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GLOBAL RESOURCES CORPORATION

ASX: GRM

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Description

Cloncurry Metals Limited is a rapidly emerging Australian minerals company with high quality exploration targets in Mexico and Queensland. The company aims to expand its portfolio in base and precious metals while advancing existing projects to full commercialisation.

El Rodeo, Mexico

Cloncurry Metals acquired the El-Rodeo project in south west Mexico in early 2010, joining a host of foreign investors in the prosperous and mineral-rich area. The project comprises four primary and a number of secondary targets all with the potential for major gold, copper, and silver deposits.

The El-Rodeo project is ideally situated on the Lower Tertiary copper belt, a highly prospective mineralised belt and home to Mexico’s largest copper deposits. The Lower Tertiary copper belt is located on the lower part of a volcanic regime known as the Caldera Complex extending from north to southern Mexico. The area is home to Mexico’s two largest copper deposits, Cananea which produces 160,000 tonnes of copper annually, and La Caridad which claims over $US30 billon in-ground value.

Mexico has a well-established mining industry with a long history and was the world’s second-largest silver producer in 2008.

The acquisition of El-Rodeo included the addition of a highly experienced team of geologists and professionals with extensive knowledge of the Mexican mining industry.

Cacanicuas, Mexico

Cacanicuas is a Copper-Molybdenum (Cu-Mo) mineralised porphyry. The prospect encompasses the core of an intensely altered porphyry copper system in the Tertiary Copper Belt located in southern Mexico.

Drilling and geochemical results to date have demonstrated the potential for a significant porphyry Cu-Mo discovery. Expert geological advice confirms potential for a 500 million tonne Cu-Mo deposit.

Cloncurry Metals will use Induced Polarization (IP) geophysical survey equipment aiming to locate the position of the best developed disseminated sulphides at depth below the surface mineralisation and broad geochemical anomalies. Deep vertical drilling will then test that target. Drilling operations are expected to commence mid- 2010.

La Calera, Mexico

The project area is particularly attractive as preliminary drilling has shown La Calera to be a mineralised zone with gossan hosted gold and silver.

Preliminary drilling and geochemical results have delineated a large area of metasediments adjacent granodiorite-andesite intrusions. The sediments are dominated by silica-carbonate-sulphide alteration, with extensive veining and brecciation of varying intensity. Good intersections of gold/silver mineralisation were achieved by the preliminary drilling. This mineralisation is hosted by gossans and sulphide-rich replacements associated with limestones and skarns. Cloncurry Metals is targeting a large gold discovery suitable for open pit mining.

In addition to the drilling program, a wider magnetic survey in combination with an IP program is planned for 2010.

La Ferrosa, Mexico

La Ferrosa is indicated by a large (approximately 1km2) magnetic anomaly and local gold-copper gossans. This anomaly remains untested by drilling but given the excellent trench sampling results, it is an obvious target for a large gold, copper, and silver deposit.

The size of the anomaly indicates a potential of more than 20 million tonnes, which, if the grade in the trenches is reproduced, would represent a very high value deposit.

Espiritu Santo, Mexico

The former silver mine site of Espiritu Santo holds exciting prospects for further exploration and mining. The site has a history of intermittent mining since the 16th century, and most recently ceased production just over 100 years ago.

Based on exploration field work and historical information, the company has recognised the obvious potential for high grade silver in multiple narrow veins which has been supported by recent vein sampling results. There is also the potential or a bulk mineable open pit resource.

A thorough IP survey is planned in the near future which will be followed by an initial drilling program later in the year.

Secondary Targets, Mexico

The El-Rodeo prospect also holds several other areas of interest for further exploration after previous sampling programs discovered anomalous levels of gold in the soils, most notable at El Gato. Further mapping and sampling is planned at the sites to determine their potential. Cloncurry Metals believes the addition of the El-Rodeo project significantly enhances shareholder value.

South Cloncurry Project Area, Queensland

The Mt Isa block is a geological terrain with a world class endowment of base metals in a variety of settings. Exploration in the South Cloncurry project area is focused on searching the southern part of the Mt Isa block for large Pb-Zn-Ag Broken Hill type (BHt) deposits, large iron oxide associated Cu-Au deposits (IOCG), and high grade phosphate deposits.

Many of the areas that Cloncurry Metals holds, particularly in the search for IOCG and BHt deposits, are in the under-explored southern area, where younger sedimentary cover conceals the host Proterozoic basement. Cloncurry’s first and only drillhole into the Kennedy Highway BHt target intersected what is thought to be the outer part of a significant BHt alteration system.

Tenements 100km south of Mt Isa have been applied for to search for high grade Cambrian phosphate rock deposits on the edge of Proterozoic outcrop. These tenements contain the Cambrian stratigraphy that hosts major phosphate deposits at Ardmore and Phosphate Hill, located about 15km and 85km to the east respectively. The Cambrian sequence is thought to be mostly less than 100m thick, and recent work by Krucible Metals Ltd. at their Korella deposit has shown that small high grade phosphate deposits are potentially economic even at moderate depths of about 70m.

Dobbyn Project Area, Queensland

The Dobbyn project comprises of several EPM applications north of Cloncurry. The tenements cover the same stratigraphic sequences and extensions to sets of structures that host stratiform and vein related Cu mineralisation at the nearby Mt Watson, Mt Oxide, and Gunpowder Cu mines, and exploration will be directed at discovering oxide and sulphide Cu deposits in fault related veins and breccias.

Burdekin Project Area, Queensland

The Burdekin Project encompasses Permian volcanic stratigraphy in the lower parts of the Bowen Basin that is known to host a significant Au-Ag-Cu deposit at Conquest Mining Ltd’s Mt Carlton Project, about 10km south of the project area. Exploration on the Burdekin Project area is focused on searching for epithermal Au-Ag deposits and breccia hosted Au deposits. Recent exploration has revealed evidence for both styles of mineralisation.

Monto Project Area, Queensland

The Monto Project comprises two separate tenement holdings. Exploration on the Theodore tenement will focus on epithermal Au-Ag mineralisation. The tenement contains the same lower Permian Volcanic stratigraphy that hosts the Cracow Epithermal Au-Ag deposits 60km to the south, and the volcanic sequence is equivalent to that which hosts the Silver Hill Au-Ag-Cu deposit in the Bowen Basin.

The Diglum tenement contains a sequence of Devonian- Carboniferous volcanic and sedimentary rocks that have been intruded by a Permo- Triassic granodiorite. Targets for exploration include porphyry style Cu-Au-Mo mineralisation on the periphery of the granodiorite, and skarn Cu-Au mineralisation in distal magnetic anomalies.

Clermont Project Area, Queensland

Exploration in the Clermont Project area is for porphyry related Cu-Au-Mo, and epithermal Au-Ag mineralisation. The project area encompasses the contact between the Early Paleozoic Anakie Metamorphics in the east and Cycle 1 volcanics and sediments of the mid- Paleozoic Drummond Basin to the west. Many of the known epithermal gold deposits to the north are located close to this contact (eg. Belyando, Twin Hills, and Yandan) as does a Porphyry Mo deposit recently discovered by Zamia Metals Ltd at the Anthony Prospect.

Charters Towers Project Area, Queensland

The Charters Towers project area is centered on the historic gold mine at Hadleigh Castle some 35km east of Charters Towers. The Charters Towers Block contains a diverse range of Early and Late Paleozoic intrusive and extrusive sequences and is host to several multi-million ounce gold deposits in a variety of settings. Exploration will be directed at searching for large Au deposits in mesothermal granite hosted veins and sub-volcanic breccias similar to Charters Towers and Mt Leyshon/ Mt Wright respectively.

Georgetown Project Area, Queensland

The Georgetown Project comprises of two groups of tenements in the Gilberton- Mt Hogan and Croydon areas.

The Gilberton –Mt Hogan group of tenements cover parts of historical goldfields mined as recently as 15 years ago, and they contain a diverse range of Proterozoic and Early Paleozoic metasediments and granitoids occurring along- and adjacent to a major NE oriented fault. The tenements are prospective not only for mesothermal vein related Au deposits, but also sub-volcanic breccias, and epithermal Au-Ag mineralisation similar to those occurring along the same major NE oriented structure at Kidston to the northeast and Woolgar to the southwest.

The Croydon Group of tenements covers parts of the historical Croydon Goldfield that has recorded production of >1 million ozs Au. Mineralisation occurs in plutonic (mesothermal) quartz veins and as historical gold production has been sourced from workings mostly less than 100m deep, Cloncurry Metals believes there is potential for significant gold deposits below this level.

Mine For

gold, silver, lead, zinc, copper, molybdenum

Location of operation(s)

Mexico, Queensland

Address

Ground Floor, 13 Manning St
SOUTH BRISBANE, QLD, Australia

Phone

(61 7) 3844 3999

Email

Website


Last Updated

9/3/2011

 

The data on Australian Shares.com is intended as a guide only and is provided purely as an indication of what information can be found through official announcements. Data on this website should not be used to make an investment or trading decision. All information should be carefully cross-checked against official sources for accuracy. The publisher (Intaanetto Pty Ltd) will not be held liable for any loss arising from the use of this website.