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Summit expands NSW antimony footprint with historic Magwood mine
Special Report: Summit Minerals has expanded its antimony footprint in NSW with the grant of a new tenement, Magwood (EL9512) … Read More
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Summit Minerals has expanded its antimony footprint in NSW with the grant of a new tenement, Magwood (EL9512) which includes the historic Magwood antimony mine.
The mine produced around 5000t of antimony concentrate between 1920 and 1969 at an average grade of 8.3% Sb and was Australia’s primary producer before the focus switched to Hillgrove in 1969.
Other historic workings within the project area include the Rock Abbey (Sb) Mine, the Abroi and Allingham antimony deposits, Faulkner’s gold prospect and Drovers Copper Mine.
The new tenement lies 45km northeast of Hillgrove and 65km northwest of the company’s Windfall Antimony Project.
Bonus copper and gold potential
The company says there’s also considerable discovery potential for copper and gold within the project.
“Like Windfall, the new tenement is highly prospective for Hillgrove-style antimony-gold mineralisation,” Summit Minerals (ASX:SUM) MD Jonathan King said.
“The tenement’s capture of the historic Magwood antimony mine and other workings supports this view.
“As with Windfall, no significant exploration has happened since the 1980s, attesting to the tremendous discovery potential latent in the project.
“We also remain cognisant of other mineralisation styles within the property, including copper and gold.
“The Magwood addition furthers our ambition to build a strong portfolio of exploration assets in the New England region that is highly prospective for antimony and gold.”
Mineralisation extends beneath historic workings
Historical production records at the mine show that the high-grade mineralisation extends beneath the existing workings – and that will be the focus of initial exploration.
Summit has commenced a search of landholder details and land status (including State Forests, Native Title, and Aboriginal Heritage) covering the licence area, with access to the Magwood mine as a priority.
The plan is to undertake a detailed mapping and geochemical sampling campaign to delineate any potential along-strike extensions to the antimony-rich zone and outline drill positions to test the existing mineralisation at depth and any prospective extensions or parallel systems.
This article was developed in collaboration with Summit Minerals (ASX:SUM), a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
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