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Centaurus Metals Limited (CTM)
is a publicly listed company on the Australian Securities Exchange (ASX).
About Centaurus Metals
Centaurus Metals Limited (ASX: CTM) is an Australian-based minerals exploration company, with a high quality asset portfolio in Brazil.
Since early 2015, the Company has pursued a diversification and growth strategy aimed at broadening its asset base outside of the bulk commodities sector.
In September 2015 Centaurus successfully divested the 900kt Candonga DSO Iron Ore Project for ~A1.6 million. The Company continues to work to divest its Conquista DSO and Jambreiro Iron Ore Projects into the domestic market.
As part of its diversification strategy, in late 2015 Centaurus entered into a Strategic Alliance with Terrativa Minerais SA – one of Brazil’s pre-eminent private exploration groups – to work together to identify new business development opportunities.
This Strategic Alliance has delivered very positive results for Centaurus, enabling the Company to build a diverse and high quality asset portfolio with outstanding exploration potential for gold and copper as well as for iron ore.
The Company’s key Mombuca Gold Project features excellent geophysical targets and multiple walk-up drill targets, with a maiden drilling campaign to commence in the second half of 2016.
In June 2016, Centaurus’ diversification and growth strategy was further enhanced through the formation of a new 50/50 joint venture with substantial shareholder and private international investment company, Tavarua International Inc., to pursue potash projects in Australia and south-east Asia.
Mombuca Gold Project
The Mombuca Project is located approximately 100km north-east of the Minas Gerais state capital of Belo Horizonte, and offers outstanding gold and iron ore potential.
The Project is located in the southern segment of an extensive gold-palladium belt, defined by a series of north-south trending lineaments of thrust faults of Brasiliano orogeny, coincident with occurrences of gold-palladium-platinum mineralisation, artisanal workings and, in some cases, iron ore and gold mines (such as Itabira and Gongo Soco).
A magnetic anomaly on the Mombuca tenement has dimensions of 4.8km by 3.5km and is one of the strongest anomalies in the region. It is of a similar scale to the world-class Itabira Iron Ore mine (located just 20km south-east), which has been operating for over 60 years.
The Project is located exactly at the interference of two major thrust systems and is in a tectonic setting that is preferential for metasomatic fluids generated during tectonics. Such an alteration zone has been identified at Centaurus’ primary maiden target – the Initial Target Zone (“ITZ”).
The ITZ is defined by a large gold-in-soils geochemical anomaly that extends over a SW-NE trend of approximately 1.5km, coincident with crustal scale structures as well as several historical artisanal workings and adits from the 19th century. Face sampling from these adits has returned gold intercepts of up to 6m at 5.3g/t Au and 8m at 1.8g/t Au.
Located in a metavolcanic-sedimentary sequence the ITZ is made up of quartzites, iron formations (itabirite), mafic and ultra-mafic schists with the sequence dipping shallowly to the east-southeast. Strong sericite-carbonate and talc-chlorite hydrothermal alteration is present in the mafic and ultra-mafic schists respectively. The main gold mineralisation identified at the ITZ is hosted by pyrite-bearing quartz veins within altered and tectonized quartzite and mafic schist. Previously reported rock chip sample assays from the mineralised quartz veins included results of up to 12.2g/t Au.
Trenching work undertaken by Centaurus intersected multiple flat-lying gold-bearing quartz veins at different locations with gold assays of up to 3.1g/t Au returned over a 0.5m interval in the trenches. These intersections demonstrate the sub-surface strike continuity of structurally controlled gold mineralisation in quartz veins across multiple lithologies displaying common alteration assemblages, reinforcing the presence of a primary gold mineralisation system and supporting the potential for a larger mineralised system. This interpretation has been significantly strengthened by results of an Induced Polarisation survey completed in the first half of 2016.
The IP survey identified a number of open-ended high chargeability zones that extend to more than 250m depth. These chargeability anomalies, which indicate the likely presence of sulphides, correlate extremely well with the gold-bearing sulphide mineralisation identified at surface. Interestingly, a number of these IP chargeability targets are coincident with magnetic low features found within a broader magnetic high anomaly. This type of geophysical feature is a good indicator of iron oxide (magnetite) depletion zones due to sulfidation or hydrothermal upgrade of hematite-rich zones, both of which present excellent targets for drilling.
Based on the positive exploration results returned to date, Centaurus has identified multiple walk-up drill targets for the Mombuca Gold Project, and a maiden drilling campaign is planned to commence in the second half of CY 2016.
Aurora Copper Project
The Aurora Project is located in the north-eastern region of Brazil in the State of Ceará, approximately 350km south of the State capital Fortaleza.
The project has outstanding access to infrastructure, located just 10km from the Transnordestina Rail (scheduled for completion in late 2016) and with high-voltage power lines running through the project area.
Both primary and secondary copper mineralisation occurs in two principal target areas: the Diamante Target (south) and the Taveira Target (north). Historical diamond drilling within the Project area has returned significant copper intersections including:
- 12.5m at 2.4% Cu from 101.5m in Hole 3BA-14-CE (CPRM);
- 9.5m at 1.6% Cu from 46.0m in Hole 3BA-09-CE (CPRM);
- 6.9m at 0.93% Cu from 47m in Hole PJCA-PSED-SD0002 (Terrativa);
- 1.3m at 5.28% Cu from 32m in Hole PJCA-PTAV-SD0010 (Terrativa); and
- 12.0m at 0.79% Cu from surface in Holes PJCA-PTAV-SD0007 (Terrativa).
Following its acquisition of the Project in 2015, Centaurus commenced a detailed review of historical geophysical data led by highly experienced US-based geophysicist, Mr Robert B. Ellis. Mr Ellis specialises in South American base metals projects and has previously worked with Codelco, AngloGold, Kinross and Barrick (amongst others) and has extensive experience in Brazil working with Yamana.
The most significant new target that emerged from this review was a chargeability high identified north of the Diamante target, which extends over +1km of strike and is up to 600m wide, located along the same trend as the Taveira target. It is coincident with a resistivity high as well as copper-in-soils anomalies, and is interpreted to represent sulphide-rich mineralisation.
A major Induced Polarisation (IP) survey is now planned for the Aurora Project aimed at enhancing target definition in advance of new drilling.
Parambu Copper Project
The Parambu Copper Project is located 380km from Ceará’s State capital, Fortaleza. The Project has good logistical and infrastructure characteristics, being located 150km via sealed highways from the open-access Transnordestina Rail, which will link into the new bulk cargo port of Pecém.
The Project tenements cover the north and south limits of a pull-apart sedimentary basin where multiple occurrences of copper oxide mineralisation (malachite) have been identified at surface.
The tenements cover a combined 23km strike length of the basin contact with the Proterozoic granite which is delineated by east-west faults.
Mineralisation is found within the sediments as well as the granites and is thought to be concentrated where there are cross-cutting northeast-southwest faults. Exploration programs have previously been conducted in the region by Centaurus’ Strategic Alliance partner, Terrativa Minerais SA, as well as other local and international mining companies.
Centaurus will work to collate and integrate the datasets from these programs prior to commencing initial field work at the Parambu Project.
Nova Potash JV
The Nova Potash JV is a 50/50 joint venture between Centaurus Metals and private international investment company, Tavarua International Inc.
The Joint Venture was formed in June 2016 to investigate new potash opportunities in Australia and south-east Asia. The Joint Venture, which represents a key step in Centaurus’ asset diversification strategy, positions it to capitalise on strong global demand for potash fertilisers, as increased farming efficiency is required to feed the world’s growing population.
Over the past four years Tavarua has been working with the leading Brazilian agricultural research institute, Embrapa, to identify a solution for the low-cost delivery of potash fertilisers to the extensive Cerrado agricultural region of central Brazil.
This extensive database of information was generated from resource development work undertaken by Tavarua on their various potash tenements in Brazil and the various Embrapa agronomical studies.
Under the arrangements, the Nova Joint Venture will utilise this extensive geological, ore processing, product characterisation and agronomical knowledge base and data to assess the opportunity to achieve a similar low-cost delivery of potash fertiliser for the Australian and south-east Asian markets – where annual demand for potash fertilisers is currently over 5Mtpa and growing rapidly.
Brazilian Iron Ore Projects
Conquista DSO Project
The Conquista Project comprises a portfolio of highly prospective tenements with extensive Direct Ship Ore (DSO) mineralisation.
The Company has established an Exploration Target for the Conquista tenements of 3.5-8Mt of high-grade DSO grading 64-67% Fe, with a further 20-40Mt of itabirite mineralisation grading 35-45% Fe. The Exploration Target is based on detailed geological mapping, auger drill-hole results and is underpinned by the ground magnetic survey. The Exploration Target quantity and grade is conceptual in nature, there has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource.
Centaurus believes that the Conquista DSO Iron Ore Project has the ability to be a significant cash generator for the Company in the near future via sale of the asset or through joint development.
The Company’s 100%-owned Jambreiro Project, located in south-east Brazil, is a shovel-ready development project that is licenced for 3Mtpa of wet production and which represents a strategic asset in the Brazilian domestic iron ore and steel sector.
Centaurus Metals Limited
10 Outram street
West Perth, WA
+61 8 9420 4000
Fax: +61 8 9420 4040
The General Overview, Services, Products and Projects information for this profile was last edited on 12 Aug 2016.