Nova Minerals Limited SHARE PRICE ASX: NVA $0.015
The Farewell Terrane is comprised of four projects; Bowser Creek; Chip-Loy/Roberts; Windy Fork; and Ozzna Creek, all centered within a radius of approximately 10 miles.
The projects are located between 60 and 80 miles southeast of McGrath and 148 to 160 miles northeast of Anchorage; within the Seward Meridian, McGrath A-2, A-3 and B-2 USGS 63,360 Quadrangles and wholly within the McGrath Mining District.
Chip-Loy/Roberts Project (Nickel, Copper, Cobalt, Gold, Silver, PGE’s)
- Chip-channel samples from the Chip-Loy deposit contain a number of historical disseminated and massive Ni, Co, Cu sulfide sampling (Smith and Albanese, 1985; Bundtzen, Roberts, and others, 1982)
- Drilling planned to understand the extent and expand on the known Massive sulphide Ni, Co, Cu mineralisation.
The Chip-Loy/Roberts prospect is comprised of forty-two (42) unpatented mining claims located on State of Alaska public lands wholly within the McGrath A-3 Quadrangle.
The prospects (Chip-Loy and Roberts) are described separately, although geophysical data suggests the Roberts prospect is part of a belt of similar deposits that includes the Chip-Loy prospect.
Chip-Loy (Nickel, Cobalt, Copper)
The Chip-Loy massive sulphide Ni-Cu-Co prospect was first discovered and staked by prospectors Ed Chipp and Robert Loy in the early 1960s.
Since then numerous geologists from industry and government have visited and sampled it. It is located adjacent to Straight Creek, one of the headwater tributaries of the Middle Fork of the Kuskokwim River.
It consists of an irregular, steeply dipping layer of massive to disseminated, nickelian pyrrhotite accompanied by other sulfides in an elongate, composite, diabase intrusion. The diabase, which ranges from gabbro to diorite, has been described as a pipe in plan view or as a dike.
The intrusion trends in a northeast direction and cuts mid-Silurian Terra Cotta Mountains Sandstone, a formation of the Dillinger subterrane, a continental margin assemblage of Lower Paleozoic age and has been assign as early Tertiary age (Bundtzen 1999a).
Roberts (Nickel, Copper, Cobalt, Platinum Group Elements)
The Roberts prospect is in a differentiated, mafic-ultramafic sill that cuts silty limestone and shale of the Late Cambrian to Early Ordovician, Lyman Hills Formation, the oldest facies of the Dillinger subterrane (Bundtzen, Harris, and Gilbert, 1997).
Oldest facies of the Dillinger subterrane (Bundtzen, Harris, and Gilbert, 1997). The sill is undated, but believed to be correlative with Late Triassic feeders in the Tatina River Volcanics, a subdivision of the Middle Devonian to Lower Jurassic Mystic subterrane (Bundtzen, Harris, and Gilbert, 1997; T.K. Bundtzen and G.M. Laird, written communication,1998).
The mineralization at the Roberts prospect is mainly disseminated and network-style sulfides with a notable content of platinum group elements (PGE) in the lower and middle part of the sill.
Windy Fork Project (REE’s)
- Cerium enriched, REE placer gravels concentrations occurs throughout large areas of the project area.
- Systematic surface sampling of the placer deposit was completed by Barker (1991) during 1988
- Target drilling of REE placer gravels to define a resource under JORC code
- Bulk test sampling and trial mining planned of REE placer gravels.
The Windy Fork prospect is comprised of twenty-six (26) unpatented mining claims located on State of Alaska public lands wholly within the McGrath A-3 Quadrangle. The Windy Fork Placer occurrence is located at the confluence of the Windy Fork of the Kuskokwim River and two unnamed, north flowing tributaries draining the Windy Fork pluton (Gilbert and others, 1988).
Systematic surface sampling of the placer deposit was completed by Barker (1991) during a cooperative strategic mineral assessment of the McGrath quadrangle with the Alaska Division of Geological and Geophysical Surveys.
The Windy Fork prospect is a significant accumulation of REE minerals, ilmenite, zircon, and other heavy minerals liberated from the peralkaline Windy Fork composite pluton and concentrated in a high energy glaciofluvial placer deposit (Solie, 1983; Gilbert and others, 1988; Barker, 1991; Bundtzen, Harris, and Gilbert, 1997).
Although the Windy Fork pluton contains riebeckite granite, biotite granite, and pyroxene syenite phases; its average chemical composition is that of peralkaline granite (Solie, 1983). The Windy Fork pluton is radioactive and scintillometer readings taken along traverses across the intrusion range from 650-to-800 cps, about 3 times the average background for granitic rocks.
High energy glaciofluvial gravels with significant heavy mineral concentrations have accumulated in an elliptical, one square kilometer area near the confluence of Windy Fork and two second order tributary streams that dissect the Windy Fork pluton (Gilbert and others, 1988). Stream bed and fan deposits contain abundant chevkinite, eudialyte, ilmenite, monazite, tscheffkinite, and zircon and minor to trace allanite, cassiterite, and thorite (Barker, 1991).
Natural streaks of black sand rich in magnetite and ilmenite are very common in bedload environments. Monazite and zircon are easily identified in the field.
Bowser Creek Project (Silver-Zinc-Lead)
- During a heavy metals investigation of the southern Alaska Range in 1967 a U.S. Geological Survey Team discovered occurrences of lead, zinc and silver of potential economic significance.
- The reported cost of this government project was $7 million, and the Bowser Creek exposures were considered to be the ‘find’ of the summer
- Multiple walk up drill targets to be targeted to define a resource under JORC code.
The Bowser Creek prospect is comprised of twenty (20) unpatented mining claims located on State of Alaska public lands wholly within the McGrath A-2 Quadrangle. There are three targeted prospects – Bowser Creek Headwaters; Bowser Creek Main and Bowser Creek Northeast, all located along Bowser Creek up to the headwaters.
During a heavy metals investigation of the southern Alaska Range in 1967 a U.S. Geological Survey Team discovered occurrences of lead, zinc and silver of potential economic significance.
The Bowser Creek prospects were subsequently discovered during regional geological mapping and mineral investigations conducted in the southern Alaska Range by the U.S. Geological Survey and published in Reed and Elliott (1968, C 559 and 596) and Reed and Lanphere (1972). The reported cost of this government project was $7 million, and the Bowser Creek exposures were considered to be the ‘find” of the summer.
The Bowser Creek prospects consists of disseminated to massive, sulfide mineralization in discrete, northwest trending, steeply dipping, quartz-carbonate veins and vein breccias cutting quartz porphyry of the Bowser Creek composite pluton.
The quartz porphyry phase, which has been radiometrically, dated 60.4 Ma; it intrudes the Early to mid-Paleozoic Dillinger subterrane (Bundtzen and others, 1988; Bundtzen, Harris, and Gilbert, 1997). A prospect map has been published by Bundtzen and others (1988). Sulfide minerals include massive sphalerite and pyrrhotite, with lesser amounts of galena, chalcopyrite, and arsenopyrite. Pyrrhotite and arsenopyrite clearly crosscut previously deposited galena, sphalerite, and pyrite.
Ozzna Creek Project (Gold, Silver, Zinc, Copper, Lead)
- The Ozzna creek prospect consists of base metal sulfide veins and replacement deposits within an extensive quartz-sericite-pyrite halo rimming a 450 meter wide, rugged, quartz monzonite breccia pipe, which forms the core of a distinctive, precipitous, 7,205-foot –high (2,197 m) peak.
- Historic data to be reviewed
- Drill testing to unlock a new base metals province.
The Ozzna Creek Project is comprised of thirty-six (36) unpatented mining claims located on State of Alaska public lands wholly within the McGrath B-2 Quadrangle. There are several prospects within the project area whereby they form part of a widespread polymetallic mineral belt, the Farewell Mineral belt and were one of several in a block of claims, known collectively as the BMP project, prospected by International Tower Hill Mines, Ltd., (2008).
The Ozzna Creek prospect is located on a west-flowing tributary of the Windy Fork of the Kuskokwim River. It consists of base metal sulfide veins and replacement deposits in an extensive quartz-sericite-pyrite halo rimming a 450-meter-wide, quartz monzonite breccia pipe.
The pipe forms the core of a distinctive, precipitous, 7,205-foot -high peak. A biotite separate from the quartz monzonite pipe gave a K-Ar age of 58 Ma. (Solie and others, 1991). A pronounced magnetic high rims the edge of the breccia pipe (Rob Kell, written communication, 1983).
(The magnetic anomaly that rims the quartz monzonite breccia pipe is similar to geophysical features found in porphyry copper systems throughout the North American Cordillera.)