Nov 21 2016
GPM Metals Inc. (TSX VENTURE: GPM) (the "Company" or "GPM") announces that seven diamond drill holes for 953 meters have been completed at the Walker Gossan Project ("WGP") in the Northern Territory.
The project is a joint venture / earn in agreement between the Company and Rio Tinto Exploration PTY Ltd. (see January 27, 2014 press release of the Company available on SEDAR at www.sedar.com).
GPM is conducting exploration for SEDEX style base metal mineralisation in the Walker Fault Zone, a Proterozoic sedimentary basin which is the northern most of a series of extensional basins stepping NW from Mt Isa and which host the lead-zinc-silver mines at Mt Isa, George Fisher, Lady Loretta, Century and McArthur River.
Drilling was conducted over 3200m of strike length (hole WD#7 to WD#4) and 1200m -- east to west (hole WD #7 to hole WD#5). Drilling is targeting SEDEX style base metal mineralization.
Drill hole locations, section diagrams and assay tables are found on the company's web site.
www.gpmmetals.ca/australia
The drill holes tested the Balbirini Fm which hosts the "gossan", an iron and silica altered carbonate unit, and down sequence through a carbonaceous siltstone and basal sandstone which unconformably overlies the Jalma Fm sediments. Stratigraphic thickness from the top of the ferruginous dolostone to the basal unconformity is approximately 35m. Thickness of the Jalma Fm is approximately 110m.
The drill targets are being identified by systematic mapping, sampling, airborne magnetics and ground IP surveys.
The initial target area has encouraging surface geochemistry with soil and chip sample results of anomalous lead, including a 1400m long contour of plus 500ppm lead with a maximum of 2800ppm lead. Rock chips have confirmed the soil results with values as high as 1.8% lead. (see November 19, 2015 press release of the Company available on SEDAR at www.sedar.com).
The presence of pyritic, carbonaceous siltstones and base metal mineralisation has been confirmed in this programme. A basin margin fault to the west of the drilled area is interpreted from airborne magnetics and a recently conducted ground gravity survey and will be tested during the RC drill programme.
Assays are consistent with surface geochemical sampling and are typical of a sulphur poor outflow zone of a SEDEX style base metal system. The intense sideritic (iron carbonate) alteration observed is generally found proximal to mineralisation in SEDEX systems. To date 584 samples from holes WD#1 to 6 have been cut and assayed on 0.5 and 1m intervals. Assays for DDH- WD#7 are pending. The second phase of reverse circulation (RC) percussion drilling has now commenced.
The RC drilling will infill the wide spaced diamond drill pattern and then move northwest to test a combined magnetic and gravity anomaly.
The North - South trending magnetic and gravity anomaly is located 5km north of WD#7 and 1.5km west and down-dip of the outcropping gossanous Balbirini Fm. This anomalous feature is interpreted to be a basin margin fault and the potential major conduit for mineralising fluids.
Although early in our current exploration campaign, we are encouraged by the large volume of sideritic (iron carbonate) alteration encountered, and the presence of pyritic carbonaceous sediments in the Balbirini and Jalma Fm, confirming the potential to host a significant SEDEX style deposit.
Initial observations from drilling on EL 24305 point to the target mineralisation being located down dip (basin-ward / to the west) on the adjacent ELA 30956 tenement. ELA 30956 is currently held under application by Rio and forms part of the earn in ground.
Meetings to progress several applications to grant are scheduled for 2017 and GPM anticipates the results of this current successful programme to impact those in a positive manner.
"Initial drilling has shown that we are in a very large SEDEX style alteration system with potential to host a significant discovery. I am confident that with the information at hand and the results from the continuing drilling, that we will be able to vector into the core of the mineralisation," said Patrick Sheridan Jr., Executive Chairman and CEO of GPM Metals.