Lucapa Diamond Company (ASX: LOM) has utilised modern exploration technology to obtain “outstanding” results from the first geophysical survey conducted in 25 years at its Merlin diamond project in the Northern Territory.
Lucapa’s preliminary review of the electromagnetic (EM) survey data has identified two large and highly conductive base metal targets, which the company is now planning to follow up with ground-based geophysics to better define the targets identified.
A second phase of survey data processing is underway to identify new kimberlite and any further base metal targets, with results expected to be released by the second quarter.
Managing director Alex Kidman said the highly promising results come from an area that has never been exposed to the latest geophysics technology and sits just 50 kilometres from the giant McArthur River zinc-lead mine.
The recent helicopter-borne time-domain EM survey was flown over the 234 sq km area, covering both the Merlin mineral lease and the surrounding exploration licence.
The survey highlighted base metal targets along structures in an area of sediments with very similar geology to those that host the world-class McArthur River zinc-lead resource, approximately 50km north of the project area.
Glencore’s McArthur River base metal mine is one of the world’s largest deposits of zinc and lead, annually generating more than 250,000 tonnes of zinc, 1.2 million ounces of silver and 50,000t of lead.
The geology of the Merlin area is considered prospective for similar types of deposits and is highly suitable for EM surveys due to limited conductive cover in most areas of the tenements.
Lucapa’s modelling of the geophysics data will continue over the coming weeks to assist in better defining the new targets.
The company is hoping to locate targets missed by previous operators within the exploration licence and mineral lease.
The Xcite time-domain EM technology – which has the highest resolution in the industry – allows for near-continuous depth investigations from near surface to approximately 500m below surface, with along-line sampling carried out every 50cm.
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