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Beefy Cronus nickel-copper-PGE target highlights ‘remarkable’ opportunity at GCX’s Dante project
Special Report: A dataset review has defined a large-scale magmatic nickel-copper-PGE sulphide target at GCX Metals’ newly acquired Dante project. ……
- Review of historical data identifies large-scale magmatic nickel-copper-PGE target
- New Cronus prospect includes historical 310.5m intercept of disseminated copper sulphides
- Program of Work approvals pending ahead of initial drilling
- Historical data review ongoing to identify further magmatic prospects
Ongoing review of extensive historical datasets has defined a large-scale, 7km by 1.5km magmatic nickel-copper-platinum group element sulphide target at GCX Metals’ newly acquired Dante project.
In August, GCX entered into a binding conditional agreement to acquire the Dante project in WA’s West Musgrave region – a major metallogenic province that hosts the Giles Complex, which has proven PGE reefs commonly compared to the 2.2 billion ounce South African Bushveld Complex.
West Musgrave is also an emerging major mining hub with BHP’s $1.7bn 390Mt Nebo-Babel Ni-Cu-PGE mine development just 15km to the south.
This is particularly relevant for GCX Metals (ASX:GCX) as Dante shares the same geological complex as Nebo-Babel, which is expected to deliver annual production of 28,000t of nickel and 35,000t of copper over a 24-year operating life.
Additionally, Dante comes with a treasure trove of historical datasets, which includes drilling that returned a thick 310.5m intercept of disseminated copper sulphides in the same rock types that host Nebo-Babel.
Several large-scale nickel-copper-PGE targets as well as extensive PGE-gold reef targets have already been defined by previous exploration.
These include about 23km of outcropping mineralised strike where rock chip sampling has returned average assays of 1.1 grams per tonne (g/t) PGE (platinum, palladium and gold), 1.13% vanadium pentoxide and 23.3% titanium dioxide with a top grade of 3.4g/t PGE.
Cronus highlights Dante’s rich potential
Further interrogation of the historical datasets, which includes the 310.5m disseminated copper sulphide intercept, has now led to the definition of the 7km-long Cronus prospect.
This is defined at surface by the following anomalies:
- 3.3km by 0.4km >120 parts per million (ppm) nickel anomaly (with a maximum grade of 1,094ppm nickel);
- 5.6km by 0.8km >500ppm copper anomaly (maximum grade of 3,400ppm copper); and
- 3.7km by 0.7km >100 parts per billion (0.1g/t) PGE anomaly (maximum grade of 807ppb PGE).
A review of the auger data also shows that the area of highest nickel, copper and PGE anomalism at Cronus remains undrilled.
“The seven-kilometre-long Cronus Prospect is just one example of the scale of the exciting opportunity at the Dante Project,” managing director and CEO Thomas Line said.
“The strength and scale of the combined nickel, copper and platinum group element anomalism at Cronus is remarkable.
“The presence of several hundred metres of disseminated copper sulphides intercepted by historical drilling further positions Cronus as an exceptional target, supporting the potential for a large magmatic system.
“Our technical team anticipates that further magmatic nickel-copper-PGE targets will be defined at Dante Project, as our review of the extensive historical datasets continue.”
More exploration and drilling to come
With the recent receipt of heritage surveys over the initial drill targets, GCX is now awaiting approval for its Program of Work before drilling begins in early 2024.
Systematic reverse circulation drilling across the Cronus intrusion will characterise the various zones and mineralisation for further targeting.
Ground electromagnetic and high-resolution airborne magnetics will also be carried out over Cronus whilst reprocessing of airborne EM data is currently underway.
The company is also continuing to review the historical dataset with the goal of identifying more magmatic nickel-copper-PGE targets.
Incoming CEO and Managing Director Thomas Line told Stockhead: “The technical team believe we have only scratched the surface at Dante, and we are excited to continue our review of the historical data and work toward our maiden drill program, which will test multiple targets at Dante.”
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
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