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Anchor Resources Limited (AHR)
is a publicly listed company on the Australian Securities Exchange (ASX).
About Anchor Resources
Anchor Resources is a mineral explorer with a diversified portfolio of highly prospective projects located in New South Wales and Queensland. This portfolio provides exposure to a broad range of commodities including gold, antimony, copper, molybdenum and uranium, as well as other base metals. Exploration has been in progress since 2005 and an antimony resource with gold and tungsten credits has already been outlined at our 100% owned Bielsdown project. The value of this resource is enhanced by the strength of the global antimony price over recent years.
Anchor Resources is Sydney based and its experienced management team has considerable expertise and global experience in exploration and mining. Its strategy is to identify mineral properties of high potential in which specific prospects can be advanced in a cost effective manner.
The Bielsdown project, located 12 kilometres north of Dorrigo in north-eastern NSW includes the Wild Cattle Creek antimony mine which was discovered in the late 1800's and mined intermittently on a small scale until the most recent mining in the 1970's. The deposit is hosted by a sub-vertical fault breccia within a sequence of metasediments. The high grade antimony-rich core of the structure is contained within a cemented (silicified) stibnite rich breccia.
In August 2013 Anchor engaged SRK Consulting (Australasia) Pty Ltd ("SRK") to prepare a statement of the resources estimate for the Wild Cattle Creek antimony deposit to conform to the requirements of the 2012 JORC Code.
The Wild Cattle Creek antimony deposit is a structurally controlled deposit hosted by a steeply south dipping regional east-west trending strike-slip fault in turbiditic metasediments of inferred Late Carboniferous age. The deposit is enriched in antimony, tungsten, gold, arsenic, mercury and sulphur and depleted in manganese and potassium.
The Blicks project (EL 6465 and EL 8100) is located in the southern portion of the New England Fold Belt in northeast New South Wales. Anchor is currently exploring in this area for large intrusion-related gold systems, centred 90 kilometres northeast of Armidale.
In excess of 1,000 soil samples have been collected and assayed along a north easterly trending structure informally known as the "Tyringham Corridor". Four centres of mineralisation have been identified along this structure, including Tyringham West, Tyringham East, Navin and Tuting.
The Tyringham gold prospect forms part of the Blicks project and is recognised as an intrusion-related gold system. The Tyringham gold prospect consists of two spatially separate areas known as Tyringham West and Tyringham East centred 1.7 kilometres apart. During the past 12 months Anchor has integrated a team of specialist consultants to assist the company in defining targets where higher grade gold mineralisation may be encountered. The objective of the current drilling program is to test some of these targets.
Between 1968 and 1971 Pickands Mather International (PMI) explored part of EL 6459 (Birdwood) and identified an extensive soil copper geochemical anomaly in the headwaters of Maugham's Creek at Birdwood.
PMI carried out a program of soil sampling and the copper (chemical symbol Cu) geochemical anomaly identified by that work is defined by the +100ppm Cu contour and extended over the full 5.5km long NW-SE trending PMI grid, and was not closed off at either end. The copper anomaly was essentially constrained on NE-SW cross lines up to 3km long. This soil anomaly at +100ppm Cu covers an area of around 15km². There is a stronger copper anomaly nested within the +100ppm Cu contour that is defined by the +800ppm Cu contour with peak values up to 2,200ppm Cu in an area referred to as Birdwood North. Spotty anomalous molybdenum (chemical symbol Mo) values ranging up to 120ppm Mo are coincident with the peak copper anomaly.
PMI drilled 2 vertical diamond core holes at Birdwood North. Copper values in both holes consistently assayed 100-500ppm over the full length of the holes with hole B-101 intersecting 30.48m averaging 0.11% Cu, including 10m at 0.30% Cu and 2.5g/t Ag. The best molybdenum intersection in hole B-101 was 1.52m averaging 0.10% Mo. In the second hole, B-102, a similar intersection of 30.38m averaged 0.12% Cu, including 10m at 0.20% Cu and 3.3g/t Ag. In addition, two 3.05m intersections of +100ppm Mo is reported from hole B-102. Pyrrhotite, chalcopyrite and molybdenite were logged in both drill holes.
PMI drilled a total of nine diamond core holes (total 2,339m) partially testing the extensive Birdwood soil copper geochemical anomaly. All holes, except the last hole, were vertical. Most holes intersected anomalous copper values, with a best intersection of 16m @ 0.60% Cu and 3.6g/t Ag from hole B-103, including 12.8m averaging 0.79% Cu, 9ppm Mo and 4.9g/t Ag.
The Birdwood copper-molybdenum mineralised system is considered to be under explored and prospective for porphyry copper-molybdenum mineralisation. A diamond core drilling program is being planned by Anchor to further test this extensive mineralised system.
The Aspiring project is located 20km north and east of Chillagoe in the Hodgkinson Province in Far North Queensland. An examination of Queensland government aeromagnetic data identified a number of magnetic anomalies that closely resemble the magnetic signature recognised over the Red Dome gold-copper and Mungana gold-copper-silver deposits, and other mineralised skarn deposits in the Chillagoe area. These magnetic anomalies had not been investigated by modern exploration and sometimes display adjacent vein-style copper and gold mineralisation suggestive of "leakage" mineralisation peripheral to the magnetic anomaly. The Red Dome and Mungana gold-copper-silver deposits have historic production of 1Moz Au, 4.3Moz Ag, 35kt Cu, and a combined production and defined resource of 2.7Moz Au, 273kt Cu, and 34Moz Ag.
In 2012 Anchor completed a high resolution helicopter-borne magnetic and radiometric survey over two selected areas of approximately 70km² and 25km² respectively to better define the magnetic anomalies and geochemical targets of interest. Subsequent to this survey four magnetic anomalies were identified and drilled to determine the source of the magnetic anomalies. Drilling at three of the magnetic anomalies (A1, A2 and A4) intersected intermediate to marginally felsic rocks mineralogically and texturally consistent with being tonalite grading towards quartz diorite intrusive and containing titanomagnetite. The underlying rock at the fourth magnetic anomaly (A5) is described as a porphyritic rhyolite or rhyodacite which may represent a shallow intrusive or volcanic extrusive which also contains titanomagnetite.
In August 2013 Anchor engaged geological consultants to conduct a review of past exploration carried out on this tenement to assess the exploration potential of the tenement and to make recommendations on further exploration work. The results of this work were reported in the Quarterly Activities Report September 2013 lodged by Anchor with the ASX on 18th October 2013.
The project area is considered prospective for late Carboniferous to Permian age skarn and intrusion-related gold systems and magmatic-related volcanic hosted uranium-molybdenum mineralisation.
Anchor's geological team has prepared a work program with field work to commence in April 2014 The program is planned to follow up some unexplained strongly anomalous geochemical values reported from the Anchor helicopter reconnaissance program in 2012, several negative remanent magnetic anomalies together with several historic gold, base metal and uranium prospects where limited previous exploration has been completed.
Anchor Resources Limited
Suite 2508, Level 25
31 Market Street
+61 2 8268 8690
Fax: +61 2 8268 8699
The General Overview, Services, Products and Projects information for this profile was last edited on 05 Jun 2015.