New Breccia Discovery Raises Stakes but Leaves Key Mineralization Questions Open

New Geological Insights at May Queen

Australasian Metals Limited (ASX, A8G) has revealed promising exploration progress at its May Queen Gold Project in Queensland. Following a 2022 drilling campaign and a recent induced polarization (IP) geophysical survey, the company’s field mapping has pinpointed a substantial silicified breccia zone, dubbed the Southern Breccia Prospect. This breccia extends approximately 600 metres in length and reaches widths up to 170 metres, aligning closely with a high-chargeability geophysical anomaly.

The breccia zone is characterized by sub-angular fragments of altered siltstone and sandstone within a weakly silicified matrix, with evidence of limonite and goethite boxwork suggestive of former sulphide mineralization. Notably, old prospecting pits were rediscovered within this zone, and rock chip sampling returned elevated copper and gold values, reinforcing the prospectivity of this target.

Geophysical Anomalies and Historical Context

The IP survey, conducted by Australian Geophysical Services, identified two key chargeability anomalies. The Southern Breccia aligns with a distinct sub-vertical chargeability high coupled with low resistivity, indicative of potential mineralization at depth. A second anomaly, located north of the historic May Queen workings, remains a blind target beneath cover, warranting further investigation.

Historical drilling in the area has previously returned impressive gold intersections, including intervals exceeding 8 grams per tonne over multiple metres and exceptional high-grade hits such as 2 metres at 73.4 grams per tonne. Australasian Metals’ maiden diamond drilling in 2022 confirmed these encouraging results, highlighting the potential for a gold-copper porphyry system within the project area.

Next Steps, Drilling to Test Targets

Building on these findings, Australasian Metals plans a reverse circulation (RC) drilling program ranging from 1,000 to 2,000 metres to test the newly identified Southern Breccia and associated geophysical targets. The company’s managing director, Dr Qingtao Zeng, emphasized the significance of the overlap between geophysical anomalies and surface geological indicators, which bolsters confidence in the potential scale of shallow gold mineralization.

While surface geochemical sampling has so far yielded only weak gold and copper anomalies, the integration of geophysical data with geological mapping provides a compelling rationale for drilling. The upcoming program aims to delineate the extent and grade of mineralization, potentially advancing the May Queen Project toward resource definition.

Strategic Positioning in Queensland’s Brovinia Goldfield

Situated within the Brovinia goldfield approximately 375 kilometres from Brisbane, the May Queen Project benefits from a rich exploration history and favourable geology. The project’s granted exploration permits cover over 74 square kilometres, with no known impediments to development. The presence of Jurassic and Tertiary sedimentary sequences, along with volcanic and intrusive rocks, creates a complex geological setting conducive to gold-copper mineralization.

Australasian Metals’ methodical approach; combining geophysical surveys, detailed mapping, and targeted sampling; reflects a disciplined strategy to unlock value in this underexplored region. The forthcoming drilling results will be critical in validating the project’s potential and guiding future exploration efforts.