Introducing new concepts in the global search for extensions of major land-based mineral domains beneath shallow water. Spencer Metals initiates tenement coverage over large unexplored and highly prospective area of Gawler Craton for Iron-Oxide-Copper-Gold deposits.

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Figure 1

» Spencer Metals’ copper-gold project, South Australia.
Black dots are areas of interest/prospective areas identified for follow up. Green bubbles are proportional to contained copper in known deposits. (Source: Spencer Metals)

» Copper belts and size of deposits.
Note the very large “gap” in South Australia between largest and next biggest copper deposit. Larger deposits remain to be found in South Australia (Source: SA Department of State Development).

» Details of Spencer Metals’ tenements (Source: Spencer Metals).

» Jack up platform used for drilling in c.1997. NE of Wallaroo looking towards Copper Coast, Spencer Gulf. Not a Spencer Metals' asset. (Source: M&S Roberts)

New frontier domains for metals. In the continued search for metals, global mining companies are accelerating the search for new domains hosting iron oxide-copper-gold deposits. Exploration is now being directed to extensions of major land-based mineral domains beneath shallow water.  Spencer Metals has identified potential in the Spencer Gulf for copper-gold deposits in the highly prospective Gawler Craton.  The target areas are located under the relatively shallow waters (2-35 metres) of the Spencer Gulf with expected minimal weathered or barren rock cover. As this is a fundamentally unexplored and unappreciated part of a premier copper-gold belt, the opportunity for a major discovery is considered to be good.

Iron-oxide-copper-gold deposits (“IOCG”) are a well-recognized class of mineral deposit.  Much of the exploration for this class is focused in South Australia’s Gawler Craton, the planet’s premier and most fertile IOCG belt – a belt that includes the giant Olympic Dam copper-gold-uranium deposit, the major Prominent Hill copper-gold deposit, the Carrapateena copper-gold development and other discoveries at Hillside and Khamsin.  Exploration for IOCG deposits in South Australia has focused exclusively on land, save for two exceptions by Phelps Dodge in the 1990s and BHP in 2001.  Spencer Metals has assembled a strategic and contiguous package of 14 tenement applications covering ~9,800 square kilometres in the Spencer Gulf; and two granted tenements (99 sq km) on Yorke Peninsula. 
New Developments. An unexpected but positive outcome from studying publicly available magnetic and gravity data over the Spencer Gulf was the recognition that certain structural and hydrothermal alteration trends could be traced onto land. In 2017, Spencer Metals signed an agreement with Rifle Resources Pty Ltd, holder of EL5777, to explore one such target area on land; and acquired EL6105 (100% Spencer Metals) which covers another potential target area. The Company intends to focus its efforts on these new land targets. This strategy will provide a clearer pathway to de-risk targets closer to the coast under shallow water.

Strategic technical links, concept mining and infrastructure   
Following the initial concept identified by Spencer Metals, a world-leading expert and proven ‘Tier One’ IOCG ore finder was commissioned to assess mineral prospectivity below the Spencer Gulf.  He subsequently identified 12 high priority target areas.  Spencer Metals also has links to the world’s best research institutions, and a Technical Advisory Panel of world-leading geologists, biologists, geophysicists and marine engineers which complements our careful and methodical approach to exploration. The project area is near mining and smelting infrastructure, thus offering significant commercial advantage.  The Company commissioned a desk-top conceptual study by an accredited international mining consultancy group who concluded…“it is likely to be practical to mine a large copper-gold orebody by underground methods beneath the seafloor”.

This project is about the discovery of the next “Nation building” ore deposit in Australia. It’s time for one!