Northern Capital Resources Corporation has a gold project located in Australia.
The Davenport project has potential to host high grade gold deposits within magnetite bodies similar to the Rover 1 Iron Oxide Copper Gold “IOCG” deposit being developed by Metals X Ltd, which is approximately 150km to the west of Davenport. The Project is located southeast of Tennant Creek in the Northern Territory of Australia and comprises two granted exploration licences (EL26529 & EL26708). NCRC is earning up to an 80% interest into the Davenport Project, which is currently owned by Kettle Rose Pty Ltd.
Assessment of geological data by NCRC concluded that the Davenport project area is prospective for Rover-style Au-Cu-Bi mineralisation. Ground geophysical surveys have provided 4 drill ready targets. The priority target at the Area 7 prospect is potentially within 100m of surface. Targets are Au/Cu bearing magnetite bodies. Like Rover 1 these deposits have very strong magnetic signatures and can be very high grade Au and/or Cu.
The modeling indicates the top of the magnetic body at the Area 7 prospect to be approximately 80m below the surface. Area 7 is comparable in size to the Rover 1 magnetic anomaly. The detailed ground magnetic data suggests that multiple ironstone bodies may be present, a situation which is also known to occur at Rover 1.
NCRC plans to drill test the magnetic anomalies at Area 7 as a priority followed by the other 3 target areas. Drilling can commence after submission and approval of a Mining Management Plan which is currently underway. An Aboriginal Areas Protection Certificate has been granted allowing drilling to commence upon approval of the Mining Management Plan.
Metals X has defined a 1.22 Million ounce gold equivalent JORC compliant resource at its Rover 1 deposit. The magnetite bodies that host the Rover Field deposits are in part located in the basal part of the Ooradidgee Group which also occur in the Davenport project area.
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