COR 85%, PMY 15%, plus 100% COR tenement
The Queenstown Project is subject to a Joint Venture agreement between Corona Resources Ltd and Pacifico Minerals Ltd (PMY) whereby PMY are not contributing and diluting accordingly. The project spans an area of 205 square kilometres, located south of Queenstown on the West Coast of Tasmania and surrounds the major Copper gold camp of Mt Lyell (~300Mt @ ~1% Cu, 0.3 g/t Au). Corona first acquired interest in this Project area in 2010 and has added to the Project since then.
More than 130 recorded historical workings from the turn of the 20th century are found within the tenure, which covers a 30km strike length of the Cambrian aged Mount Read Volcanics, host to numerous world class ore bodies in Tasmania.
The Mt Lyell mining field is effectively considered to be a submarine Cambrian aged porphyry system, with similar stlyes of mineralisation to those found in terrestrial porphyry camps e.g. high sulphidation copper-gold etc.
South Darwin Prospect
The South Darwin Prospect was discovered by Corona in 2011 and marked the first major discover in the Mount Read Volcanics in nearly 20 years. Copper-gold mineralisation is hosted by magnetite-hematite-tourmaline-k-feldspar brecciass within a major falut zone that dissects and displaces a package of intensely altered rhyolite and dacite volcanics. Copper-gold mineralisation is associated with elevated molybdenum (up to 1500ppm) tungsten (up to 2000ppm) REO (up to 17.5%) and kspar-sericite-chlorite-tourmaline-pyrite-quartz-apatite-fluorite (amongst others) alteration. Corona's maiden drill hole SDD001 returned 144m @ 0.4% Cu and 0.1 g/t Au from surface. Subsequent drill holes have returned intersections such as SDD005 40m @ 0.5% Cu 0.2 g/t Au from 350m and 30m @ 2%TREO from 320m. The South Darwin Prospect is associated with a 15km long regional kspar-magnetite-hematite alteration zone with numerous historical workings throughout this zone.
The Garfield prospect was discovered by Renison Goldfields Consolidate in 1994. The mineralisation style is comparable to the Prince Lyell ore body at Mt Lyell which is a low-medium grade porphyry Cu-Au style system. The sericite-chlorite alteration system that surrounds Garfield extends for more than 7km in which are several other targets that haven’t been tested. Drilling at Garfield by Corona limited the potential for economic development for Garfield itself but highlighted the potential for some of the other targets in the Garfield camp, for example high sulphidation alteration was discovered by Corona staff 1km north of Garfield associated with elevated Cu (2000ppm). Typically in Porphyry systems the main mineralisation is to be found underneath the high sulphidation alteration areas. In the case of the target 1km north of Garfield an IP anomaly has been recorded 200m below the surface outcrop of high sulphidation alteration and copper mineralisation.
Other prospects and exploration targets
Of the >130 recorded prospects a significant amount of them are gold only prospects which were operated at the turn of the 20th Century. None of these gold workings have received modern exploration attention and none of them have been drilled. Several mines produced payable gold (e.g. Coronation, Princess River, King River) and most were abandoned due to high levels of water inflow and difficult working conditions. These kinds of problems are easily overcome using modern technology.