announcement out .. gold gold gold, page-2

The Board of BRO is pleased to announce details of exploration results and tenement
acquisitions by Pangaea Metals Limited (“Pangaea”), the mining and exploration
subsidiary of BRO.
TENEMENT ACQUISITIONS AND APPROVALS
Broad is pleased to announce that its Mining & Exploration Subsidiary, Pangaea, has on
Friday last week completed the purchase of its Norseman gold-nickel project tenements and
its Mount Rankin and Cardiff Castle gold projects. It has also purchased all of its seven
uranium tenements. Following the settlement of the purchases it now has a 100% interest in
Mount Rankin, Cardiff Castle, and its uranium tenements. A 10% free carried interest to
completion of a bankable feasibility study is held by the vendors of the two Norseman goldnickel
projects, with Pangaea holding the balance of 90%. Pangaea’s tenements cover a total
area of 1300km², comprising 947km² of uranium projects and 353km² of gold projects
(Figure 1).
Goodia Gold-Nickel Project
Pangaea is also pleased to advise that it has applied for three new exploration licences
(E63/1162-64) to extend its highly prospective Goodia Project in the Norseman area (Figure
2). It now holds or has applications for seven gold properties in the southern goldfields of
Western Australia.
Wheatbelt Uranium Tenements
Three of Pangaea’s wheatbelt uranium tenements have been granted
(E70/2983 – Kellerberrin, E 70/2984 – Nukarni, and E70/3067 – Ucarty). The tenements,
along with exploration licence application 77/1335 – Bacon Hill, are over paleo-drainages in
the Northam-Merredin area that contain uranium-channel anomalies in airborne radiometric
data. Since the last release on these tenements, Pangaea has acquired imagery over the
project areas and has begun identification of landholders within them, with a view to
obtaining consents to begin sampling of the paleo-drainage systems.
BROAD INVESTMENTS LIMITED
ACN 087 813 090
15 Whiting Street, Artarmon, NSW 2064
Postal: PO Box 162 Artarmon NSW 1570
Ph: 02 9425 0000 Fax: 02 9425 0099
Pangaea’s Murchison Uranium Tenements
Pangaea has begun negotiations with the native title claimants over the areas of its Murchison
uranium projects, in order that approval of the exploration licences can take place. The three
tenements are Quondong – ELA09/1324, Meeberrie – ELA09/1300, and Minnawarra -
ELA09/1299. The tenements are over paleo-drainages that contain calcretes along major
drainage systems. The paleo-drainages have the potential to host both calcrete hosted
uranium mineralisation and underlying roll-front sandstone uranium mineralisation.
GOODIA GOLD-NICKEL PROJECT
Pangaea’s recent exploration within its Goodia gold-nickel project has delineated a line
of gold-in-soil anomalies (Figure 2). The strongest anomaly contains values in excess of
20ppb Au over a length of 1.5km and a width of up to 200m (Figure 3). It has a
maximum value of 214ppb Au. The anomalies were returned from an auger sampling
programme designed to verify gold-in-soil anomalies reported by previous explorers and to
carry out broad spaced sampling over areas not previously sampled. The Board of BRO is
quite pleased with the results of the sampling, as a result of which two prospects have
been identified; the Bentley Prospect, in the northern section of E 63/932, and the
McPherson Prospect in the south.
The Bentley Prospect anomaly has only been previously tested by a total of four broad
spaced vertical aircore holes, one of which bottomed in mineralisation at a depth of 26m with
an intersection of 7m @ 0.2g/t Au. Pangaea proposes to commence drill testing of the
Bentley Prospect as soon as possible. A detailed aeromagnetic survey of the project
area has been commissioned and is scheduled for flying in mid July. The survey should
enable the interpretation of structural targets for gold mineralisation and the location of
ultramafic units that are potentially hosts for nickel sulphide mineralisation.
The project is situated over minimally explored greenstones to the west of the Goodia Dome
at the southern end of the Eastern Goldfields’ Norseman–Wiluna Belt, which contains
numerous major gold and nickel deposits. The Goodia Dome is interpreted to have similar
lithologies and structure to the Pioneer and Widgiemooltha Domes to its north, the limbs of
which host both the Chalice and Higginsville gold deposits (0.7Moz and 1.7Moz
respectively) and a number of nickel sulphide deposits (Figure 3).
Pangaea’s three additional licence applications have extended the strike length and
width of the prospective ground within the project area. The Goodia and Dundas
Projects together give Pangaea a significant holding in the region.
BROAD INVESTMENTS LIMITED
ACN 087 813 090
15 Whiting Street, Artarmon, NSW 2064
Postal: PO Box 162 Artarmon NSW 1570
Ph: 02 9425 0000 Fax: 02 9425 0099
MOUNT RANKIN GOLD PROJECT – E77/1279
Pangaea also proposes to carry out a RC drill programme at Mount Rankin, to the west of
Southern Cross, where its auger programme identified a coherent, 300m long gold-in-soil
anomaly, with a maximum value of 250ppb Au, along strike 500m to the northwest of the
Rankin pit. The anomaly has not been adequately drill-tested, is of significant size and tenor,
and may be above mineralisation of similar size to that mined during the 1990’s in the
Rankin pit, for which pre-mining Proven and Probable Reserves were estimated as 195,000t
at 2.55g/t Au.