Eastern Metals’ core focus within the Arunta Project is on the Home of Bullion, Mulbangas and Prospect D prospects, both located within the Neutral Junction group.
Home of Bullion
Home of Bullion is a structurally controlled, high-grade volcanogenic massive sulphide (VMS) style deposit developed as two main lodes.
Eastern Metals acquired Home of Bullion in 2021 and completed a four-hole diamond drilling program in 2022. The Company then engaged SRK to update the 2014 Mineral Resource Estimate completed by the previous owner, Kidman Resources, to incorporate the results of the 2022 drilling and changes in metals prices since the 2014 estimate was prepared.
This led to the delineation of an updated Mineral Resource Estimate for the Home of Bullion deposit in March 2023 of 3.1 million tonnes at an average grade of 1.7% copper, 2.0% zinc, 35 grams per tonne silver, 1.1% lead, 0.17 parts per million gold and 0.02% cobalt.
Expressed as a copper equivalent, this equates to 3.1 million tonnes at an average grade of 2.9% CuEq for 89.9kt of contained copper-equivalent metal.
Click here to view the full Mineral Resource Estimate announcement.
The deposit consists of two principal lodes: the Main Lode and the South Lode, with an additional low grade footwall unit (LGFW) directly abutting the South Lode. The deposit was mined intermittently between the 1930s and 1950s, with at least three shafts sunk to a maximum depth of 90 metres. The lodes have been traced for at least 170 metres underground, with an average width of 2.4 metres and a maximum width of 6 metres.
The 2022 four-hole drilling program increased the 2014 resource of 2.5Mt (2.8% CuEq) by 24%, and the contained copper equivalent increased from 70kt to 89.9kt of metal – an increase of 28%. These results suggest that further drilling will increase the resource, especially given the south and lower main lodes are open along strike and at depth.
Prospect D contains copper-nickel sulphide mineralisation that has been mapped over a length of 2km.
A high-grade zone has been traced for over 250 metres and remains largely untested at depth, with the mineralisation forming a tabular body that is folded with the sedimentary rocks.
Eastern Metals considers that the Prospect D deposit may be either a replacement unit within the dolerite or a VMS deposit, with additional exploration planned to further define the nature of the orebody.
Prospect D is located 4km off the Stuart Highway, with good infrastructure access.
Forward Work Program
Eastern Metals’ proposed work plan at the Arunta Project comprises:
- Undertake a geophysical and structural review
- Plan Phase 2 drilling at Home of Bullion +/- resource extension and in-fill drilling
- Plan RC drilling at Mulbangas and Prospect D; undertake detailed mapping and sampling
- Define, map and undertake systematic sampling over high-priority prospects