The Victoria deposit has an Inferred Resource of 3.4Mt @ 5.1% zinc and 1% copper. Regional soil sampling completed recently in this area has outlined a very strong zinc anomaly with values up to 1,000ppm zinc in soils that extends for up to 1km along strike grid east of Victoria. A Fixed Loop Electromagnetic (FLEM) survey of the area has also outlined anomalies to the west and east of the Victoria deposit.
The Red Cap exploration area is located approximately 5km from the Mungana underground mine. Seven holes have been drilled to date into the Red Cap thrust, all of which have intersected zinc mineralisation, visually estimated to range from moderate to very high-grade with significant accessory copper. The holes are unevenly distributed over a strike length of more than one kilometre and the drilling has indicated the discovery of a potentially significant area of zinc-copper mineralisation. Currently, drilling is in progress testing base metal targets at Red Cap, with significant zinc-lead-copper mineralisation being intersected in magnetite-pyroxene skarn on the Red Cap/Morrisons Thrust. Drilling will continue to test mineralisation down dip and along strike as well as other skarn targets in the area. Significant intercepts include:
