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Stannary Hills Project
The Stannary Hills region is the most densely mineralized regions in Queensland and one of the richest regions for tin mining in Australia.
The tenements held by Kangaroo Metals cover a significant portion of the Featherbed Volcanics cauldron ring complex and in excess of 300 historic mine sites.
Historically, mines in the region have been small shallow ventures following fractures to depths of 20 metres or alluvial workings. The Vulcan Mine, however, is an example of the true depth to which the continuity of these vertical fractures can extend, at a final depth on the mine closing of 400 metres, and conservative extraction records of 14,000 tonnes of cassiterite concentrate, at today's prices representing an in ground value of approximately A$170,000,000 of product. Tin mineralisation in the region occurs in a number of centres, which include Herberton, Irvinebank, Watsonville, Stannery Hills, Brownville, Koorboora, Bakerville, Sunnymount and Emuford. This multiplicity of sites, while confirming the spread of mineralisation will cover the tenement area, indicates that a focused approach with is needed to avoid dilution of financial resources.
The
region in total has produced 150,000 tonnes of tin concentrate valued
in excess of A$1 billion. Kangaroo Metals believes this region to be significantly
under-explored and systematic re-examination of these shallow working
and alluvial regions should identify porphyry, skarn, greisen and vein
replacement style mineralisation amenable to moderate-grade bulk tonnage
extraction by open pit mining. Alternatively, exploratory drilling to
depth of historic workings may indicate the possibility of Vulcan type
deposits amenable to shaft operations.
These as yet undiscovered tin-tungsten and copper-lead-zinc deposits may represent a significant and substantial ore body to the Company. In addition, historical data shows uranium resources in the western provinces.
This area represents the highest priority for Kangaroo Metals with a systematic district plan for exploration using state-of-the-art geological modelling approaches now being developed. The Company believes this region to be the richest mineralisation zone, close to a proposed mill site and most likely to generate revenue in the short to medium term.
Exploration Plan
Analysis of the data across the Stannary Hills tenement has identified two distinct metallogenic regions, namely Carbonate Creek (tungsten/molybdenum/bismuth) and Central Stannary (tin/tungsten). Central Stannary has a very high density of historic tin mines which exploited lode tin in relatively narrow veins (0.5-2.0m) along continuous structures which were high grade (1-5%Sn). The small lodes were shallow workings, often less than 5m and steeply dipping (85°). The larger and deeper workings (<50m) were composed of quartz + cassiterite ± magnetite inside a chloritised selvedge and these occur along distinct lines of lode over several hundreds of meters.
The Carbonate Creek mineralisation district to the northwest is a distinct zone previously identified as a low grade deposit for copper, tungsten, molybdenum, bismuth and fluorite which will be further investigated by Kangaroo Metals Limited.
Strategy
High-resolution aeromagnetics, along with past and planned soil geochemistry, is expected to extend the known mineralised zones delineated by past diggings. Drilling of these targets is anticipated for the second quarter of 2008. Carbonate Creek will be investigated for molybdenum, bismuth, tungsten and fluorite to extend previous studies on the economics of this deposit. Soil geochemistry data will be reviewed from Carbonate Creek and any additional geochemistry needed will be performed in the last quarter of 2007.
