The Onslow Gold Project is located in the northwestern extension of the Capricorn Orogen and is considered prospective for gold and copper. Nearby 1990’s historic exploration identified the potential for banded-iron-formation hosted gold and iron-oxide hosted copper-gold mineralisation.
The Onslow Gold Project covers 567km2 and comprises three tenements. The Company owns 100% of granted licence E08/3311 (121km2) and has entered into an agreement to acquire 80% of granted licence E08/3197 (188 km2). The Company has also recently applied for E08/3462, comprising a further 258km2 of prospective ground located adjacent to E08/3311. Historical drilling on the tenements was almost exclusively focussed on the cover sequence in the search for pisolitic iron mineralisation and hence the proterozoic basement is considered to be essentially untested. A recent review of historic airborne electromagnetic surveys confirmed several anomalies that have never been drill tested.
New Airborne EM Survey
Subsequent to the end of the quarter, the Company announced the results from a new high powered airborne electromagnetic (“EM”) and magnetic survey flown over the Company’s Onslow Gold Project. The processing and interpretation of the survey results has led to the identification of 11 priority targets exhibiting strong mid to late time peaks considered worthy of follow up exploration, including air-core drilling. The total size of the survey was 1,538 line-kilometres using 200-metre line spacing, and covered both of the granted tenements (E08/3311 and E08/3197) within the Onslow Gold Project. Historical drilling on the tenements was almost exclusively focussed on the cover sequence in the search for pisolitic iron mineralisation and hence the proterozoic basement is considered to be essentially untested. The completion of this initial geophysical program represents the early stages of a systematic exploration approach to target gold and copper mineralisation across the Onslow Gold Project.