Back in the day before a lot was known about the Cadia Valley deposits, most of the drilling was ‘on structure” in the early phase (1) monzonite intrusions. Newmont actually drilled 5 very deep holes a fair bit north of where the epithelial holes are currently being drilled. We now know following the discovery of cadia hill, cadia east and ridgeway that the porphyrys are actually ‘off structure’ in the country rock. The current high res magnetic survey will map all the monzonite to help vector potential porphyry intrusions off the side of these early phase structures.
Golden Cross drilled that hole into the redrock and lithocap many years ago. Peter and the team relished it and identified the significance of the minerals present. Golden Cross got into trouble soon after they drilled that hole and were also focused on other priorities and desperate for cash. They sold the tenement in a fire sale in a private sale to a Lachlan Fold Belt legend, Brian Locke. Brian vended it into WTM last October.
WTM Price at posting:
31.0¢ Sentiment: Buy Disclosure: Held
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