Neometals maps huge 1.7km copper-rich corridor in Murchison
Neometals Limited (ASX: NMT) has just put a big red circle around a massive 1.7-kilometre-long copper target at its 100 per cent-owned Barrambie gold and copper project in Western Australia’s Murchison region, after recent soil sampling lit up a significant anomaly at its Rinaldi prospect.
The company has now defined a compelling exploration prize alongsideplans to generate near-term cash flow from gold production at its shallow Ironclad gold deposit, 25km to the northwest.
The new copper-in-soil anomaly was identified from 173 soil samples collected in September and analysed using LabWest’s Ultrafine+ technique, revealing a coherent zone stretching 1.7 kilometres along strike and measuring between 150m and 200m wide. Copper levels were more than twice the normal background concentrations across seven testing lines, with samples collected at 50m intervals. The trend lies between the historic Rinaldi open pit and the Youanmi Shear Zone.
What makes the target particularly enticing for the company's geos is its coincidence with a suite of other positive indicators. Neometals says the anomaly sits directly over three mapped outcrops of intensely sericite-altered and silica-altered gabbro rock, which the company interprets as evidence of mineralising fluids. Drone magnetics indicate the deeper gabbro unit is generally 200m wide, follows the trend and runs parallel to the shear structure.
Adding further intrigue, the Rinaldi target shares geological similarities with Solstice Minerals’ nearby Nanadie copper-gold deposit, which already boasts a 40.4-million-tonne resource containing 162,000 tonnes of copper and 130,000 ounces of gold. Both occupy comparable positions west of the Youanmi Shear Zone, with copper mineralisation associated with gabbro host rocks."
The dipole-dipole induced-polarisation (IP) survey was designed to assess the ground around the historic Rinaldi copper pit. Its northern line recorded a moderate response just north of the pit, while a stronger chargeability-resistivity response at the line’s eastern end abutted the western edge of the new soil anomaly. Exploration companies use this type of response to help identify possible sulphide mineralisation.
Notably, Neometals already has solid evidence of copper mineralisation in the area, having already confirmed primary copper sulphides, including bornite and chalcopyrite, in drilling beneath the historic mine. The workings produced 1407 tonnes of ore averaging 9.8 per cent copper, while earlier drilling this year returned seven-metre, five-metre and six-metre intervals at 1.72 per cent copper, 1.26 per cent copper and 1.56 per cent copper, respectively. A smaller soil anomaly near the mine returned copper-in-soil results comparable with those from the larger copper corridor.
While our immediate focus remains bringing the Ironclad deposit into gold production, we are systematically advancing what we believe could be a significant copper opportunity across the Barrambie Greenstone Belt, with the potential to create substantial additional value for shareholders. Neometals Limited Managing Director Chris Reed
With a compelling target now in its sights, Neometals is planning a reverse-circulation (RC) drilling campaign to test the hotspot, scheduled for early 2027, subject to board approval.
Rinaldi’s emerging copper story is unfolding alongside Neometals’ more advanced push to kickstart gold production at Ironclad, a shallow deposit 25km north-northwest.
Ironclad holds an updated mineral resource of 285,000 tonnes at 1.6 grams per tonne (g/t) gold for 15,000 ounces. A March scoping study mapped out an open-pit, toll-treatment operation targeting 10,000 to 11,000 ounces. Under the current model, ore would be trucked to an existing third-party plant for processing, avoiding the cost of building a mill.
To fast-track development with minimal upfront capital, Neometals has struck a binding 50:50 profit-sharing joint venture with mining contractor BML Ventures. Under the deal, BML will fund and manage development and mining in return for half the project profits. The arrangement remains subject to outstanding conditions and a positive final investment decision.
The broader Barrambie greenstone belt, which sits between the established mining centres of Sandstone and Meekatharra, is considered underexplored despite a history of exceptionally high-grade gold mining that averaged a stunning 24.8g/t gold.
With a near-term gold production plan at Ironclad and a significant copper target now lined up for drilling at Rinaldi, Neometals has crafted a one-two punch strategy at Barrambie. While success at either could be significant, success at both could prove to be a company-maker.
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