Alcyone Resources' exploration assets are divided into two key zones - the Northern Hub, which comprises the Tally Ho and Mt Scott projects near Mackay in Queensland; and the Southern Hub, which also includes the Rivertree Project in northern New South Wales.Alcyone will complete an overall review of the Company's exploration assets over the next 12 months to assist with the prioritisation of key targets.
Alcyone Resources holds six granted tenements totalling approximately 151km² in the Tally Ho area, 45km south-west of Mackay in central Queensland, which is prospective for silver and base metals mineralisation. The historic Tally Ho workings consist of two short adits, a shaft and, further afield, numerous shallow pits and trenches. The mine area was discovered around 1900 and saw selective, small-scale mining until about 1915.
The most comprehensive report on the tenements is that of Blanchard (Chief Geologist MIM, 1937), who examined and mapped some of the 'greisen' ('dogtooth' quartz vein) outcrops in the area and carried out detailed channel sampling of the mineralisation in the two adits. Blanchard's best results came from Adit No 2 where he recorded 13.1m at 273g/t silver, 2.69% zinc, 2.65% lead and 0.68% copper. He also recorded significant gold values but these could not be substantiated from re-sampling by subsequent tenement holders.
The Company undertook drilling programs at Tally Ho in 2006, 2007 and 2008. Alcyone is currently reviewing this data with the expectation of announcing the results of the review in the third quarter of 2010.
The Mt Scott Project is located approximately 65km south-west of Mackay in central Queensland. The project is contained within one granted tenement covering approximately 227km.
Exploration for porphyry copper and epithermal gold was carried out by a number of exploration companies in the 1970's and 1980's. A number of low-order base metal anomalies were established and investigated but have not yet been drilled.
The Rivertree exploration licence, which covers an area of around 35km, is located approximately 100km east of Twin Hills and 55km north-east of Tenterfield in northern New South Wales. It forms part of a joint venture between Alcyone Resources Ltd (75%) and Malachite Resources NL (25%).Silver mineralisation was discovered at Rivertree in the later part of the 19th century and mines consisting of shallow shafts and adits were developed on the silver- and base metals-rich sulphide veins.
During 2008 the Company identified high grade rock chip samples with peak results of 1,660g/t silver, 13.55% lead and 3.1% zinc at the Phoenix North workings and a best gold result of 8.19g/t on the Philippines Lode. A strongly anomalous gold stream sediment value of 256 ppb was also identified.