Projects & Royalties


Project: Mayfield
Commodity: Gold
Royalty: 2.0% NSR
Subsidiary: Altus Royalties Holdings Ltd
Location: Australia
Deposit Style: Iron oxide copper gold (IOCG)
Key Attributes: 150km SE of Mt Isa and adjacent the Trekelano copper mine and Tick Hill gold mine
Asset Stage: GBM has signed an option with C29 Metals Ltd (ASX: C29) for the sale of Mayfield (EPM 19483).
Results: Pre-resource stage
Next Phase of Work: Exploration
Deal Partner: GBM Resources (GBZ.ASX)/C29 Metals Ltd (ASX: C29)
Deal Terms: Acquired from Newcrest Mining

Project Overview

The Mayfield IOCG Project is located approximately 150 km SE of Mount Isa within the Mary Kathleen Zone of the Eastern Succession. The dominant Proterozoic geology consists of Argylla and Corella Formation volcanics and sediments, located adjacent to the Pilgrim Fault Zone, a very large, strike slip fault system that extends over 200 km to the north. At either end of the project sit the Trekelano Cu-Au mine with a resource (2006) of 3.1Mt @ 2.1% Cu and 0.64g/t Au, and the Tick Hill mine which produced 470,000t @ 28g/t Au.

The structural setting and fertile Corella Formation rocks combine to produce a highly prospective belt with numerous IOCG-style Cu-Au and base-metal occurrences. Almost the entire Pilgrim Fault Zone is currently under lease and recent work by various companies, including Hammer Metals (ASX:HMX) at their Kalman project and Carnaby Resources (ASX:CNB) with the recent discovery at Nil Desperandum and Lady Fanny; supports the potential for discovery within the Mayfield project.

Within the tenement at least three mineralisation styles have been defined by previous workers; mylonite-hosted gold only (e.g. Tick Hill), ironstone hosted magnetic Cu-Au (e.g. Trekelano) and Zn-Pb-Ag mineralisation (Delta Maiden Ck prospect). Extensive regional soil sampling indicates that the magnetic anomalies (generally concealed) are associated with Cu-Au or base metal mineralisation along much of their strike length at Mayfield. At least 80% of the exploration licences is under thin cover with very limited modern exploration completed to date.

Royalty Overview

Altus owns an 80.1% interest in a 2.0% NSR royalty on one exploration licence, EPM 19483 covering an area of 91 km². The exploration license is currently in the process of being renewed for an additional 3 year period.

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