TENNANT CREEK COPPER GOLD

Panoramic Resources Bluebush Joint Venture (EL’s 24966, 24967)

EL24966 covers the ‘Bluebush’ anomaly; and as yet not fully explained, coincident magnetic/gravity anomaly located in an area of covered terrain proximal to the Tennant Creek Gold Field (historical production of >4.5Moz Au and 600,000t Cu, Ahmad et al. 2001).  The geophysical anomaly bears resemblance to Olympic Dam in size, geophysical response (coincident gravity and magnetics) and geological setting.  Three dimensional modelling of detailed gravity data has further defined the Bluebush anomaly at reasonable depths from surface.

Detailed ground gravity and magnetic work also defined a number of Tennant Creek style gold copper targets in the south eastern corner of the lease.   Residual gravity data (peak response ~2mgals), models and interpretation

3D Model of Residual Gravity (possible haematite mineralisation) and Magnetics (possible magnetite alteration) from SE targets - gridded surface shows residual response

Panoramic Resources (ASX: PAN) entered into a joint venture on the project in late July 2009.  Details of the joint venture can be found on the announcement section of this website and are summarised in the Corporate Partnerships section of this website.

Bluebush Panoramic Resources Joint Venture tenements with regional mineralised setting and aeromagnetic background.  Location of high grade gold Rover and Tennant Creek fields is indicated

A first phase of three RC and diamond drill holes at Bluebush has generally confirmed the presence of potential copper-gold host rocks (basalts and sediments) beneath the Palaeozoic cover, where sparse historical drilling had previously intersected barren granite.

Geochemically anomalous grades have been returned including 1m @ 0.14g/t Au from 293m in TDD1. The anomaly is associated with a sheeted quartz vein set and within a zone of mineral alteration. Hole TDD2 intersected a zone of magnetite stringer alteration including anomalous copper result of 1m @ 750ppm Cu. Also zones of weak copper and gold anomalism were intersected in the weathering zone interpreted to be supergene transport of mineralisation from an adjacent source.

This setting is likened to alteration pattern at the nearby Tennant Creek Juno deposit (historically produced 26.13t Au, 1,440t Cu, 2,295t Bi and 2.75t Ag from 455,000t of ore*) and further work will be considered on completion of other priority holes planned into similar targets on the joint venture in 2010.

References: Ahmad, M., Wygralak, A.S., & Ferenczi 2001.  ‘Gold Deposits of the Northern Territory’, Report 11, Northern Territory Geological Survey, Department of Mines & Energy.  Table 7, Gold production from major deposits in the Tennant Inlier, page 47.