The discovery – which entailed an alteration associated with IOCG mineralisation being picked up in exploration hole 25P38D001 – is significant, given that this is the first time that such mineralisation has been successfully detected using ANT.

Within this hole, Castile found one zone of distal silica-hematite alteration measuring between 253 and 277 metres – which suggests the possibility of mineralisation to the north, a zone of strong magnetite replacement of jasper with pyrite in a parasitic fold between 395.35 and 396.2 metres (which repeats the structural setting at Castile’s Rover 1 deposit), and chlorite alteration and associated disseminated magnetite with elevated copper up to 30 times background (max 770ppm) between 580.9 and 612.35 metres down hole.

The company is now aiming to build on this with a downhole magnetic survey in 25P38D001 which will seek to further constrain the magnetic source, plus an ANT survey to determine another target to drill into this initial discovery at Pathfinder 38.

Managing director Mark Hepburn said he was pleased to have completed work which had proved the value of ANT technology at Pathfinder 38.

“This successful intersection of IOCG mineralisation in 25P38D001 will prove invaluable, by allowing Castile to benchmark ANT survey results to know geology to further refine targeting for high-value Rover 1 style deposits under cover,” he said.

“Our Rover 1 Project is ready for development, and we will continue to seek out additional inventory within our Rover Mineral Field for our ‘hub and spoke’ strategy with our aggressive exploration program using the ANT technology.

“Hole 25P38D001 was 50% funded by the NT Government as part of the Geophysics and Drilling Collaboration program being run by the Northern Territory Geological Survey and we thank them for their continued support.”

Castile shares have been trading at 5.3 cents.

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The company intends to drill a 500 metre hole at Leichhardt East in the next two weeks, identifying it as an important target due to its modelled highly dense rocks, closeness to a drilled location which picked up a multi-mineral intercept (with copper, bismuth, silver and uranium), and its setting between two regional faults.

IOCG deposits have been the source of rich copper-gold mineralisation in Australia, with projects including South Australia’s Olympic Dam, Prominent Hill and Carrapateena, plus Ernest Henry in Queensland.

Chairman Tony Leibowitz said the drilling program for the prospect had been guided by an accumulation of dedicated work and assessment.

“A considerable amount of science and the latest in geophysical modelling and lateral geological thinking has gone into the definition of this compelling IOCG target at Leichhardt East,” he said.

“Now it is down to the team on the ground to drill a 500m diamond hole to evaluate the target: this represents one of the most compelling discovery opportunities in our portfolio and we are very much looking forward to seeing what the hole will reveal.

“We will keep the market informed as the hole progresses over the coming days.”

The market appeared pleased with the news, and at 13:45 AEDT, Astute shares were trading 2.8 cents – a rise of 3.7% since the market opened.

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The two prospects form part of the Jean Elson project – located 325 kilometres east of Alice Springs and 30 kilometres north of Inca’s Lorna May project – where previous work has suggested the area could be prospective for Olympic Dam style iron ore copper gold (IOCG) mineralisation.

Several drill-ready targets have been picked out through Inca’s previous work, comprised of geological interpretation, rock chip geochemical data work and 3D modelling of gravity and magnetics data.

Each prospect shows quite different geological features: Camel Creek is dominated by outcropping – mainly of malachite – with two main areas of interest being Sunset Boulevard and Ningaloo, while the Kestrel prospect is entirely under cover.

At Sunset Boulevard, 3D modelling has revealed coincident gravity and magnetic anomalies underlying the outcropping, while that of Ningaloo features low magnetics, and correlates with a widespread haematite alteration mapped in the area.

At Kestrel, drill targets have been identified through gradient array IP data, which strong chargeability and conductivity features.

In addition, the targets at both Camel Creek and Kestrel are shallow, meaning they can be tested with shallow reverse circulation (RC) drilling, and rigs are set to be on-site within the week to begin a program of work described as ‘long awaited’.

The initial program will focus on Ningaloo-Sunset Boulavard’s outcropping mineralised vein system, where economic grade copper assays were recorded around the ‘J’ and ‘K’ veins.

Inca was trading at 0.7c at 13:30 AEST.

The company finished up a two-hole drilling program at the Pokali prospect, with the second hole – drilled to 634 metres – intersecting multiple zones of moderate to strong magnetite alteration.

Within this, they found quartz and sulphide veining with copper sulphide and other minerals, including an array of chalcopyrite, bornite, chalcocite, native copper and rare visible gold.

Managing director, Gary Harvey said the results reflected Rincon’s earlier predictions for the Pokali prospect.

“Identification of magnetically altered core from hole 24WADD002 containing copper sulphide veinlets, native copper and visible gold confirms our long-standing belief in the highly anomalous historical copper, gold and related pathfinder element results from RC (reverse circulation) drilling and surface sampling at Pokali being related to a large IOCG mineral system,” he said.

“The preliminary observations from the diamond core also explains strong IP chargeability, gravity and magnetic anomalism at Pokali, providing a major leap forward in the understanding of Pokali for Rincon’s West Arunta Project, which also has strong potential for REE plus niobium mineralisation.

“This second deep diamond hole was aimed at testing geophysical anomalism and the geological host rocks and mineral potential in the main Pokali gravity and magnetic anomaly trend.”

He added that by looking at the drill core, it was possible to see how this prospect might host a significant IOCG deposit.

Rincon was trading at 10.5c at 11:12 AEST, a fall of 29.3 percent after spiking 88% last week to a 52-week peak of 14 cents ahead of today’s announcement.

A ground gravity survey is the first stage to be kicked off and will cover the entire 1,048 square kilometre holding at Mabel Creek, sniffing out prospective magnetic anomalies with a drilling program on yielded targets to commence in the second half of 2024.

Lying along SA’s Gawler Craton IOCG corridor, the prospect has only been lightly explored, with the last work being undertaken by Teck Corporation and Vale Minerals, the most recent being ten years ago.

This has mostly involved limited gravity surveys over small targets. Hillgrove identified the need for more detailed work, given the inadequate assessment provided thus far of the prospectivity for IOCG style mineralisation across the structurally complex area.

Talisman managing director Andrew Munckton said the work beginning at the prospect was long overdue, given active exploration in other parts of the region, with hints already showing what Mabel Creek could contain.

“We are very pleased to be back exploring at Mabel Creek with the detailed gravity survey now underway – the first on-ground exploration activity at the project in more than 14 years,” he said.

“Mabel Creek is a project that we acquired in 2023 and we believe is prospective for large-scale IOCG-style mineralization as seen elsewhere in the Gawler Craton.

“The neighborhood is very active with exploration programs being undertaken by Rio Tinto, FMG and Petratherm in the area.”

Talisman Mining is trading at 27c.