The remaining untested intrusive complexes of the Macquarie Arc porphyry geology are a globally significant exploration opportunity. This is increasingly evidenced by AngloGold Ashanti, FMG and S2 Resources’ having secured over 10,000km2 of exploration ground in the last 12 months via four Earn-in and Joint Venture agreements supporting potentially over A$200m in exploration expenditure. Also in the Arc over this period Cadia and Northparkes, Australia’s largest and second largest porphyry mines, have been the focus of change of control acquisitions.
John Holliday, Technical Committee chair, and Peter Leaman, VP of Exploration, commented:
“The next Cadia-scale deposit in the Macquarie Arc will likely be found in the covered and under explored parts of this proven Tier 1 terrane and jurisdiction.
This is virgin territory and a major opportunity with huge upside, which is being increasingly recognised as evidenced by recent significant deals and increasing investment by industry heavyweights.
Regional magnetics has proven very effective in mapping the volcanic belts and the major deposits have identifiable intrusive complex signatures. This is evidenced in the southern and more mature sections of the Arc that already hosts over 160Moz gold equivalent endowment.
Kincora’s Wongarbon, Nyngan and Nevertire projects are real stand out examples of these in the right locations and with the right features, hosting three of the very few remaining untested large volcano-intrusive complexes of the Arc.
It is absolutely mystifying why to date so little exploration has been carried out over the covered northern parts of the Arc and why Wongarbon has never been drilled. It is a prime candidate for major discovery.”
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