Brumby’s McArthur Project overlies Lower Proterozoic sediments which host some of the world’s largest zinc-lead-silver (Zn-Pb-Ag) deposits, including the McArthur River Zn-Pb-Ag deposit currently being mined by Glencore. The McArthur River Mine and other smaller mineral occurrences are located within the Batten Trough proximal to the Emu Fault Corridor, which extends through the McArthur tenements.
In May 2014, Brumby announced an Option Agreement with Teck Australia Pty Ltd (Teck), a wholly-owned subsidiary of Canada’s largest diversified miner, Teck Resources Limited, whereby Teck may earn up to a 70% interest in the Project by spending $3.5 million by 30 June 2018, subject to a royalty to Brumby.
During the year Teck completed the following work:
- Historical core re-logging;
- Geological data compilation and interpretation; and
- Planning and contractor selection for the soil and ground geophysical programs to be undertaken in later part of 2015
Historic core re-logging from holes YN9701D and YN9702D located at the southern end of the Emu Fault corridor, were confirmed to terminate in Lynott Formation and Reward Dolomite respectively. These formations lie above or in the hanging wall to the prospective Barney Creek Formation.
The Barney Creek Formation is the host to the McArthur River deposit and Teena Zn-Pb prospect. Holes YN9701D and YN9702D are the only test of the Emu Fault Corridor within the joint venture tenements and it appears they failed to reach their target.
Caranbirini, NT (Brumby 100%)
Marindi continues to explore Joint Venture (JV) opportunities at the Caranbirini Project in the Northern Territory, situated along the Emu Fault Zone approximately 10km north of Glencore’s McArthur River mine.