Has some experienced players in management & a very interesting Top 29.
With gold at or close to an all time high this seems a good time to foat a gold play. One for the watch list. Eyes down.
Kimberley Gold Projects
The Company has selected gold projects which have already defined drill targets ready for immediate testing. In addition, the IPO is timed for completion at the start of the field season within the Kimberley region allowing the Company to proceed directly to field work without delay.
Grants Creek Project Western Australia
The Grants Creek gold project (Grants Creek Project) comprises a seven prospecting licences and an application for a prospecting licence, which are located in the East Kimberley region of Western Australia approximately 60 kilometres North Northeast of Halls Creek. The local geology is summarised as gold hosting quartz reefs within deformed and folded metasedimentary and metavolcanic rocks of the Proterozoic age. Historical workings in the area produced gold from a series of narrow pits and shafts as a line of workings following major structural trends. Previous work has included regional soil sampling and some drilling on specific targets at the Moodys and Perseverance prospects.
Following a review of the historical exploration by the previous owners the following conclusions were reached:
? The existence of two strong gold anomalous trends several kilometres long, the Perseverance and Star of Kimberley, supported by accessory elements including arsenic warranted further exploration.
? Additional drilling in the area near Moodys East and Moodys West was recommended in an area of previously identified gold mineralisation.
? The possible existence of additional gold mineralisation at the Perseverance prospect required deeper drilling to identify dip and strike extensions to the already identified mineralisation.
Angelo Project Western Australia
The Angelo gold project (Angelo Project) is located approximately 40 kilometres South-West of Halls Creek and 5 kilometres South of the Great Northern Highway and comprises the exploration licence E 80/2707. The licence is less than 15 kilometres to the East of Nicolson?s Find gold treatment plant and this infrastructure could potentially be utilised to process ore from the Angelo Project.
Previous exploration included geochemistry (stream and soil samples) and Rotary Air Blast (RAB) drilling. As a result there are two main prospects now outlined by gold and arsenic geochemistry (>7 kilometres long); Leonardo and Figaro.
Interpretation of the recently obtained radiometric geophysical signatures and detailed assessment and processing of the geochemistry data has improved the prospectivity of the Figaro target and has further highlighted target zones on the tenement.
The exploration target is epithermal gold mineralisation, as indicated by the large stratiform anomalies which appear to be related to quartz stock work veining and reefs in carbonaceous sediments.
The considerable gold and arsenic anomalism outlined at the Leonardo prospect was part tested by RAB drilling.
Reverse Circulation drilling program of twenty five holes at the Leonardo prospect during mid 2008. Gold values returned were of a similar tenor to earlier drilling.
The identified gold intercepts gives encouragement for the existence of potentially exploitable zones of gold mineralisation within the Angelo Project boundaries.
Elaine Project Victoria
The Elaine Gold Project is located near Ballarat, Victoira and comprises the exploration licence E 5133. The Mt Doran-Elaine Goldfields have poorly recorded historical production. At Elaine, 5170t at an average grade of 23.6 g/t Au is recorded from incomplete historical records. However, the grade variation was variable as shown by records from individual mines within the Elaine field.
The area is considered prospective for both hard rock gold mineralisation as well as alluvial gold occurrences. Proposed exploration will comprise detailed geological mapping, geochemical sampling and ground geophysics. Drilling will be considered on priority targets.
No modern day exploration has really taken place despite the known workings and high grade.
Gold mineralisation has been observed in bedded and laminated vein sets, spurry formations and minor saddle reefs. These zones of gold mineralisation appear concentrated at the intersection of graphitic/pyritic shales and the quartz reefs.
An example of the natures of the reef systems can be obtained from historical records of the Jaberro Mine, located east of Elaine within E 5133. The main reef was approximately 50 centimetres wide with variable strike, ranging from North East to North, dipping 70? to the West. Three shafts were sunk to a maximum depth of 67 metres. Several shoots were mined to approximately 30 metres below surface, with grades averaging 1 oz/t. It is believed that some 300 tonnes were mined after 1932 when the mine re-opened.
No mining occurred to depths of greater than 100 metres, although there are no records noting that the gold mineralisation did not persist at depth. As an example, the reefs within the Mt Egerton Gold fields reached depths of over 600 metres.
The Elaine and Mt Doran fields may be considered the Southerly continuation of the Gordon-Mt Egerton fields to the West of the mina Ballarat Goldfields.
FIE Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
