Speewah commissioned an independent geological consultant to review all previous exploration.
Strong evidence of copper, gold and base metal mineralisation exists in several locations over large portions of the Dome.
In 2010/2011 geologists undertook a soil and rock chip sampling program over some unexplored portions in the north-eastern sections of the Dome.
Numerous high grade copper, gold and silver assays were evidenced in surface rock samples, with the best results previously reported being 27.25% copper, 25 ounces per tonne silver, and 4.97 grams per tonne gold.
The review has established a new exploration model for its Speewah Dome tenements which prioritises copper-gold targets in previously unexplored fault locations, where a felsic granophyre unit has been 3D modelled to be present, and potentially close to surface.
A new geological model, with new priorities for copper gold exploration has emerged.
A previously commissioned independent review has identified that the most likely control of the high grade copper-gold mineralisation concentrated at the surface in the Grey's, Hayden and Eiffler locations was a felsic granophyre rock unit which has mostly been eroded away in the central parts of the Dome.
Speewah has re-focussed to follow up copper-gold potential at Speewah Dome and plans the following program based on the recommendations contained within the review, including:
- Reprocessing of the 2011 V-Tem survey, which is underway;
- Further interpretation of the 2011 gravity and magnetics surveys;
- Collecting 2,500 soil and rock samples over 10 new locations; and
- Follow up rotary air blast drilling on the highest order targets generated from those surveys.
To fund ongoing exploration and development of Speewah's projects, the company has launched a share purchase plan for shareholders to purchase up to $15,000 worth of fully paid ordinary shares in the company.
Speewah will issue up to 39.2 million shares at $0.05, representing a discount of 12.6% to the average price of shares traded on the ASX over the last five days.
Speewah will aim to raise sufficient capital to begin a reconnaissance soil and rock sampling program over unexplored but high priority areas identified from a very recent technical peer review of all past exploration results.
The new geological model, with new priorities for copper gold exploration that has emerged offers potentially exciting upside for the company and for investors given current valuation is around $7m.
Effectively, this re-focus on copper/gold and new geological model provides a path to new upside for investors.
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