of 39 /39
AVOCA RESOURCES LTD “The Rigs are Rattling in South Australia” Sydney Mining Club 4 March 2004

AVOCA RESOURCES LTD

  • Upload
    wallis

  • View
    132

  • Download
    0

Embed Size (px)

DESCRIPTION

AVOCA RESOURCES LTD. “The Rigs are Rattling in South Australia” Sydney Mining Club 4 March 2004. Presentation Outline. Who is Avoca? What got Avoca started in SA? How do you cut back over 16,000km 2 to meaningful drill targets? What has Avoca achieved in SA, and where to in 2004? - PowerPoint PPT Presentation

Citation preview

Page 1: AVOCA RESOURCES LTD

AVOCA RESOURCES LTD

“The Rigs are Rattling in South Australia”

Sydney Mining Club4 March 2004

Page 2: AVOCA RESOURCES LTD

• Who is Avoca?• What got Avoca started in SA? • How do you cut back over 16,000km2 to meaningful drill targets?• What has Avoca achieved in SA, and where to in 2004?• Summary

Presentation Outline.

Page 3: AVOCA RESOURCES LTD

Avoca is an aggressive junior explorer….

Diamond Drilling 1,397 metresRC Drilling 6,064 metresAircore Drilling 14,205 metresRAB Drilling 24,143 metresAuger Drilling 5,815 holesSoil Sampling 6,444 samplesGravity Surveys 4,583 stationsSurface EM Surveys 98 line km

…..all since listing in April 2002.

Page 4: AVOCA RESOURCES LTD

..with a quality portfolio in two of Australia’s highest endowed provinces…

• Over 10,000km2 in Australia’s richest copper belt , being the Olympic Copper-Gold Province in SA, and

• Almost 8,000km2 in the Eastern Goldfields of WA….mostly in free-carried JVs with Gold Fields, Placer Dome, Harmony, Teck Cominco, Sons of Gwalia and Mines & Resources.

Page 5: AVOCA RESOURCES LTD

Avoca corporate overview.• ASX Code AVO• Issued Securities 64m shares (58m quoted)

9.8m unlisted options

• Market Capitalisation $10m ($3m in cash)• Major Shareholders - Gold Fields (11%)

(Top 20 own 44%) - Kurana (7%)

• Staffing MD, EM, SG,TGM, Ac(pt)

Page 6: AVOCA RESOURCES LTD

• Who is Avoca?Who is Avoca?• What got Avoca started in SA? • How do you cut back over 16,000kmHow do you cut back over 16,000km22 to meaningful drill targets? to meaningful drill targets?• What has Avoca achieved in SA?What has Avoca achieved in SA?• Where to next for Avoca’s SA quest?Where to next for Avoca’s SA quest?• SummarySummary

Presentation Outline.

Page 7: AVOCA RESOURCES LTD

Recognising an opportunity and moving very fast…..

Prominent Hill:100m @ 2% Cu

announced

Page 8: AVOCA RESOURCES LTD

..to secure the major position in Australia’s richest copper belt.

• Within 24 hours of the Prominent Hill announcement, Avoca became the dominant lease-holder with 16,000km2 in what later became known as Olympic Copper-Gold Province.

• Applications by fax and a credit card bill of ~$15K…..

Page 9: AVOCA RESOURCES LTD

• Who is Avoca?Who is Avoca?• What got Avoca started in SA?What got Avoca started in SA? • How do you cut back over 16,000km2 to meaningful drill targets?• What has Avoca achieved in SA and where to in 2004?What has Avoca achieved in SA and where to in 2004?• SummarySummary

Presentation Outline.

Page 10: AVOCA RESOURCES LTD

….smart geochemistry and geophysics.

Northern segment of holding was principally geochemistry driven. -utilising innovative geochemical techniques able to “see” through the rocks which bury mineralisation.

Page 11: AVOCA RESOURCES LTD

….smart geochemistry and geophysics.

Southern segment of holding was geophysically driven.• combination of magnetic and gravity surveys collected both by government agencies and Avoca.

Page 12: AVOCA RESOURCES LTD

An example of innovative geochemistry.

Gravity Magnetics (regional only)

• 1979 drill hole intersected 14m @ 0.5% Cu at 280m depth. • Avoca collected “partial leach geochemistry” over drill hole to see if technique can “see through cover rocks.”

Page 13: AVOCA RESOURCES LTD

Geochemistry over drill hole containing buried mineralisation shows

strong surface anomaly

Wandearah Enzyme Leach

-20

0

20

40

60

80

100

120

6301

000

6301

500

6302

000

6302

500

6303

000

6303

500

6304

000

6304

500

6305

000

6305

500

Northing

ppb

La

Ce

Pr

Nd

Sm

Eu

Gd

Tb

Dy

Ho

Er

Tm

Yb

Lu

Hf

Drill hole location

Page 14: AVOCA RESOURCES LTD

..Avoca then completed extensive geochemical coverage to test Nth block.

In excess of 11,000km2 surveyed. One sample collected every 4km. Four areas showed coherent and strongly anomalous copper-gold-REE anomalism on surface at: Myall Hill, Shore Hill, Pernatty and Reordan.Provides for ground rationalisation strategy.

Page 15: AVOCA RESOURCES LTD

.....over ground like this, sometimes!

Page 16: AVOCA RESOURCES LTD

The application of geophysics in the search for Cu-Au.

• Magnetics proves very useful for identifying major faults that control location of zones of rock that may host mineralisation.

- eg Pine Point Fault and Port Julia prospect on the Yorke Peninsula

780000mE760000mE740000mE720000mE

138º00'00"E137º45'00"E137º30'00"E

6220

000m

N62

0000

0mN

6180

000m

N61

6000

0mN

6140

000m

N61

2000

0mN

34º15'00"S

34º30'00"S

34º45'00"S

35º00'00"S

0 10 20 Kilometers

PararaMine

Port Juliatarget

Hillside Mine

Page 17: AVOCA RESOURCES LTD

The application of geophysics in the search for copper-gold.

- Both the Ernest Henry deposit and Avoca’s Glensea Prospect (east coast of Eyre Peninsula) show similar geophysical features: large magnetic complex against non-magnetic granite.

Page 18: AVOCA RESOURCES LTD

• Who is Avoca?Who is Avoca?• What got Avoca started in SA?What got Avoca started in SA? • How do you cut back over 16,000kmHow do you cut back over 16,000km22 to meaningful drill targets? to meaningful drill targets?• What has Avoca achieved in SA and where to in 2004?• SummarySummary

Presentation Outline.

Page 19: AVOCA RESOURCES LTD

20mGals

21mGals

22mGals

23mGals

24mGals

Olympic Dam style breccia at Port Julia

PJD1

• First Avoca drill hole into 6km long gravity anomaly intersects Olympic Dam-style breccia. *First occurrence on Yorke P.

• Second hole commenced yesterday, 2.5km from first hole.

Page 20: AVOCA RESOURCES LTD

PJD1 176.2m: Chalcopyrite in haematitic breccia

Page 21: AVOCA RESOURCES LTD

Drilling PJD1 at Port Julia, June 2003

Page 22: AVOCA RESOURCES LTD

MOORE GEOPHYSICS

New work at Port Julia involves 3D imagery of Avoca’s gravity data…

20mG

al s

21mG

al s

22mG

al s

23mG

al s

24mG

al s

Page 23: AVOCA RESOURCES LTD

MOORE GEOPHYSICS

..and calculating what type of dense body may give rise to the Port Julia gravity anomaly…

Page 24: AVOCA RESOURCES LTD

MOORE GEOPHYSICS

PJD1 drilled in non-optimum location.

1km

Here higher density “cores” to the source body are seen as green, and are targets for current drill testing.

PJD1 PJD2

Page 25: AVOCA RESOURCES LTD

Is Glensea another Moonta-style field?

• Avoca drills the only 3 holes into 80km2 magnetic anomaly.

• Discovers high grade copper-gold veins in 3 holes over 6km2.

• Large TEM program to identify large massive sulphide position completed.

• Drilling to re-commence in March Qtr 2004.

Glensea

Page 26: AVOCA RESOURCES LTD

Glensea discovery – another Moonta field?

Avoca’s 3 holes are the only holes ever drilled into the magnetic anomaly

Page 27: AVOCA RESOURCES LTD

COD1, 115.47mMassive chalcopyrite with quartz.0.9m @ 3.25% Cu, 0.24 g/t Au, 2.4 g/t Ag

Page 28: AVOCA RESOURCES LTD

Drilling COD1 at Glensea, April-May 2003

Page 29: AVOCA RESOURCES LTD

Wandearah is a very large and highly dense body..

• Drill targets defined by two discrete 5km2 gravity anomalies. North target coincident with highly anomalous geochemistry.

• Targets not previously drilled.

• Avoca to drill in March 2004.

Wandearah

Page 30: AVOCA RESOURCES LTD

..with two discrete gravity anomalies (drill targets).

• Two discrete anomalies off main anomaly axis – defined by 1800 station gravity survey completed by Avoca.

• Very large target sizes (5km2)

Page 31: AVOCA RESOURCES LTD

MOORE GEOPHYSICS

New work at Wandearah shows 3D image of Avoca’s gravity data.

OLD

NEW

Page 32: AVOCA RESOURCES LTD

MOORE GEOPHYSICS

Dense body at depth calculated as being responsible for gravity anomaly.

Note this feature

Page 33: AVOCA RESOURCES LTD

Discrete gravity anomaly

Page 34: AVOCA RESOURCES LTD

Copper anomaly(20x background)

Geochemistry overlying gravity.

Page 35: AVOCA RESOURCES LTD

REE anomaly(50x background)

Geochemistry overlying gravity.

Page 36: AVOCA RESOURCES LTD

DRILL TEST – March 2004

Uranium anomaly(50x background)

Geochemistry overlying gravity.

Page 37: AVOCA RESOURCES LTD

Summary• Avoca is an aggressive and fast moving junior explorer that acquired the major holding of Australia’s richest copper belt following MNR announcement. •Avoca’s initial holding of in excess of 16,000km2 was reduced using results from a combination of innovative geochemistry and geophysical techniques.•Avoca has discovered a new high grade copper-gold Moonta style field at Glensea.

Page 38: AVOCA RESOURCES LTD

Summary cont’d.•Avoca’s first drill hole into Port Julia intersected Olympic Dam style haematite breccias. First observation on YP.•Wandearah exhibits excellent geochemical and geophysical properties consistent with buried mineralisation.•All 3 copper-gold targets to be drill tested over next 2-3 months.

Page 39: AVOCA RESOURCES LTD

www.avocaresources.com.au