Clermont Project
Copper-Gold Project
MoU with DIATREME RESOURCES PTY LTD
In August 2021, MLM announced it had signed a Memorandum of Understanding (MoU) with Diatreme Resources for a potential Joint Venture on the Clermont Gold Copper Project which comprises EPM 17968.
After a review of the historical exploration data for the Clermont tenement, MLM identified an intense magnetic low feature on Hillview Station which had coincident copper, gold and molybdenum geochemistry and postulated that the magnetic low feature could possibly be a buried copper – gold porphyry system.
In May 2021, MLM completed two hole diamond (RDD019 and 0202) at Clermont, with the holes drilled to test the intense magnetic low anomaly, which was modelled at a depth to top of between 300m to 500m. Both holes intersected porphyry style alteration and mineralisation but not in economic quantities, and further magnetic, geochemical and petrological studies from the data obtained from the two diamond drill holes indicated that the magnetic target had not been adequately tested.
On the completion of the two diamond holes MLM confirmed that the company had met the expenditure commitment to earn 25% of the project. In addition, based on the presence of porphyry style alteration and mineralisation in the two holes, MLM elected to move to the second stage of the earn in phase of the JV agreement and increase the company’s share to 51% of the project through an additional $700,000 spent on exploration activity completed prior to 1 July 2023.
In March 2023, MLM increased the depth of Hole RDD020 from 501.30m to 51.50m in order to test the intense magnetic low / potential porphyry intrusive. Hole RDD020 was terminated at 951.5m after intersecting a variably altered and mineralised quartz-monzonite porphyry. However, the mineralisation intersected was confined to fracture surfaces and narrow (1cm) quartz veins, with the best recorded intercept being 1m at 0.41% Cu, 0.62g/t Au and 228ppm Mo from a zone of intense alteration at 789m.
The depth extension to hole RDD020 did not explain the intense magnetic low with the magnetic susceptibility readings remaining constant down the hole, however the drill hole trace through the modelled anomaly indicates the magnetic low and therefore the porphyry target was tested.
Further geochemical and geophysical studies will be undertaken at Clermont to determine if the progenitor intrusive responsible for the mineralisation in hole RDD020 can be identified and if the potential for a mineralised porphyry still exists within the tenement. In addition to this work, a review of the other prospect areas within EPM17968 will be undertaken to determine if there are other areas of interest which may have the potential to host significant levels of mineralisation.