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The Phase 1 results from the IP program, identified significant near surface and deeper porphyry drill targets co-incident with previously identified surface gold, copper, and molybdenum in soil anomalies. These new sulphide targets are also associated with peripheral associated gold mineralization targets on the regional scale Drummer Fault and breccia complexes further to the north, making the Mt Turner property an exciting new exploration center.
Meryllion Director and CEO,
Meryllion can earn up to a 70% interest in the project by funding up to a further
By way of agreement between Meryllion and Essex, Essex undertook additional exploration expenditure of approximately
Previous exploration by Essex identified a coherent copper in soil anomaly (>100ppm) flanking a molybdenum in soil anomaly (>10ppm) over a 4km x 4km area at Mt Turner. The soil anomalies are coincident with circular aeromagnetic and geological features which display classic signatures of a large copper-molybdenum porphyry system.
Meryllion is now finalising its next round of drilling and sampling at Mt Turner. The program is expected to include approximately 3,000 meters of RC drilling, sampling, and additional geophysics. The western NE striking zone varies from 100 to 200 m wide and is currently 1.2 km in strike. Several zones of quartz veined gossanous breccias associated with fault slices of schist and altered granite intruded by rhyolite dykes are evident at surface. A significant (+40 millivolt/volt) vertical chargeability anomaly is coincident with a gold in soil anomaly on IP Line 3 and 5. Supergene copper mineralization has been located at lower elevations associated with quartz veining. Several rock chips of surface mineralization have been submitted for assay.
Mt Turner also has the potential to identify an economic gold resource along the Drummer Fault structure, which has demonstrated gold mineralization beneath six small oxide open pits, previous drilling, and rock chip samples along 14 km of the identified strike length within the project area.
The Drummer Fault hosts a number of known uranium deposits previously discovered by Esso Exploration Australia including a geological resource for the Central 50 Zone (LC50) described as a plunging shoot, 200m long with a vertical depth of 280m for 347,500t @ 1.55% U3O8. (non-JORC Compliant-Resource estimations for the LC50 Prospect were undertaken by Okill (1981)).
About Meryllion
Meryllion is an exploration and development company focused on mineral exploration and mine development and finance opportunities in Tier 1 jurisdictions, where the Company can earn an interest by funding exploration. The Company is in the process of earning up to a 70% interest in the Mt Turner copper-molybdenum-gold and uranium project in
Contact:
Tel: +1-310-405-4475
Email: rrevelins@peregrinecorporate.com
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