Altair Minerals Uncovers Promising Conductive Anomalies Near Oak Dam
ALR (ALR) Share Update November 2024 Sunday 24th
Altair Minerals Identifies New Conductive Anomalies Near BHP's Oak Dam
Altair Minerals Limited (ASX: ALR) has announced significant findings from reprocessed Audio Magneto-Telluric (AMT) data, unveiling new conductive and phase anomalies near BHP's Oak Dam deposit.
Instant Summary:
- New conductive target body with IOCG discovery potential identified.
- Anomalies located approximately 5km Northwest of BHP's Oak Dam Deposit.
- Historic drilling narrowly missed these newly identified anomalies.
- Reprocessing led by renowned geophysicists Jim Hanneson and Chris Anderson.
Discovery of Conductive Anomalies
Altair Minerals has successfully reprocessed AMT data, revealing significant conductive and phase anomalies within its Olympic Domain Project. These findings are located approximately 5km northwest of BHP's Oak Dam Deposit, which is known for its substantial copper and gold resources.
The anomalies present a promising opportunity for a new IOCG discovery, with the potential to rival the scale of existing deposits in the region. The reprocessing was led by Jim Hanneson and Chris Anderson, whose previous work has contributed to major discoveries such as Carrapateena.
Potential for Significant Mineralisation
The newly identified conductive body spans a 4.2km strike and shows characteristics similar to other major IOCG deposits. A second, more distinct ovoid conductive body also presents a high-priority drill target.
Historic drill holes, such as HWDD08 and HWDD05, have intersected mineralised halos surrounding these anomalies, indicating the presence of copper-bearing hydrothermal fluids.
Next Steps in Exploration
Altair plans to conduct a moving loop TEM survey to further delineate these targets and accurately determine their depth. This will enable precise drill targeting and increase the likelihood of intersecting the core mineralised zones.
The discovery of these anomalies could significantly enhance Altair's exploration potential in the Olympic Domain, potentially leading to a major IOCG discovery. This news is likely to positively influence Altair's stock price as investors anticipate further exploration success.
Investor Reaction:
Analysts are optimistic about Altair's findings, noting the proximity to BHP's Oak Dam as a promising indicator of potential mineral wealth. The involvement of experienced geophysicists adds credibility to the exploration efforts.
Conclusion:
Investors should keep a close eye on Altair's upcoming exploration activities, as the potential for a significant IOCG discovery could offer substantial returns. The company's strategic approach to these new anomalies will be critical in unlocking their value.