Peenam Project

Peenam Project

Canterbury holds 100% of the Peenam Project in central Queensland that covers a section of the north-south trending Esk Trough which comprises Triassic age andesitic volcanics intruded by late Triassic dioritic plutons. Some of the intrusions are intimately associated with epithermal style Au-Ag-Hg and porphyry style Cu-Au-Mo mineralisation.

Sporadic historical exploration in the Peenam area has largely focused on the potential for near-surface gold mineralisation associated with porphyry intrusions, with limited shallow drilling recording several broad intervals of low-grade mineralisation.

Canterbury has undertaken soil sampling and mapping across the Peenam prospect and incorporated the results with historical data. Canterbury’s interpretation is that it represents the upper roof or margins of a Cu-Au mineralised porphyry.

Similarly, geophysical data (magnetics and VTEM) are consistent with a typical porphyry target response, with a sharp localised central magnetic high, caused by a ferromagnetic porphyry, surrounded by a smooth, broad magnetic low associated with magnetite destruction in the volcanics by propylitic and phyllic alteration.