Australian Goldfields Project Highlights
The proposed acquisition comprises five distinct projects – Beatons River, Cuprite West & East, Tyche, Fortuna & Nortia – which delivers a large prospective footprint in Western Australia’s Pilbara Gold District.
- Australian Goldfields’ Beatons River Project is contiguous to Novo Resources’ (“Novo”) (TSX-V: NVO) Beatons Creek Gold Deposit, and totals 335 square kilometers.
- Within the Cuprite West & East Project are extensive high-grade rock chips up to 57.5 g/t Au and shallow drill intercept 4m @ 2.9g/t Au from 8m (KZ001)2.
- The Tyche, Fortuna & Nortia Projects are under-explored yet have geological structures that are highly prospective for gold mineralization.
- The geology team will commence evaluating the projects in more depth after the inaugural site visit then commence formulating a comprehensive exploration and priority development program.
Attractive Western Australian Gold Assets
The proposed acquisition of five underexplored, distinct projects – Beatons River, Cuprite West & East, Tyche, Fortuna & Nortia – delivers Australian Goldfields a sizeable prospective gold footprint across the Pilbara region in Western Australia (Figure 1). The Pilbara has a history of significant iron ore production; however, more recent high-profile gold discoveries have focused new attention on the region. Notably, recent geological analysis of key gold discoveries is drawing a comparison to the Witwatersrand gold reef in South Africa, a major gold producing area. The Pilbara region has highly developed supportive mining infrastructure, with excellent transport networks to key ports.
Beatons River Project
The Beatons River Project is comprised of 335 square kilometers and is contiguous to Novo’s Beatons Creek Gold Deposit, which hosts 903,000 oz Au grading 2.53 gpt Au. Novo’s Beatons Creek Gold Deposit is hosted within gold bearing conglomerates of the Hardey Formation that outcrop on the eastern edge of a Fortescue Group Plateau that accumulated in the Nullagine sub- basin. The Western Australia Gelogical Survey below, has mapped the area, and interpreted the Hardey Formation extends onto the Australian Goldfields tenemants 2km north of the Beatons Creek Gold Deposit. The project’s target is gold bearing conglomerates within the Hardey Sandstone Formation, part of the Fortescue Group, a sequence of sedimentary and volcanic rocks. Minimal exploration has been conducted on the Australian Goldfields properties, and the first stage of exploration will comprise mapping and outcrop sampling. NOTE: mineralization on adjacent projects is not indicative of mineralization on the Company’s project.
Further, a National Instrument 43-101 Technical Report on the Beatons River Gold Project is now underway and will be released in due course.
Beatons River Conglomerate
Cuprite West & East Project
The Cuprite West & East Project comprises two tenements (109km2), circa 50km north-west of Marble Bar, that are deemed highly prospective for gold and base metal mineralization.
Historic work includes.a rock chip sample program by Kalamazoo Resources PTY Ltd, which returned gold values ranging from 15.5 grams per tonne gold ( gptAu ) to 57.5 gpt Au, all within the Gorge Creek Area ( Western Australia Mineral Exploration reports ( WAMEX ) A10931), and drilling by Atlas Gold Limited with one meter intercepts ranging from 1.9 gpt Au to 6.7 gptAu and four meter intercepts ranging from 1.86 gptAu to 5.85 gptAu at the Farrel Well area ( WAMEX reports A86631A71514, A108778 and A108779.
Overall, the Cuprite West & East Project has the potential to host significant epigenetic gold and syngenetic massive sulphide mineralization.
Tyche and Fortuna Projects
The Tyche Project sits over the two stratigraphic units of the Fortescue Group which comprise the Hardey and Kylena Formations. Encouragingly, the Hardey Formation, which has been mapped across 90% of the tenure area is typically linked with gold mineralization. The Kylena Formation, which is present on the eastern boundary, has been known to host elevated gold in quartz veins within basalt. Meanwhile, within the Fortuna Project, the Hardey Formation is present across 22% of the tenure, which is the first priority target.
For the Nortia Project shear-hosted gold mineralization is the target as the tenure contains ancient greenstone / granite assemblages, intersected by multiple faults and shears.
Specifically, the Dalton Suite ultramafic unit is present in the center of the tenure, with several faults and shear zones apparent at the main focus area.
Regionally, there are significant shear-hosted gold occurrences related to ultramafic units, fault and shear zones.
Acquisition of Swan Gold Ltd.
The acquisition of three significant gold focused tenement applications:
- Beatons SE
- York NE
- Warrawoona E
All three located in the Pilbara region of Western Australia. These projects compliment and expands the existing Australian Goldfield Pilbara projects recently acquired by the Company.
Beaton’s SE Project
The Beaton’s SE Project is comprised of 101.9 square kilometers and is located near the Company’s Beatons River Project. As a result of this transaction, the Beaton’s River Project (inclusive of Beaton’s SE) will total 436 square kilometers. The Beaton’s River Project is contiguous to Novo’s Beatons Creek Gold Deposit, which hosts a resource of 903,000 oz Au grading 2.53 g/t. See Note 1 below. A largely unexplored, major crustal structure runs northwest-southeast through the Beatons SE Project and will be the focus of the companies exploration efforts within this licence.
York NE Project
The York NE Project consists of 102.6 square kilometers of prospective geology, including numerous regional fault’s intersecting Pilbara Craton greenstone and Cleland supersuite rock units. The southern boundary of the concession lies immediately north of the Lalla Rookh historic gold mining area which produced 6532 tonnes of ore for 7602 ounces of gold in the late 1800’s at an average recovered grade of 1.16 oz/t Au (or 36.3 g/t Au). The Lalla Rhook West historic mine is located on a NE trending structure that continues onto the York NE concession. The property lies approximately 20 km NE of Kaiross Minerals Mt. York Project, which hosts an inferred mineral resource of 873,000 oz Au from 19 million tonnes grading 1.3 g/t. Significantly, greenstone-hosted gold systems worldwide are often characterized by high-grade lodes, with vertical extent of hundreds of meters. Such systems may have a relatively small surface footprint with robust down-dip exploration potential.
Warrawoona East Project
The Warrawoon East Project consists of 121.6 square kilometres and encompasses multiple regional faults which mark the eastern boundary of the Warrawoona Greenstone Belt. Calidus Resources Warrawoona Project is located 3 km to the east of the concession and is hosted within the greenstone belt. The global mineral resources for the Calidus Warrawoona Project is 1.25 million oz Au from 21.3 Mt at 1.83 g/t. As with the York NE Project – the presence of regional structures juxtaposing greenstone rocks of different competency – provides for robust exploration targets.