Subsequent to year end, the Company significantly added to its land holding in the West Pilbara Region with the signing of an Option and Joint Venture Agreement with Independence Group NL (IGO) and Western Australian Resources Limited (WAR).
The Company entered into the Agreement on the Goldsworthy Platinum, Gold, Copper Project located in the Pardoo Region, WA. The Project consists of two granted Exploration Licences E45/2538 and E45/2539 with a total land area of approximately 450 km2, which are located approximately 130 km north-east of Port Hedland. Refer to the location map.
Certain regional aeromagnetic and gravity anomalies located within the Goldsworthy tenements were considered by IGO to be prospective for iron ore. IGO/WAR further enhanced these regional anomalies by detailed ground magnetic and gravity surveys prior to drill testing in late 2006. Reverse circulation drill hole (DGRC016) intersected anomalous platinum group elements, gold and copper values whilst drill testing one of several circular gravity anomalies:
30m@ 220ppb PGE + Au, 0.15% Cu from 60-90m (EOH) beneath 60 metres of cover. Modelling of the gravity, magnetics and drilling data indicated that the hole just pierced the modelled pipe like mafic intrusive.
As part of the Agreement, Brumby will undertake a follow-up reverse circulation drill programme to better test the identified mafic intrusive. IGO has the necessary statutory approvals in place to enable this programme to be commenced once a drilling contractor can be contracted for the work.
The Project adds to Brumby’s very large and strategic land holding in the West Pilbara Region.
MZN Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
