Regener8 Resources NL (ASX: R8R) (Regener8 or the Company) is excited to announce the Company has entered into an agreement to acquire tenement application ELA6755, known as Achilles North.
The key terms of the agreement are summarised in the Annexure to this announcement. The tenement application is located immediately adjacent and abutting tenements held by Australian Gold and Copper (ASX:AGC) where approximately 2.2km south, the Achilles discovery was recently made. This discovery displays outstanding drill results including:
AGC's continuing exploration of Achilles demonstrates that the strike of the mineralisation remains open to the north and south, with lookalike IP and geochemical targets extending north of the discovery towards ELA6755 (AGC ASX Ann 10.07.2024). Drilling of these northern targets some 1.7km from ELA6755 are underway following AGC's recent $11M capital raising (AGC ASX Ann 29.05.2024). ELA6755 is located in the world-class South Cobar region of NSW which hosts outstanding high grade polymetallic discoveries and long life mines, including the CSA Copper Mine acquired in 2024 by Metals Acquisition Corp (ASX:MAC) and the Peak and Hera polymetallic (Au-Cu-Ag-Zn-Pb) mines operated by Aurelia Metals Ltd (ASX:AMI). The region is renowned for small footprint, high grade deposits which have supported local mining for over a century
Managing Director of Regener8, Stephen Foley, comments: 'Securing this tenement in a highly prospective and renowned location provides Regener8 with optionality and diversity into its portfolio. The Achilles discovery by AGC is extremely exciting with outstanding gold, silver, lead and zinc results and ongoing exploration from AGC and SER indicates that the potential for discoveries in the area has just begun to be realised. AGC have shown impressive leadership from their exploration approach through to community and stakeholder engagement. We hope to emulate their success across these aspects and create value for Regener8 and our stakeholders with our approach.'
Achilles geological background
The Achilles prospect is hosted in the Achilles Shear within the Rast Trough of the southern Cobar Basin. The Rast Trough is dominated by felsic volcanism with minor sediments, and is bounded to the west by the Uabba Fault. The potential for polymetallic, Cobar-style mineralisation within the Achilles Shear was first identified by Santa Fe Mining in the late 1990s. The Achilles Shear is a 15 km long structure that has been interpreted as a southern, along-strike equivalent of the Rookery Fault system which controls the distribution of the central Cobar district polymetallic deposits at Hera and Peak (AGC Prospectus, 2021)
Subsequent exploration of the Achilles Shear by Santa Fe Mining, Savage Resources, Thomson Resources, Western Plains Gold and New South Resources has defined 3 main prospect areas - Achilles 1, 2 and 3. Achilles 3 (approximately 1.5 km south of ELA6755) was initially defined by a distinct lead-in soils anomaly closely related to the outcropping Devonian basement, and further refined by moving loop EM surveys (AGC Prospectus, 2021). Since listing on the ASX in 2021, AGC has been exploring the Achilles 3 prospect area with the discovery of significant mineralisation approximately 1 km south of the historic Achilles 3 prospect in April 2024 (AGC ASX Ann. 23.04.2024). Subsequent exploration has defined the sulphide mineralisation as occurring within a loosely N-S striking and east-dipping package of sheared and foliated rhyolites that remains open at depth and to the north and south.
North Achilles ELA6755
The North Achilles tenement application area overlies the northernmost extent of the Achilles Shear, near the convergence of Uabba and Kilparney Fault. While the Devonian basement that hosts mineralisation outcrops in the Achilles 3 area, the North Achilles project area is concealed by shallow Cenozoic dune fields and sediments of the Woorinen Formation. This cover renders surface geochemical sampling, which has been integral to the discovery of the Achilles prospects and many other deposits in the Cobar region, ineffective. As a result, the tenement area has seen very little historic exploration and remains effectively unexplored. The location of the tenement and neighbouring exploration success presents an opportunity to undertake targeted and systematic exploration of the North Achilles tenement area. Regener8 intends to leverage the growing geological and exploration understanding of the local mineralisation to explore the northern Achilles Shear for similar occurrences.
Contact:
Tel: +61 8 9226 2011
(C) 2024 Electronic News Publishing, source ENP Newswire