CURRENT PROJECTS - TALGA PEAK
MPJ completed in September 2008, 19 hole, 4,018m Reverse Circulation (RC) drilling program at the Talga Peak Project, located in the Pilbara, Western Australia. The program was designed to investigate Electro-Magnetic (EM) conductors for shallow to moderate depth Volcanogenic Massive Sulphide (VMS) style conductors, located beneath previously drill tested gossanous zones at the Cord prospect. The drill program also tested further EM targets located along the Cord Valley (a 15km corridor extending west from the Cord prospect), including targets identified at the Viagra, Packard and Excalibur prospects.
Assay results from the program suggest the 2km strike at the Company's Cord prospect consisted of multiple layers and lenses of variously polymetallic disseminated and semi massive sulphides over a stratigraphic width of up to 32m. Significant intercepts from RC holes completed at the Cord prospect include:
- 32m @ 11g/t Ag and 0.15% Cu from 148m (TPRC36)
- 4m @ 0.28g/t Au, 32.5g/t Ag, 0.24% Cu and 0.25% Pb from 164m (TPRC36)
- 4m @ 0.12g/t Au, 17.5g/t Ag and 0.47% Cu from 176m (TPRC36)
After reviewing the assay results, the Company has taken a position that the potential for shallow to moderate depth base metal VMS style mineralisation along the Cord Valley is diminished and no further exploration is warranted.
Reconnaissance ground inspections and rockchip sampling were also completed on an identified iron feature in the western portion of the project area. The iron feature is associated with the South Muccan Shear Zone (SMSZ), a major regional structure extending east - west through the project area extending to Moly Mines Limited’s Spinifex Ridge project. A total of five rock chip samples were collected from a single traverse sampled at 10 metre continuous intervals. The results received from the rock chip traverse were considered to be encouraging. Several samples reported high levels of iron. All samples collected contained maghemite material and indicate a width of up to 50 metres @ 48.5% Fe of the feature tested.
On 1st October 2009 the Company announced it entered into an exclusive and irrevocable option agreement with Process Minerals International Pty Ltd (“PMI”) a 100% owned subsidiary of Mineral Resources Limited (ASX:MIN) in respect to the iron ore rights associated with its 80% owned Talga Peak Project. Under the agreement PMI will pay MPJ a royalty per dry metric tonne of iron ore removed from the tenements, with the rights to all other minerals remaining with MPJ.