Corona Minerals Ltd Targeting bulk tonnage copper-gold in a world class established but underexplored mining jurisdiction on the West coast of ...
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Corona Minerals Ltd
November 2014
Targeting bulk tonnage copper-gold
in a world class established but
underexplored mining jurisdiction on
the West coast of Tasmania
1
Why Queenstown?
• Right geological area - Mount Read Volcanics are a world class mineral belt
• Low environmental sensitivity – The Queenstown district is an established mining
jurisdiction and is not Tarkine
• Right target mineralisation style – The neighbouring Mt Lyell mineralisation is a large scale
high grade porphyry-epithermal copper-gold system compared to the global average
• Under explored – Historical exploration efforts left the project area under drilled due to
challenging terrain, evidenced by Corona’s recent discovery at South Darwin
• Well mineralised – More than 130 recorded historical workings and 2 advanced Cu-Au
prospects including Coronas recent discovery at South Darwin
• Close to infrastructure – Queenstown Project is rugged but not remote. A sealed road
crosses most of the tenure and a Power station is positioned in the middle of the tenure?
Why Corona?
Right management team
• Terrence Allen – Chief Executive Officer. Involved in management of listed ASX companies for 30
years. Spearheaded the discovery and development of 5 mines and several significant discoveries
world wide including world class Dairi Project in Indonesia, which led to the ~$500m recommended
takeover of Herald Resources Ltd, which he was Chairman and Managing Director of at the time.
• Michael Wright – Chief Financial Officer and Corporate Secretary. Involved in management of
listed resource companies for 25 years. Former Executive Director of Herald Resources Ltd until
takeover above
• Brian Hurley – Non-executive Director. Mining engineer with some 40 years experience in the
resources sector. Former Director of Herald Resources, General Manager of Western Mining Corp. –
Nickel Division and Senior General Manager Western Australia. He has been a former Chairman and
Director of a number of junior mining and exploration companies.
Right philosophy
• Company admin costs are kept to a bare minimum, with the maximum dollar amount put into
exploration. Directors are unpaid.
Great project with excellent potential for near term resource definition and further
significant discoveries, and all within an area that boasts positive resource
development fundamentals.
3
Queenstown Project - Overview
• Well established mining district with
large scale mining over the past 110
years.
• Community support for new mining
operations
• Low environmental sensitivity
• 206 km2 of tenure including 30km strike
of Mt Read Volcanics due south of
Vedanta’s World Class Mt Lyell copper-
gold mine which hosted global pre-
mining resources of 311 Mt @ 1% Cu, 0.3
g/t Au a
• Principally Targeting bulk tonnage
porphyry style copper-gold systems
analogous to the Mt Lyell mine
• 130 known historical workings mostly
for copper-gold
4
Queenstown Project - POTENTIAL
• Corona has recently made a significant copper-gold discovery at the South Darwin
Prospect- an easily accessible area that has been the subject of exploration efforts
over the past century - highlighting the potential within the project for new discoveries,
in what is an underexplored, and critically an under-drilled area.
Tenure Overview
Queenstown Project
• EL51/2008
• Corona 80%
• Pacifico 20%
• EL12/2009
• Corona 80%
• Pacifico 20%
• EL21/2010
• Corona 100%
6
Queenstown Project – Prospect Locations
Comstock Valley
Vedanta Mt Lyell Mine
Chamonix Zinc
Queenstown South Lyell
Nasty Knob
Mt Ellen
North Jukes
Garfield
East Darwin
South Darwin
10km
Modified
Google Earth
Image
7
Garfield- Location
Comstock Valley
Vedanta Mt Lyell Mine
Chamonix Zinc
Queenstown South Lyell
Nasty Knob
Mt Ellen
North Jukes
Garfield
East Darwin
South Darwin
Modified
Google Earth
Image
8
Garfield Prospect- A Cambrian aged porphyry camp
38,000
• Targeting bulk tonnage porphyry style copper-gold
mineralisation hosted within a MRV porphyry
andesite unit, current exploration target 10-50Mt @
0.8% CuEq.
• Potential for high sulphidation epithermal Cu-Au and
gold rich VHMS systems associated with the
porphyry system
• Very large white mica alteration halo - 7km long &
1.6km across, strong Zn depletion in soils marks
centre of alteration system and position of porphyries
532,4000
532,4000
• Northern most drilling not sufficiently tested andesite
38,000 position, most shallow holes started and ended in
mineralisation
9
Garfield Prospect- Cross Section
SW NE
Garfield cross section
5325000 N
Hornblende and feldspar
phyric Andesite
Quartz phyric Rhyolite 400m ABSL
volcancis and volcaniclastics
Feldspar phyric dacites
100m
300m ABSL
39.8m @ 0.2% Cu,
0.04 g/t Au
200m ABSL
21m @ 0.91% Cu,
133m @ 0.2% Cu, 0.3 g/t Au
0.06 g/t Au
100m ABSL
Sea Level
10Garfield Prospect- Long Section
Garfield long section
GAR003
Pierce point- with 0.4% Cu
GAR008
21m @ 39.8m @ GAR009
cut off applied 0.91% Cu, 0.2% Cu 11m @ 0.12% GAR010
0.3 g/t Au Starting and Cu 40m @ 0.16%
Pierce point- hole only
(within ending in Ending in Cu
partially tested mineralisation
133m @ mineralisation mineralisation Ending in
GAR007 0.2%, 0.06
GAR011
Pierce point- hole intersected mineralisation (within
7m @ 0.08%
lower tenor/no mineralisation g/t Au Cu) 122m @
Cu
Ending in 0.35% Cu)
400m mineralised
andesite
GAR001
50m @
0.56% Cu,
0.08 g/t
Au (within
122m @
350m 0.35% Cu)
Resource Exploration Target
1400m
GAR002
Extent of chargeable IP anomaly 19m @ 0.64%
at surface and of IP survey Cu, 0.2 g/t Au
(within 113m @
0.25% Cu, 0.06g/t
Au)
NCT008
Weighted average of NSI
holes GAR001-003 at a GAR012 No
7m @ 0.17% Andesite.
0.4% Cu cut off grade is Cu Intersected
29.6M @ 0.7% Cu and narrow alteration
porphyry zone
0.19 g/t Au (CuEq of andesite
0.81% Cu)South Darwin-Location
Comstock Valley
Vedanta Mt Lyell Mine
Chamonix Zinc
Queenstown South Lyell
Nasty Knob
Mt Ellen
North Jukes
Garfield
East Darwin
South Darwin
Modified
Google Earth
Image
12South Darwin – Prospect Summary
• Copper-gold (silver-magnetite-REE-tungsten-
molybdenum Rare Earths) discovery hosted by
hydrothermal breccia related to a late stage
granitic intrusion
• Drilling intercepts include
• SDD001: 124m @ 0.4% Cu, 0.18 g/t
Au
• SDD005: 50m @ 0.4% Cu, 0.12 g/t
Au
• Including: 13m @ 1.2% Cu, 0.45
g/t Au, 4 g/t Ag, 29% Fe
• Also: 30m @ 2% TREO
• >5km strike length of high tenor magnetic
anomalies to follow up
Location of South Darwin LEGEND
recent Prospect
discovery
13 General geology, alteration and location of historical workingsSouth Darwin- Exploration
• Discovered in 2011/2012, discovery hole
SDD001 intersected 124m @ 0.4% Cu,
drilled obliquely to strike.
• Follow up drilling in 2012/2013
intersected higher grades in the
magnetite zone- viz. SDD005: 13m
@1.2% Cu, 0.45 g/t Au, 2.8 g/t Ag,
29.9% Fe, within a broader zone of 50m
@ 0.4% Cu and 0.12 g/t Au, and also
multiple parallel copper mineralised
zones with little or no magnetite.
• SDD005 also intersected 30m @ 2%
TREO partially overlapping with the
copper mineralised zone
• Numerous magnetite bodies to test, 5km
strike length.
• New mineralisation styles intersected in
recent round of drilling indicate the
mineralised package is >400m wide and
still open either side
14South Darwin - Exploration
• Modelled magnetics indicate
significant depth extent
• 5km strike length plus parallel
structures
• Grade apparently improving with
depth (viz. SDD004 and SDD005)
• Bastnaesite and allanite major
hosts to REE mineralisation.
15South Darwin - Exploration 16
Queenstown Project – Other Targets
South Lyell Comstock Valley
• Mt Lyell Style Cu-Au-Ag • Black Shale Hosted Zn-Pb-Ag
• 1.5km from Mt Lyell Pit Wall • Large VTEM Conductor
• Same rocks, same alteration as Mt Lyell
• Numerous historical workings
• Only 9 holes drilled, assays include 21m @ 0.2 g/t Au
Chamonix Zinc
Specimen creek • Black Shale Hosted Zn-Pb-
• VTEM anomaly Ag
• Strongly altered volcanics • Best AC drill intersection
• Similar geological setting to Hellyer 8m @ 7.1 % Zn, 1.2% Pb,
20.4 g/t Ag, Best DD
intersection 6.6m @
Mt Ellen 3.86% Zn m9.4 g/t Ag.
• Stockwork Gold in Porphyry Rhyolite
• Historical gold working Nasty Knob
• Surface anomalism over a few hundred • Base metal mineralisation adjacent to Great
square metres Lyell Fault
• Rock chips to 4.6 g/t Au • Outcropping mineralisation
• Only one drillhole; intersected 40m @ 0.2 • One drillhole shows mineralisation extends
g/t, 400m vertically below old working 500m vertically
North Jukes
• Disseminated and breccia hosted Cu-Au
in porphyry rhyolites
East Darwin • Numerous historical Cu-Au workings
• Cu-Au in strongly altered felsic • 5 drill holes all intersected mineralisation
volcanics including 10m @ 1.2% Cu and 1.2 g/t
• 1.5km strike of alteration, Au
geochemical anomalism and • Coincident I.P., magnetic and
historical workings geochemical anomaly not been tested
• 3 poorly placed drill holes, one by drilling.
drilled down dip, 2 not taking
northerly plunge to mineralisation
into accountExploration Strategy
• Systematic approach to exploration already demonstrated by Corona with project wide
VTEM and aeromagnetics survey and follow up drilling leading to the discovery of
mineralisation at South Darwin.
• Move towards defining a resource at Garfield and large strike extent and repetition to
follow up at South Darwin.
• The immediate success of Corona’s maiden drilling program highlights the opportunity
to discover significant mineralisation by drill testing targets
• Key prospects are drill ready.
• 137 known mineral occurrences within the tenure, numerous untested geophysical
targets from both historical and Corona exploration, 25km strike of regional
stratigraphic targets and regional alteration zones: all need assessment with a view of
18
defining further drilling targets.Corona Minerals Ltd
November 2014
Exciting project in a world class
mineral province
Highly successful and experienced
management team with proven track record
Good potential for bulk tonnage
Cu-Au mineralisation at Garfield
Significant discovery at the South
Darwin Prospect
19COMPETENT PERSON’S STATEMENTS
The information in this report relates to Exploration Results and has been compiled by Charles Hughes. Mr Hughes, who is a full-time employee of
Corona Minerals Limited and a Member of the Australian Institute of Mining and Metallurgy. He has sufficient experience which is relevant to the
style of mineralization and type of deposit under consideration. The activity undertaken, qualifies him as a Competent Person, as defined in the
2012 Edition of the Australasian Code of the Reporting of Mineral Resources and Ore Reserves. Mr Hughes consents to the inclusion of this report
and the matters based on the information in the form and context in which it appears.
NOTES ON GARFIELD
In order to access the potential value of the suite of minerals of economic interest, formulae were developed to calculate metal equivalency for
gold and copper. These metals contribute the highest values based on prices and recoveries used (see Table 2) Metal prices used were consistent
with spot values (rounding applied) at the time.
Gold recoveries used were estimates based on current mining operations that process a similar style of deposit. Metallurgical test work is required
to provide a better understanding of the metal recoveries.
CuEq% = Cu grade % + [Au grade g/t (Au price oz / 31.1035) Au recovery] / (Cu price t / 100)
Table 2. Metal Price and recovery used in metal equivalency formula
Element Price Unit Price Recovery
Cu $7,000 AUD/ Tonne n/a
Au $1,300 AUD / troy oz 90%
The Garfield information is compiled from historical open file drilling data.
CORONA MINERALS LTD | ABN 95 105 161 644
703 MURRAY STREET WEST PERTH WESTERN AUSTRALIA 6005 | PO BOX 183 WEST PERTH WESTERN AUSTRALIA 6872
Investor Presentation July 2011
TEL +61 (0) 894 864 482 | EMAIL admin@coronaminerals.com | WEBSITE www.coronaminerals.comYou can also read
