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02/04/06
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Steiglitz, Victoria
(Oroya earning 75%)
Steiglitz is located 35km from Geelong and is the
southernmost goldfield of the 80 million ounce
Bendigo-Ballarat gold province. Historical mining
produced a reported 122,700 ounces of gold at an
average grade of 24.5g/t gold, mainly from ‘slate-belt’
quartz reef structures similar to those mined
elsewhere in the province. There is some
documentary evidence that production was
considerably greater, with the United Albion and New
Mariners mines being the largest and most long-lived
producers.
Oroya signed an agreement with Dr Tim McConachy,
formerly Rio Tinto Exploration’s Chief Geologist in
Australia and principal of unlisted New Hanover
Exploration Pty Ltd, to explore the 32 km2 EL 4409.
Under the terms of the agreement, Oroya has
reimbursed New Hanover $10,000 expenses and has the option to earn a 75% interest in the EL 4409 by free-carrying New Hanover
to a Decision to Mine. To exercise the option Oroya must complete a reconnaissance campaign of approximately 1,300 metres of
drilling.
Of particular interest to Oroya is a geological feature known as the Hanover Fault. This fault zone can be traced for some 10km on
a north-easterly trend through the exploration licence area. Reports from historical mining on the Hanover Fault suggest that high
gold grades were associated with brecciation, shearing, quartz veining and sulphides, similar in style to the mineralisation
currently being mined by Perseverence Corporation Limited, 135 kilometres to the north on the Fosterville Fault and also
mineralisation at Nagambie and Heathcote.
Gold and sulphide mineralisation on these faults is thought to have occurred later than the Ordovician ‘slate-belt’ mineralising
events, associated with Mid-Devonian regional deformation compression.
The late nineteenth century miners did not have the technology to fully understand the nature of the Hanover Fault mineralisation
although geologists of the time commented on the unusual nature of the mineralisation, which has a pronounced antimony
association.
Recent soil and rock chip sampling has confirmed the prospectivity of the Hanover Fault. The target has never been tested by
drilling; indeed no modern exploration drilling at all has been conducted at Steiglitz.
Oroya plans to undertake a reconnaissance drilling program in accordance with the acquisition agreement and also proposes to
test the Fault Zone over several kilometres with a dipole-dipole Induced Polarisation (IP) survey.
ANNUAL REPORT 2005 5
Club Terrace, Victoria
In September 2005 Oroya applied for an exploration licence covering volcanogenic base metal and precious metal deposits located
within the Devonian Boulder Flat Syncline and Ordovician gold mineralisation at the historical Club Terrace and Poddy Creek
Goldfields, and the Gippsland Boulder Gold Mine on Bola Creek.
Exploration of the Boulder Flat Syncline in the 1970’s and 1980’s discovered important occurrences of volcanogenic zinc and leadrich
massive sulphide mineralisation associated with the regional-scale Combienbar Fault. Drilling reported numerous mineralised
intersections but no economic discoveries have been made to date.
The historic gold occurrences at Club Terrace and Poddy Creek have a spatial association and structural alignment with the Club
Terrace Fault and the eastern margin of the Bega Batholith which Oroya believes to be significant.
The small but productive Gippsland Boulder Gold Mine workings, with a reported production of 3,540 ounces of gold from 1,770
tons, are located in a separate structural zone to the east of the Boulder Flat Syncline within Oroya’s tenement application area.
The known mineralisation occurrences provide a basis for renewed interpretation and exploration of the Club Terrace and Boulder
Flat areas.
Mt Egerton-Gordon, Victoria
Oroya’s has an exploration licence covering part of the Mt Egerton–Gordon Goldfield near Melbourne, Victoria. The company is
also negotiating access to other tenements in the area.
The Mt Egerton-Gordon Goldfield has a very significant production history of over 500,000 ounces of gold, extending back to the
early 1850’s. Most of this was mined underground from high grade quartz reefs by impressively long lived operations during the
last three decades of the 19th Century.
Sand Dune & Fraser Range
Oroya holds a 10% free carried interest to bankable feasibility in the Sand Dune project located in the North-eastern Goldfields of
Western Australia.
The company holds four exploration licence applications in the Proterozoic Fraser Range Complex in the Eastern Goldfields, which
is prospective for precious and base metals. A small royalty is received from the quarrying of dimension stone at Fraser Range.
Mt Gibson South
Oroya holds two exploration licence applications covering prospective southern extensions of the regional scale structures and
greenstone lithologies hosting gold mineralisation at Mt Gibson. The recently reported discovery of high grade gold near Pithara
by Independence Group NL and of significant copper-gold mineralisation by Dominion Mining Limited near Wongan Hills, along the
interpreted south-western extensions of these structures, emphasises the prospectivity of Oroya’s ground holdings.
Bolgart
An exploration licence application at Bolgart covers deeply weathered ultramafics which previous exploration showed as being
prospective for nickel sulphide mineralisation. Historical gold mining and extensive gold anomalism also characterise the area.
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