Carpentaria has a farm in with Stellar Resources Ltd for their Panama Hat EL 6656 with an option to enter a JV on successful exploration to earn initially 51% of the project and increase to 91% of the project depending on Stellar’s participation. If Stellar does not participate in mining Carpentaria can purchase the Stellar’s free carried 9%.
Figure 1 : Location of Panama Hat EL on aeromagnetic image
Figure 2 : Panama Hat location of prospects
The occurrence of a significant number of historical pits and shafts clearly indicate the prospectivity of the licence for gold hosted in quartz veins and ironstone units. Surface and costean rock samples have returned highly anomalous gold results at a number of prospects in this licence. Rock chip examples include:
Williams Prospect maximum 54.25 g/t Au
Panama Hat Prospect maximum 30.70 g/t Au
Jutland Tank Prospect maximum 72.40 g/t Au
Willyong TankProspect maximum 41.85 g/t Au
Huonville Fence Prospect maximum 41.70 g/t Au
Mulculca Telephone Prospect maximum 116.70 g/t Au
In order to confirm these previous high grade gold results and better identify the extent of gold noted by previous explorers in this poorly exposed area, a total of 42 grab and rock chip samples were taken from spoil and exposures in the vicinity of small pits and workings within EL 6556. The samples taken comprised either milky vein quartz or often gossanous ferruginous-quartz rocks within and around small isolated workings hosted by the very poorly exposed regional high metamorphic-grade quartzo-feldspathic gneiss of the Redan area.
The rock samples returned highly elevated gold, silver, bismuth and copper (Au, Ag, Bi, Cu) geochemistry. A peak gold analysis of 34.7 g/t Au, 13.9 g/t Ag, 329 ppm Bi and 514 ppm Cu was returned from a ferruginous quartz rock sampled at the Mulculca Telephone Prospect. The very high Bi concentrations associated with some of the more precious metal rich samples are unusual in this type of geological setting. A number of other rock samples from both the Mulculca Telephone and Panama Hat locations returned Au concentrations exceeding 5 g/t Au. Twelve of the 42 samples taken returned Au concentrations exceeding 1.0 g/t and the average gold concentration for the entire 42 rock samples was an encouraging 0.32 g/t.
Figure below:Panama Hat EL6556 sample results showing expanded Williams prospect in north east.
