The Tick Hill Gold Project (figure 1) and broader exploration package covers a substantial landholding of 323km2 within the highly prospective Mt Isla Inlier. The acquisition was completed in April 2019 and comprises:
- 100% interest in three granted Mining Leases (4km2) over the historic Tick Hill gold mine;
- 82.5% interest in 293km2 (Syndicated free carried to Decision to Mine for the remaining 17.5% interest) and;
- 100% interest in a further 26km2 of surrounding and regional exploration tenements.
Figure 1 | Tick Hill Tenements and Infrastructure
Tick Hill Gold Mine (100% owned)
The historical Tick Hill gold mine and surrounds has been largely unexplored for over 20 years following the mine closure by Carpentaria Gold Ltd (subsidiary of MIM Holdings Ltd) in 1995. Tick Hill has not benefited from any modern exploration techniques and this provides an opportunity to revitalise one of Australia’s highest-grade gold mines in an exceptional mining jurisdiction and location.
Tick Hill Open Pit
Tick Hill Mine Surrounds
Tick Hill produced 511,000 ounces of gold at 22.5g/t gold between 1991 and 1995. It was mined to only 235m below surface at an average of 2,184oz of gold per vertical metre, with an average strike length of just 80m. It is believed that the Tick Hill orebody was faulted off at depth with the offset extension yet to be discovered. Historical reported metallurgical gold recoveries were 97% with a highly positive mill reconciliation reported against resource estimates.
Multiple high priority near mine targets for testing include (refer Figures 1 and 2):
- High grade extensions;
- Potential high-grade offset mineralisation;
- Potential structural repetitions; and
- Unexplored areas along strike and with the near mine corridor.
Near mine drilling intersections include:
- 2m @ 104.2g/t Au fr 92m (Hole TH047RD);
- 3m @ 84.8g/t Au fr 15m (Hole 767-1890-3);
- 5m @ 20.6g/t Au fr 66m (Hole U8401);
- 2m @ 40.2g/t Au fr 17m (Hole 767-1890-1);
- 2m @ 20.2g/t Au fr 3m (Hole 767-1900-9); and
- 3m @ 16.9g/t Au fr 59m (Hole U8503).
Figure 1 | Tick Hill Mine Corridor Target Regions
Figure 2 | Tick Hill Near Mine Targets
A small JORC (2012) Indicated Mineral Resource Estimate has been defined within the Tick Hill tailings dam of 630,000t @ 1.08g/t gold for 22,000 ounces (refer to Diatreme Resources Ltd’s ASX announcement dated 19 January 2016).
Tick Hill Regional (82.5% -100% owned)
The acquisition of the Tick Hill regional exploration tenements covering 319km2 (refer Figure 3) allows, for the first time in 20 years, for the consolidation of a previously fragmented and highly prospective land tenure surrounding the historic Tick Hill gold mine. The Tick Hill tenement package will enable a consolidated exploration approach to be taken to the area including detailed structural geology interpretation, modern day low-level detection limit geochemistry and modern geophysical techniques developed over the last 20 years. The Tick Hill deposit style is characterised by a highly discrete gold, copper and cobalt footprint that can easily be missed with wider spaced drilling.
Figure 3 | Tick Hill and Regional Projects
The broader land package includes the historical Duchess copper-gold mine and contains targets for Iron Oxide Copper Gold deposits (IOCG) and epigenetic Tick Hill style gold deposits. Tick Hill is considered to be an epigenetic end member of the IOCG mineralisation that exists throughout the belt.
At Duchess (refer Figure 4), historical production was approximately 205,000t at 12.5% copper from 1900-1940. Duchess provides the potential to define high-grade, shallow open-pitable resources adjacent to existing railway infrastructure.
Ivanhoe Headframe
Significant drilling intercepts at Duchess include:
- 11m @ 2.7% copper from 86m (hole DURC0057);
- 15m @ 2.6% copper from 27m (hole DURC0048);
- 12m @ 2.0 % copper from 26m (hole DUNQ0051); and
- 7m @ 3.0 % copper from 11m (hole DURC0003).
Figure 4 | Duchess
Several additional targets (refer Figure 4) have been defined over the Mount Isa exploration package including:
- Mt Erle Prospect | extensive undrilled gold-copper anomalism and historical open pits on the west margin of the Duchess granite, characterised by a large stream sediment anomaly with up to 1.1g/t gold;
Historical Pits at Mt Erle
- Grassano Prospect | Large underexplored epigenetic IOCG target with rock chip results up to 114 g/t gold (7623426mN 391518mE) in quartz-carbonate veining and drill results up to 21m @ 0.79% copper and 7m @ 0.6 g/t gold from surface;
Mineralised Veining at Grassano
- Nil Desperandum Prospect | historical workings over 1km in strike with historical drill intercepts including:
- 19m @ 2.3% copper and 0.56 g/t gold from 112m (hole NDR017);
- 6m @ 5.2% copper and 0.84 g/t gold from 21m (hole NDR021); and
- 20m @ 2.4% copper and 0.28 g/t gold from 111m, including 12m @ 3.3% copper and 0.38 g/t gold from 111m (hole ND010).
- Freckle Prospect | numerous copper and gold targets supported by a large soil anomaly and untested off hole EM, with significant historical intercepts including:
- 6m @ 1.5% copper and 0.9g/t gold from 109m (hole FR-1);
- 6m @ 3.2% copper and 1.33g/t gold from 121m (hole FR-1);
- 5m @ 2.5% copper from 34m (hole FR-6); and
- 0.63m @ 3.5% copper and 6.9g/t gold from 172.6m (hole FR001D).
Notes regarding reporting of Exploration Results
For full details of exploration results refer to ASX announcement on 12 March 2019. The Company is not aware of any new information or data that materially affects this information other than as specified in this announcement and the mentioned announcements. The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements and, in the case of estimates of Mineral Resources, Exploration Target or Ore Reserves that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcements. The Company confirms that the information in the announcement relating to exploration results is based upon, and fairly represents the information and supporting documentation prepared by the named Competent Persons.
