Cocata Project
EL 3462, 3463 & 3862 - InterMet 100%
The Cocata exploration licences are located approximately 30km southwest of the township of Wudinna, 350km northwest of Adelaide, South Australia.
Joint Venture Partners
- Uranium Equities Ltd (ASX:UEQ)earning 80% in palaeochannel hosted and unconformity-related uranium on all tenements.
- Silver Swan Group (ASX:SWN) earning 80% in all minerals with the exception of palaeochannel hosted and unconformity-related uranium (on EL 3462 & 3463), rollfront uranium and orogenic lode gold.
Gold and Iron Oxide Copper-Gold (IOCG) Exploration
The Project area is located within the Central Gawler Craton Gold Province and has similar oriented structures to the Barns prospect located to the north of the Project area.
InterMet has signed joint venture agreements with Silver Swan Group Limited for exploration excluding uranium over two of InterMet’s projects within the highly prospective Gawler Craton. Under the joint venture Silver Swan can earn up to an 80% interest in the Cocata Project (EL3462 and 3463) from InterMet by spending $500,000 within four years on non-uranium exploration.
Both InterMet and Silver Swan regard the geology of the Cocata Project as providing a potential new exploration focus for IOCG mineralisation on the central Gawler Craton.
Within the Cocata Project, Hiltaba Suite granite and Gawler Range Volcanics are associated with a major tectonic boundary between the Nuyts Domain and the Coulta Domain, which has strong similarities with recent major discoveries at Prominent Hill, Carapateena and Punt Hill.
Silver Swan Group and InterMet Resources carried-out a diamond drilling program targeting two (of the six) magnetic anomalies identified by the magnetic survey. Three diamond holes were drilled for a total of 918m.
The drillholes intersected variably hematite altered granitoid and dolerite. Visual indications are that weak sulphide mineralisation (mainly pyrite with minor chalcopyrite) was intersected on fractures and associated with breccia and pegmatite.
Uranium Exploration
The Cocata Project is also within the Yaninee Palaeochannel and previous drilling within the northern part of the area has shown a thick sequence of oxidized sands with carbonaceous layers, an environment conducive for uranium deposition.
The location just south of the township of Wudinna offers significant economic advantages to similar uranium plays on the northwestern Gawler Craton.
The area is under-explored with only two regional drilling traverses showing the area contains lithologies suitable to host an economic accumulation of uranium within a Tertiary palaeochannel system. Drilling has confirmed the palaeochannels contain:
- Oxidised sediments representing a suitable transport system
- Suitable reduced hosts – sands, clays with variable amounts of carbonaceous and pyritic material
- Proximity to granites with slightly elevated uranium (up to 25 ppm U)
InterMet has signed a joint venture with Uranium Equities Ltd for all Cocata tenements. Under the joint venture, Uranium Equities Ltd can earn up to an 80% interest in the from InterMet by expending $2M within five years on exploration within the tenements. Uranium Equities has the option to withdraw at any time after an initial appraisal period providing it has expended at least $175,000 and met the expenditure conditions on the tenements.
UEQ have completed a 43 hole reconnaissance drilling program. Two palaeochannels were initially targeted; the well-known Yaninee Palaeochannel (mineralised further upstream) in the central of the project area and an eastern channel system recently identified from newly-acquired satellite imagery and ground gravity data.
Drilling has confirmed the presence of both channels and, in addition, discovered another palaeochannel in the west of the project area. Anomalous total-count gamma (up to 3-4 times that of background values) was encountered in holes completed within relatively unweathered Hiltaba Suite granitic basement confirming the presence of a suitable source rock.
All three palaeochannels display up to 90m of channel fill, with fluvial and lignitic sequences up to 20-30m thick both above and below a regionally extensive sedimentary sequence. Some total-count gamma anomalism was detected at the boundary between these various sequences in addition to oxidised and reduced facies within them.
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