Lithium Energy Limited has identified a potential porphyry copper-molybdenum system at its Bajool Prospect in Queensland, supported by advanced geophysical surveys and backed by government funding. The company is poised to commence drilling to validate this significant discovery within the Capricorn Gold-Copper Belt Project.
- 3D electrical geophysical surveys reveal deep, extensive anomalies
- Potential porphyry copper-molybdenum system identified at Bajool Prospect
- Drilling programs planned to test mineralisation depth and extent
- Capricorn Project surrounds historic Mt Morgan gold mine
- Lithium Energy holds 51% interest with option to acquire remaining 49%
A New Frontier in Queensland's Copper Exploration
Lithium Energy Limited (ASX – LEL) has announced the detection of a potentially significant porphyry copper-molybdenum mineralisation system at its Bajool Prospect, part of the Capricorn Gold-Copper Belt Project in central Queensland. This discovery stems from the results of comprehensive 3D electrical geophysical surveys, including Direct Current Induced Polarisation (3DIP) and Magnetotelluric (MT) surveys, partially funded by the Queensland Government’s Collaborative Exploration Initiative.
The Bajool Prospect, located approximately 38 kilometres south-southeast of Rockhampton, is interpreted as an intrusive complex with geophysical signatures indicative of a well-preserved and largely untested porphyry copper system. These anomalies extend to depths exceeding 500 metres and cover substantial strike lengths, suggesting the presence of a mineralised system with considerable scale and potential economic significance.
Geophysical Insights and Historical Context
The 3DIP survey revealed a strong chargeable zone at Limonite Hill, extending over 700 metres in strike and intensifying with depth. Complementary MT data indicated a deep, less resistive structural core beneath this zone, consistent with porphyry copper deposit characteristics. Additionally, a secondary anomaly at Ultimo, historically a quartz quarry with molybdenum and copper staining, suggests a deeper mineralised system.
Historical drilling at Limonite Hill supports these geophysical interpretations, with previous diamond drilling intersecting copper and molybdenum mineralisation, including a notable intercept of 16 metres at 0.57% copper and 441 ppm molybdenum. These findings provide a promising foundation for Lithium Energy’s planned drilling campaigns.
Upcoming Drilling Programs to Define Mineral Potential
Building on these geophysical results, Lithium Energy is preparing to initiate two drilling programs. The first involves diamond drilling at Limonite Hill to establish the depth extent, grade, and distribution of copper, molybdenum, gold, silver, and other elements. The second program will deploy up to 89 air-core drill holes across the broader geophysical anomaly footprint to map bedrock lithology and validate the geophysical interpretations beyond the immediate prospect areas.
These drilling efforts aim to delineate the mineralisation style and assess the economic viability of the system, potentially unlocking a new copper-molybdenum resource within the Capricorn Project.
Strategic Positioning within a Historic Mining District
The Capricorn Gold-Copper Belt Project encompasses tenements surrounding the historic Mt Morgan gold mine, a prolific producer of gold, copper, and silver over nearly a century. While the Mt Morgan Mine itself is excluded from Lithium Energy’s holdings, the project area hosts multiple targets for large-scale mineralisation, including porphyry copper-molybdenum and volcanogenic massive sulphide deposits.
Lithium Energy currently holds a 51% interest in the Capricorn Project, with contractual rights to acquire the remaining 49% by April 2027. The company’s strategy leverages modern geophysical techniques and extensive historical data to identify and prioritise exploration targets, positioning it well to capitalize on the region’s mineral potential.
Looking Ahead
The identification of a potential porphyry copper system at Bajool marks a significant milestone for Lithium Energy, underscoring the value of integrating advanced geophysical surveys with historical exploration data. As drilling programs commence, the market will be watching closely for assay results that could confirm a new copper-molybdenum resource in one of Queensland’s most promising mineral belts.
Bottom Line?
Drilling results at Bajool will be pivotal in defining Lithium Energy’s next growth chapter in Queensland’s copper landscape.
Questions in the middle?
- What grades and widths will the upcoming drilling at Bajool reveal?
- How might the acquisition of the remaining Capricorn Project interest impact Lithium Energy’s valuation?
- Could further government funding accelerate exploration across the Capricorn Gold-Copper Belt?