Edward P. Lynch1,5, Martin Feely1, David Selby2, Derek H.C. Wilton3 and Anthony E. Fallick4 .... Thomas Crawford-Hayes research grant awarded to EPL.
Sulfur isotope composition of granite-molybdenum systems formed within a collided orogen setting: insights from the Newfoundland Appalachians, Canada Edward P. Lynch1,5, Martin Feely1, David Selby2, Derek H.C. Wilton3 and Anthony E. Fallick4 1
Earth and Ocean Sciences, School of Natural Sciences, National University of Ireland, Galway, Ireland Department of Earth Sciences, Durham University, Durham DH1 3LE, UK 3 Department of Earth Sciences, Memorial University, St John’s, Newfoundland and Labrador, A1B 3X5, Canada 4 Scottish Universities Environmental Research Centre, East Kilbride, Glasgow G75 OQF, UK 5 Geological Survey of Sweden (SGU), Villavägen 18, 75128 Uppsala, Sweden 2
$EVWUDFW 7KH į 69&'7 FRPSRVLWLRQV RI VXOILGHV IURP VHYHUDO 3DOHR]RLF JUDQLWHPRO\EGHQXP V\VWHPV LQ WKH 1HZIRXQGODQG $SSDODFKLDQV ZHUH GHWHUPLQHG 7KH PDMRULW\ RI VXOILGHV KDYH D QDUURZ UDQJH IURP DSSUR[LPDWHO\ WR Å 3DUDJHQHWLF PDLQVWDJHVXOILGHV 6HQULFKHG FRPSDUHG WR ODWHVWDJH DUH PRUH PLQHUDOL]DWLRQ 7KH į 6 YDOXHV LQGLFDWH D VLQJOH PDJPDWLF VXSSO\ RI VXOIXU GXULQJ PDJPDWLF K\GURWKHUPDOPLQHUDOL]DWLRQ7KHSULPDU\VXOIXUVRXUFHLV LQIHUUHG WR EH D ORZHU WR PLGFUXVWDO UHVHUYRLU *UDQLWRLG PHOWVVHTXHVWHUHGWKLVVXOIXUZKLFKZDVODWHUWUDQVIHUUHG WRWKHXSSHUFUXVWYLDODWHRURJHQLFWUDQVWHQVWLRQDOIDXOWV 7KHDGGLWLRQRI 6HQULFKHGVHGLPHQWDU\VXOIXUPD\DOVR KDYHSOD\HGDUROH .H\ZRUGV 6XOIXU LVRWRSHV JUDQLWH PRO\EGHQXP 1HZIRXQGODQG$SSDODFKLDQV
*UDQLWRLG*HRORJ\DQG0LQHUDOL]DWLRQ *HRORJLFDOVHWWLQJ ,Q WKH 1HZIRXQGODQG $SSDODFKLDQV (DUO\ 3DOHR]RLF YROFDQRVHGLPHQWDU\ XQLWV DQG UHODWHG VWUXFWXUHV UHFRUG WKH VHTXHQWLDO FROOLVLRQ DQG DFFUHWLRQ RI RFHDQLF DQG *RQGZDQDQFUXVWDOFRPSRQHQWVWRWKH/DXUHQWLDQFUDWRQ GXULQJ VXEGXFWLRQ RI WKH ,DSHWXV 2FHDQ HJ 9DQ 6WDDO HW DO &RQWLQXHG FRQYHUJHQFH LQWR WKH 'HYRQLDQ SURGXFHG YROXPLQRXV V\QFROOLVLRQDO JUDQLWRLG PDJPDWLVP ZLWKLQ WKH FRUH RI WKH RURJHQ NQRZQ DV WKH &HQWUDO0RELOH%HOW&0%)LJ
,QWURGXFWLRQ
0XFK RI WKH ZRUOG¶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
)LJXUH 3DOHR]RLF JUDQLWRLG JHRORJ\ RI 1HZIRXQGODQG 6WXG\ORFDOLWLHV±DUHOLVWHGLQ7DEOH$EEUHYLDWLRQV$= $YDORQ =RQH %6= %XUJHR 6XE]RQH %9%/ %DLH 9HUWH %URPSWRQ/LQH&0% &HQWUDO0RELOH%HOW'+%) 'RYHU +HUPLWDJH %D\ )DXOW '= 'XQQDJH =RQH *= *DQGHU =RQH +) +HUPLWDJH )OH[XUH 6- 6W -RKQ¶V %DVHG RQ &ROHPDQ6DGGHWDO DQG:LOOLDPVHWDO
*UDQLWRLG SOXWRQV RI WKH &0% HQFRPSDVV D EURDG UDQJH RI PLQHUDORJLFDO DQG JHRFKHPLFDO W\SHV UHIOHFWLQJ YDULDEOH VRXUFH UHJLRQV WHFWRQLF HQYLURQPHQWV HPSODFHPHQW PHFKDQLVPV DQG PDJPDWLF Hydrothermal ore-forming processes
1291
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a ± 0D IRUP D UHODWLYHO\ QDUURZ DUFXDWH ]RQH DORQJ WKH HDVWHUQDQGVRXWKHUQPDUJLQVRIWKH&0%)LJ ,QWKH HDVWWKHJUDQLWHVLQWUXGHDORQJWKH'RYHU+HUPLWDJH%D\ )DXOW'+%))LJ VHSDUDWLQJWKH *DQGHUDQG$YDORQ WHFWRQRVWUDWLJUDSKLF ]RQHV *= DQG $= )LJ ,Q WKH VRXWKFRDVWUHJLRQVRXWKRIWKH+HUPLWDJH)OH[XUH+) )LJ HYROYHGJUDQLWHVDOVRRFFXUZLWKLQDQGDGMDFHQW WR WKH ZHGJHVKDSHG %XUJHR 6XE]RQH %6= ZKLFK VRPH ZRUNHUV UHJDUG DV D ODWHUDO HTXLYDOHQW RI WKH $= HJ 'XQQLQJ DQG 2¶%ULHQ 7KLV UHJLRQDO HPSODFHPHQW SDWWHUQ UHIOHFWV WUDQVWHQVLRQDO PRYHPHQWV DORQJEULWWOHGXFWLOHVKHDU]RQHVLQWKHXSSHUFUXVWZKLFK DOORZHG SDVVLYH PDJPDWLVP WR LQWUXGH VWHHSO\ GLSSLQJ IDXOW FRQGXLWV '¶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±
1292
7DEOH 6XPPDU\ RI 3DOHR]RLF JUDQLWHUHODWHG 0R PLQHUDOL]DWLRQ LQ 1HZIRXQGODQG /RFDWLRQV DUH OLVWHG ± DSSUR[LPDWHO\\RXQJHVWWRROGHVWDQGIURPHDVWWRZHVW
6XOIXU,VRWRSHV 6L[W\ VHYHQ VDPSOHV PRO\EGHQLWH FKDOFRS\ULWH S\ULWH DQG JDOHQD FROOHFWHG IURP HLJKW PLQHUDOL]HG DUHDV ZHUH DQDO\VHG IRU WKHLU VWDEOH VXOIXU LVRWRSH FRPSRVLWLRQV VDPSOHV IURP ILYH DUHDV UHSUHVHQWJUDQRSKLOHPLQHUDOL]DWLRQOLQNHGWRWKHHYROYHG OHXFRJUDQLWHVSUHYLRXVO\GHVFULEHGLH$FNOH\*UDQLWH +DUERXU %UHWRQ *UDQLWH %HOOH ,VODQG 6W /DZUHQFH *UDQLWH DQG 0RO\ %URRN ORFDWLRQV ± )LJ $ FRPSDUDWLYHVHWRIVDPSOHVIURPWKUHHORFDOLWLHVZLWKLQ WKH &0% UHSUHVHQW HDUOLHU /DWH 2UGRYLFLDQ WR 0LG 'HYRQLDQ PLQHUDOL]DWLRQ DVVRFLDWHG ZLWK V\QFROOLVLRQDO JUDQLWRLGPDJPDWLVPLH*UDQLWH/DNH0RO\3HDNDQG 7RSVDLOV ORFDWLRQV ± )LJ 6XOIXU LVRWRSH FRPSRVLWLRQV į6 ZHUH GHWHUPLQHG DW WKH 6FRWWLVK 8QLYHUVLWLHV (QYLURQPHQWDO 5HVHDUFK &HQWUH 68(5& DQG 0HPRULDO 8QLYHUVLW\ XVLQJ 62 H[WUDFWLRQ DQG LQ VLWX ODVHU PHWKRGV $QDO\WLFDO SUHFLVLRQ LV HVWLPDWHG WR EH Å ı DQG UHVXOWV ZHUH GHWHUPLQHG UHODWLYH WR WKH9&'7UHIHUHQFHFRPSRVLWLRQÅ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
MINERAL DEPOSIT RESEARCH FOR A HIGH-TECH WORLD ▪ 12th SGA Biennial Meeting 2013. Proceedings, Volume 3
%HOOH ,VO DQG 6W /DZUHQFH DUHDV ZLWKLQ WKH $= KDYH EHHQ JURXSHG *URXS /LNHZLVH WKH UHVXOWV IURP *UDQLWH/DNH0RO\3HDNDQG7RSVDLOVZLWKLQWKH&0% DUHDOVRJURXSHG*URXS
0RO\EGHQLWHLQTXDUW]VXOILGHYHLQVIDOOVZLWKLQD UHVWULFWHGUDQJHIURPWRÅ
'LVFXVVLRQDQG&RQFOXVLRQV 7KH į6 FRPSRVLWLRQV GLVSOD\ UHODWLYHO\ QDUURZ RYHUODSSLQJUDQJHVZKHQYLHZHGE\WKHJURXSHGGDWDVHWV )LJ 7KLV LQGLFDWHV WKDW IRU HDFK JURXS D UHODWLYHO\ FRQVLVWHQW VXSSO\ RI 6HQULFKHG VXOIXU ZDV DYDLODEOH GXULQJ PLQHUDOL]DWLRQ 7KLV SLFWXUH LV FRPSDUDEOH ZLWK WKH į6 FRPSRVLWLRQV RI JUDQLWHUHODWHG VXOILGHV IURP HOVHZKHUH LQ WKH &DQDGLDQ $SSDODFKLDQV HJ .RQWDN 7KH į6 FRPSRVLWLRQV RI JUDQRSKLOH VXOILGHV ZLWKLQWKH$YDORQ =RQH *URXSVDQG DUH VLPLODUWR WKHYDOXHVIURPWKH0RO\%URRN0R&XGHSRVLW*URXS ORFDWHGLQWKH%XUJHR6XE]RQH7KLV VXJJHVWV VLPLODU FDXVDWLYH SURFHVVHV DQG XQGHUO\LQJ JHRORJLFDO FRQWUROV IRU WKHVH PLQHUDOL]HG DUHDV FRQVLVWHQW ZLWK ILHOG DQG JHRFKURQRORJLFDO FRQVWUDLQWV 7KH į6 FRPSRVLWLRQV RI PDLQVWDJH VXOILGHV ZLWKLQ WKH &0% *URXS RYHUODS WKH YDOXHV RI RWKHU DUHDV KRZHYHU WKH\ DUH PDUJLQDOO\ OHVV6HQULFKHG 'HYLDWLRQV LQ į6 YDOXHV IURP WKH UHVWULFWHG UDQJHV DSSHDU WR KDYH EHHQ LQIOXHQFHG E\ ORFDO SDUDJHQHWLF FKDQJHDQG PLQHUDOL]DWLRQ VW\OHUDWKHUWKDQ DQ DGGLWLRQDO VXOIXU VRXUFH HJ ZDOOURFNOHDFKHG VXOIXU )RUH[DPSOHLQ*URXS$FNOH\*UDQLWH PDLQ VWDJH VXOILGHV LQWUDJUDQLWLF GLVVHPLQDWLRQV DQG TXDUW] VHJUHJDWLRQV DUH 6HQULFKHGDQGIDOOZLWKLQDUHVWULFWHG UDQJH IURP a WR Å +RZHYHU ODWHVWDJH JUHLVHQ DQG YHLQ VXOILGHV DUH PRUH 6GHSOHWHG DQG DUH VRPHZKDW PRUH YDULDEOH $ VLPLODU YDULDWLRQ LV YLVLEOH IRU WKH *URXSVXOILGHV)LJ 7KHVHLVRWRSLFIOXFWXDWLRQVDUH OLNHO\ GXH WR FKDQJHV LQ WKH SK\VLFRFKHPLFDO SURSHUWLHV LH 7 S+ ¦2 ¦6 RI WKH K\GURWKHUPDO V\VWHP DV PLQHUDOL]DWLRQSURJUHVVHG2KPRWR
)LJXUH 6XOIXU LVRWRSH FRPSRVLWLRQ į6 RI JUDQRSKLOH VXOILGHV0RO\EGHQLWHZDVDQDO\VHGH[FHSWZKHUHODEHOOHGZLWK FSFKDOFRS\ULWH JJDOHQD RUSS\ULWH )LJXUHLQFOXGHVQLQH UHSHDW DQDO\VHV +RPRJHQRXV PDQWOH VXOIXU UDQJH IURP 2KPRWR
)URPHDVWWR ZHVWWKHUHVXOWVDUHDVIROORZV,Q WKH$FNOH\*UDQLWH*URXS VXOILGHPLQHUDOL]DWLRQKDV DQ DYHUDJH ı į6 YDOXH RI Å Q 'LVVHPLQDWHG PRO\EGHQLWH KDV D UHODWLYHO\ UHVWULFWHG UDQJH IURP WR Å 9HLQ DQG TXDUW]VHJUHJDWLRQ PRO\EGHQLWH DOVR IDOOV ZLWKLQ WKLV UDQJH WR Å 6XOILGHV DVVRFLDWHG ZLWK TXDUW]WRSD] JUHLVHQ DQG 6Q PLQHUDOL]DWLRQKDYHDZLGHUUDQJHIURPWRÅ2Q WKHVRXWKFRDVW*URXS VXOILGHVKDYHDQDYHUDJHYDOXH RI Å Q 'LVVHPLQDWHG DQG TXDUW]YHLQ PRO\EGHQLWH YDOXHV UDQJH IURP WR Å /DWHVWDJH VXOILGH YHLQV DUHLVRWRSLFDOO\ OLJKWHUDQGUDQJH IURP WRÅ$W0RO\%URRN*URXS YHLQKRVWHGVXOILGH PLQHUDOL]DWLRQKDVDQDYHUDJHYDOXHRIÅQ GHILQLQJ D UHODWLYHO\ QDUURZ UDQJH 0DLQVWDJH TXDUW]PRO\EGHQLWHVXOILGHYHLQVUDQJHIURPWRÅ DQG DUH UHODWLYHO\ LVRWRSLFDOO\ KHDY\ /DWHVWDJH JDOHQD DQGS\ULWHUDQJHIURPWRÅ7KHVDPSOHVIURPWKH &0%*URXS KDYHDQDYHUDJHYDOXHRIÅQ
)LJXUH 6XOIXU LVRWRSH YDOXHV RI FRH[LVWLQJ VXOILGH SDLUV 7KLFN OLQH VORSH LQGLFDWHV SHUIHFW HTXLOLEULXP EHWZHHQ SDLUV ZLWK GDVKHG OLQHV HTXDO WR WKH PD[LPXP DQDO\WLFDO XQFHUWDLQW\'LVHTXLOLEULXPRISHUPLOXQLWVDOVRVKRZQ
Hydrothermal ore-forming processes
1293
9DULDWLRQV LQ K\GURWKHUPDO SURSHUWLHV GXULQJ PLQHUDO GHSRVLWLRQ FDQ PDQLIHVW LWVHOI DV LVRWRSLF GLVHTXLOLEULXP EHWZHHQ FRH[LVWLQJ VXOILGH SDLUV DV VKRZQLQ)LJXUH,QWKLVVWXG\LVRWRSLFHTXLOLEULXPKDV EHHQEURDGO\ PDLQWDLQHGEHWZHHQ VXOILGHSDLUV LQYROYHG LQ HDUO\ PDLQVWDJH PLQHUDOL]DWLRQ ZLWK DQ DYHUDJH LVRWRSLF IUDFWLRQDWLRQ ǻ$% RI Å ,Q FRQWUDVW VXOILGHSDLUVIURP ODWHVWDJH YHLQV DQGJUHLVHQ GLVSOD\D JUHDWHUGHJUHHRILVRWRSLFGLVHTXLOLEULXPǻ$% Å 7KLVLQGLFDWHVDUHODWLYHO\VWDEOHPDJPDWLFK\GURWKHUPDO V\VWHP SUHYDLOHG GXULQJ PDLQVWDJH PLQHUDOL]DWLRQ ZKLOH IDFWRUV VXFK DV WKH DYDLODELOLW\ RI VXOIXU DQGRU FKDQJHVLQGHSRVLWLRQDOUHGR[VWDWH LQIOXHQFHG WKH PRUH YDULDEOHį6FRPSRVLWLRQVRIODWHVWDJHVXOILGHV 7KH į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
$FNQRZOHGJHPHQWV :H WKDQN -DPHV &RQOLIIH DQG $QG\ .HUU *61/ IRU DVVLVWDQFH GXULQJ ILHOG ZRUN &KULV 7D\ORU DQG &UDLJ %DUULH DUH WKDQNHG IRU DQDO\WLFDO KHOS DW 68(5& 0HUFDWRU 0LQHUDOV DUH WKDQNHG IRU DFFHVV WR WKH 0RO\ %URRN GHSRVLW 7KLV VWXG\ KDV EHHQ SDUWO\ IXQGHG E\ D 7KRPDV&UDZIRUG+D\HVUHVHDUFKJUDQWDZDUGHGWR(3/ E\WKH6FKRRORI1DWXUDO6FLHQFHV18,*
5HIHUHQFHV &DQILHOG '( 3RXOWRQ 6: 1DUERQQH *0 /DWH 1HRSURWHUR]RLFGHHSRFHDQR[\JHQDWLRQDQGULVHRIDQLPDO OLIH6FLHQFH± &DUWHQ 5% :KLWH :+ 6WHLQ +- +LJKJUDGH JUDQLWH UHODWHG PRO\EGHQXP V\VWHPV &ODVVLILFDWLRQ DQG RULJLQ *HRORJLFDO$VVRFLDWLRQRI&DQDGD6SHFLDO3DSHU± &KDWWHUMHH $. 6WURQJ ') 5HYLHZ RI VRPH FKHPLFDO DQGPLQHUDORJLFDOFKDUDFWHULVWLFVRIJUDQLWRLGURFNVKRVWLQJ 6Q:80RGHSRVLWVLQ1HZIRXQGODQGDQG1RYD6FRWLD ,QVWLWXWHRI0LQLQJDQG0HWDOOXUJ\/RQGRQ± &ROPDQ6DGG 63 +D\HV -3 .QLJKW , *HRORJ\ RI WKH LVODQG RI 1HZIRXQGODQG 1HZIRXQGODQG 'HSDUWPHQW RI 0LQHVDQG(QHUJ\0DSVFDOH '¶/HPRV 56 7ULEH ,5 3HPEURNH -: (PSODFHPHQW DQG FRQVWUXFWLRQ RI 'HYRQLDQ µSRVWWHFWRQLF¶ JUDQLWHV QRUWKHDVW 1HZIRXQGODQG $SSDODFKLDQV 1HZIRXQGODQG 'HSDUWPHQW RI 1DWXUDO 5HVRXUFHV *HRORJLFDO 6XUYH\ 5HSRUW± 'XQQLQJ *5 2¶%ULHQ 6- /DWH 3URWHUR]RLF ± HDUO\ 3DOHR]RLF FUXVW LQ WKH +HUPLWDJH )OH[XUH 1HZIRXQGODQG $SSDODFKLDQV 83E DJHV DQG WHFWRQLF VLJQLILFDQFH
1294
*HRORJ\± (OLDV 3 6WURQJ ') 3DODHR]RLF JUDQLWRLG SOXWRQLVP RI VRXWKHUQ 1HZIRXQGODQG &RQWUDVWV LQ WLPLQJ WHFWRQLF VHWWLQJ DQG OHYHO RI HPSODFHPHQW 7UDQV 5R\DO 6RFLHW\ (GLQEXUJK(DUWK6FLHQFHV± .HUU $ 6SDFHWLPH FRPSRVLWLRQ UHODWLRQVKLSV DPRQJ $SSDODFKLDQF\FOH SOXWRQLF VXLWHV LQ 1HZIRXQGODQG *HRORJLFDO6RFLHW\RI$PHULFD0HPRLU± .HUU $ YDQ 1RVWUDQG 76 'LFNVRQ :/ /\QFK (3 0RO\EGHQXPDQGWXQJVWHQLQ1HZIRXQGODQG$JHRORJLFDO RYHUYLHZ DQG D VXPPDU\ RI UHFHQW H[SORUDWLRQ GHYHORSPHQWV 1HZIRXQGODQG DQG /DEUDGRU 'HSW RI 1DWXUDO5HVRXUFHV*HRORJLFDO6XUYH\5HSRUW± .RQWDN'- $VXOIXULVRWRSHVWXG\RIPDLQVWDJHWLQDQG EDVH PHWDO PLQHUDOL]DWLRQ DW WKH (DVW .HPSWYLOOH WLQ GHSRVLW