Comet Project - WA (Silver Lake 100%)
Background
The Comet project is a pre-development gold project that also has advanced exploration targets. Mining activities commenced in the Comet project area in 1913 with underground mining being carried out until 1983. Before the 1980s gold mining activities were largely limited to intermittent underground mining and in the late 1980s, open pit mining was undertaken at the Comet and Pinnacles deposits with production being 638,335 tonnes at 3.45 g/t Au. Up to 1996, the project area was subject to active mining operations.
Location
The Comet project sits between the multi-million ounce gold producing mines and towns of Mount Magnet and Meekatharra situated in the Cue and Day Dawn districts of the Murchison Goldfield some 20 km southeast of Cue, and 60 km north-northeast of Mount Magnet. Access to the project is by way of the gravel Wondinong Road that runs east-southeasterly from the Great Northern Highway at Cue.
Geology
The geology is comprised of folded and faulted Archaean basalts and sediments that host mesothermal gold deposits.
The project area covers part of a northeast trending greenstone belt located at the southern end of the Tuckabianna Shear Zone. A sequence of mafic and ultramafic volcanic and intrusive rocks with banded iron formation have been folded in to a syncline to the east of the shear zone. To the west of the Tuckabianna Shear Zone there is a felsic, mafic and ultramafic sequence forming an antiform. Granitoid rocks have intruded the greenstone sequence.
Resources
Measured Resources | Indicated Resources | Inferred Resources | Total Resources | |||||||||
Deposit | Ore | Grade | Total | Ore | Grade | Total | Ore | Grade | Total | Ore | Grade | Total |
| Comet | - | - | - | 1,709.1 | 3.6 | 198.3 | 572.2 | 5.1 | 92.9 | 2,281.2 | 4.0 | 291.2 |
Exploration Programme
The gold prospectivity of the Comet deposit area is considered to be high with exploration potential being present in the quantified resources that are known to be present as well as in extensions to the resource at depth and along strike.
Exploration potential at the Comet deposit is present at depth below the quantified resources and along strike following the same shear structure that hosts the Comet, Comet North and Eclipse deposits.
Outside of these three deposits on the Comet-Eclipse trend, exploration potential also exists over the south-southwestern extension of the mineralised trend where two blind conductivity targets identified from a TEMPEST airborne EM survey represent untested drilling targets at depths below surface of the order of 125 metres.
The target generation process for the Comet area is in progress and a drilling programme will commence in the area in 2009.
Kurrajong Nickel Project
Project Background
The Kurrajong Project sits directly to the east of the Company's Comet gold project near Cue, Western Australia. Several ultramafic peridotite horizons have been identified with anomalous geochemical signatures that indicate high potential for hosting komatiite style nickel sulphide mineralisation.
Geology and Mineral Potential
Geochemical results from outcropping, fresh olivine cumulate rocks show occurrences of magnesium-oxide ("MgO") in the range of 30-35% and background nickel ("Ni") of approximately 2,000 ppm or 0.2%. Such elevated MgO and elevated background Ni is typical for ultramafic rocks in the vicinity of komatiitie hosted nickel sulphide deposits, such as Cosmos, Silver Swan, Leinster, and other similar types of nickel deposits in the eastern goldfields of Western Australia.
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