South Mt Lyell

The South Lyell Prospect is dominated by the southerly strike extent of the CVC volcanics that host the Mt Lyell mineralisation. The CVC in the South Lyell Prospect is composed of andesites, rhyolite volcaniclastics and a siltstone/mudstone unit. Owen Group lithologies are found in the east of the project area. The Great Lyell Fault separates the Owen Group lithologies from the CVC lithologies. The CVC rocks are extensively altered to a chlorite dominated mineral assemblage, with chlorite-silica-pyrite alteration associated with mineralisation. A complicated structural setting, with various north-west south-east orientated splays coming off of the Great Lyell Fault is present within the project area.

Copper-gold mineralisation within the prospect area is present as disseminated chalcopyrite associated with chlorite-silica-pyrite alteration and north-west orientated faults within the CVC volcanics. Gold appears to be most important on Little Owen Ridge, while copper is more important at the Great Lyell workings within the Great Lyell Fault Zone. Repetitions of the Mt Lyell mineralisation are sought after within this project area.

The area was prospected for copper and gold at the same time as the Mt Lyell deposits were found (late 1880’s) and was part of the Mt Lyell mining lease until the 1980’s. Sixteen historic workings are known in the area, with the majority being copper-gold workings. The most significant of the historic workings in the South Lyell Prospect is the Great Lyell mine which is reported to have produced 230 t of ore from an open cut and 500 t from underground developments.

Exploration began in earnest in the late 1960’s with various companies conducting geophysical surveys, mapping and geochemical programs, but importantly only eight recorded drill holes are known to exist within the prospect area, surprisingly few considering the proximity to a world class mine, the extensive alteration, structural setting and favorable lithologies. Most drill holes have returned anomalous intersections, the best being 23m @ 0.3 g/t Au from LO2, drilled 50m south and below the Little Owen working (which recorded 5.7m @ 6.2 g/t Au from channel sampling in the adit by RGC). Corona staff have begun mapping the prospect area in detail.