First Ground Work Underway by Invictus on North Queensland Gold Projects
Maiden field work has been commenced by Invictus Gold Limited (ASX: “IVG”) on its DrummondBasin gold projects in north central Queensland, following the Company's successful listing on the ASX last month after an oversubscribed Initial Public Offer (IPO).
Invictus announced today that field crews had been mobilised to the area to commence soil sampling programs and to determine access conditions following the recent cyclone activity that swept through the region.
The Drummond Basin contains three of Invictus' five 100% owned projects prospective for world-class deposits of gold, gold-silver, gold-copper, molybdenum and tin.
Invictus’ Managing Director, Dr Mike Jones, says the Drummond East and Drummond West Projects are highly prospective for bulk-tonnage porphyry-style gold-copper and gold-coppermolybdenum deposits such as Cadia Hill (>23 Moz gold) and Ridgeway (>2.6 Moz), both in New South Wales, as well as breccia pipes such as Kidston (>4 Moz) and Mount Leyshon (>3 Moz) in Queensland.
Invictus has identified five previously untested targets in the Drummond West and Drummond East projects where there are geophysical and/or geochemical indicators of large porphyrystyle and breccia pipe deposits: Alliance Fault, Clewitts Domain, Diamond Creek, Elgin Downs and Saint Annes.
These targets are the focus of the current Invictus work programmes.
"It is our view that the Drummond Basin is an emerging province for such deposits as demonstrated by the recent discovery of a large porphyry molybdenum deposit at the Anthony Prospect, 50 km along strike from Invictus' Drummond West Project," Dr Jones said.
"We are confident of being able to substantially progress most of our planned field programme despite the regional weather conditions of recent weeks and although obviously some areas have been impacted by the weather, our objective of getting on the ground as soon as possible after listing is now underway. We expect to be drilling priority targets as soon as we can as the ground dries out and rig access improves," Dr Jones said.
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