Levuka
The Levuka Project comprises two EPM’s located approximately 65km southeast of Cloncurry and 15km south of the Eloise mine in the Mt Isa Eastern succession. The properties, Levuka (EPM 14746) and application Levuka South (EPM 16311), cover a total area of 63km2.
Geological setting
The Levuka Project lies close to the eastern margin of the Mt Isa Block, in an area of covered Mesoproterozoic Soldiers Cap Group, which forms the basement to the area. There is no basement outcrop at the Levuka Project. Knowledge of the Levuka Project basement geology is derived mainly from interpretation of aeromagnetic data and limited drilling.
The basement rocks comprise deformed metamorphosed sedimentary and volcanic rocks covered by 70-80m of Mesozoic sand and clays of the on-lapping Eromanga Basin. In the tenement area the Soldiers Cap Group (Mount Norma Quartzite/Toole Creek Volcanics) are interpreted to lie adjacent to the Levuka Trend, which is interpreted as a major N-S trending subvertical shear zone. The Levuka Shear is evident in aeromagnetic data extending southwards from the Eloise deposit.
The Levuka Trend has attracted exploration since the 1986 BHP discovery of the Eloise copper deposit and the ongoing exploration of the Altia prospect by Breakaway Resources.
Exploration Potential
Good potential exists for an IOCG deposit to be located within the Levuka tenements, with the Levuka shear zone presenting a strong target. At the Boanda Prospect, historical drilling recorded highly encouraging drill intersections of copper-gold mineralisation including 19m at 0.56% Cu, with a best intercept of 4m at 0.96% Cu, 0.7 g/t Au. Whilst follow-up drilling by Syrah at Boanda in April 2008 did not achieve any significant results, the potential along the Levuka Trend remains strong.
Exploration Program
A program of three drill holes for a total of 1,000m of percussion and diamond drilling was completed by Syrah at the Boanda Prospect in April 2008. Whilst the drilling results were disappointing and have downgraded Boanda at local level, they have provided more understanding of the local geological environment.
A review of existing geophysical data was completed in June 2008 by consultant GeoDiscovery Group leading to the definition of further targets to the south of Boanda and identification of areas for follow up geophysical surveys to be conducted. Further structural interpretation has been initiated to assist in the ranking of these new targets for the next phase of drilling, likely to occur in 2009.
Cultural heritage agreements have been completed for Levuka South permit application and granting of the tenement is expected in the near future.
