The major focus in WA is the Red Setter project. This is a 57.4 sqkm tenement, which is the major part of the 67 sqkm package acquired in November 2020.
In May 2021 a Program of Work was approved by the Western Australian Government’s Department of Mines. This includes a drilling program for up to 100 drill holes to depths of 300 metres. These are designed to test for potential gold and copper mineralization on the multiple magnetic targets.
We acquired Cottlesloe to give our exploration portfolio a balance by adding silver and lead: essential minerals for the manufacture of electric vehicles of all types. There is known mineralization at Cottesloe at surface and a few historic drilling results confirm high grades of silver in different parts of the property.
The Cottesloe East tenement is contiguous to the Cottesloe Project and the historical results indicate that the established anomalies on Cottesloe extend into Cottesloe East.
The Anketell Project consists of a single exploration licence application covering an area of ~10km2 and is located ~85km north of the Company’s Red Setter Gold-Copper Project in the Patersons Range area in Western Australia. The magnetics of the Anketell property have been modelled using typical susceptibility numbers. This produced a modelled body of some 1km diameter that is an obvious target for exploration and drill targeting.
In Queensland we have the Wishbone group of licences in the highly prospective Mingela area about 80km south of the major Queensland port city of Townsville. This is situated between two large producing areas with Charters Towers to the west and Ravenswood to the east. which was recently sold for up to AUD $300 million. These two mines have combined inferred reserves of over 10million (Au) ounces.
In June 2021 the Wishbone property was recently compared to the 5m oz Ravenswood gold mine by Dr Simon Beams of Terra Search Australia at the annual AusIMM conference. The presentation generated a lot of interest as it was the application of new technology to existing resources leading to a revised view on the prospectivity of the region.
The Granite Castle deposit on the western boundary of White Mountain has recently been drilled by others to confirm significant gold and silver in grades and tonnage of potential economic significance. In addition, at the centre of White Mountains is an intrusion of an Ordovician-Silurian granitoid which hosts a trend of deposits, namely the Diecon Mine (gold); Edwards prospect (antimony) and Northeast Workings (gold).