Limited Managing Director, Cameron Provost, said:
“The historic gold workings are associated with the May Downs Fault, a large northwest striking fault system on the west flank of the Syabella Granite...I am pleased to have seen the numerous historic workings and mineralised samples firsthand and look forward to updating the market as soon as results are tabled.”
View the full announcement here.
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