BRO 0.00% 0.2¢ broad investments limited

announcement out .. gold gold gold, page-2

  1. 49 Posts.
    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.

 
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