Pilbara Gold Projects

Pilbara Gold Projects

The Company’s Pilbara Gold projects comprise the Strelley, Mount Grant, Pardoo, Goldsworthy and Big Hill Gold Projects. Each of these projects are located in the highly prospective Mallina Basin of Western Australia, northeast of the De Grey Mining Ltd’s (ASX: DEG) 6.08 Moz Hemi gold deposit. The Company’s ground holdings in the Mallina Basin total 442 km2.

Strelly Gold Project (100%)

Strelley is underlain by Archean aged granite and greenstone rocks and is located 70 km northeast of the Hemi gold deposit.

The Tabba Tabba Shear Zone passes through the project and is a large scale anastomosing orogenic belt of greenstone associated with significant gold mineralisation within De Grey’s tenements 30 kms to the south west.

Multiple aircore and RC drilling programs have been completed at Strelley since December 2020. The aim of the first pass drill programs was to scope out the Tabba Tabba and Berghaus Shear Zone structural pathways for evidence of broad mineralised trends beneath the shallow sand cover.

Follow up programs have since identified the >4km Strelley Gold Corridor, where the Company has intersected significant new gold results from multiple prosects at Strelley in 2021. These are being followed up with ongoing exploration programs:

Bastion Prospect

The Bastion Prospect is a 1.4km strike length gold anomaly which remains completely open to the North and is where the first ever diamond drilling completed at Strelley identified intrusion hosted “Hemi style” gold mineralisation up to 3.2 g/t gold.

Results from the first RC drilling program at Bastion have been received with standout results from PLRC0043 intersecting 2m @ 5.21 g/t gold from 85m including 1m @ 9.75 g/t gold from 85m and 4m @ 0.5 g/t gold from 130m.

Significant follow up RC drilling programs are testing the eastern contact of the Bastion intrusion and the direct extension north of PLRC0043 as well as test the large undrilled coincident gold-arsenic soil anomalies recently generated north-east of Bastion.

Stockade Prospect

Wide zones of gold mineralisation have been intersected at the Stockade Prospect in drill hole PLRC0035 which was drilled targeting a bottom of hole aircore drilling anomaly of 1m @ 0.32 g/t gold from 18m in PLAC0003.

Composite results of 5m @ 0.59 g/t gold from 85m, 5m @ 0.45g/t gold from 105m and 10m @ 1.62 g/t gold from 115m were recorded in PLRC0035.

The result in PLRC0035 remains completely open at depth and up dip and is undrilled for over 200m to the south and 140m to the north to the nearest aircore drill traverse.

Alcazar Prospect

A single traverse of 4 RC drill holes was drilled across the Alcazar Prospect where recent wide spaced and shallow aircore drilling by Carnaby had identified broad gold anomalism coincident with a large newly identified intrusion.

Results from recently drilled RC holes have been outlined a greater than 200m wide intrusion and intersected high grade gold mineralisation within the intrusion with a composite result of 5m @ 4.83 g/t gold from 110m.

Additional RC drilling is targetting the potential extensions of the high-grade intrusion hosted gold mineralisation along the 1.8 km identified prospective corridor.

Palisade Prospect

At the Palisade prospect shallow and wide spaced aircore drilling has defined a 4 km long gold anomaly along the interpreted northeast extension of the Berghaus Shear Zone into the Tabba Tabba Greenstone belt. The source of the extensive shallow gold anomalism is yet to be identified.

Gibraltar Prospect

The Gibraltar prospect is a greater then 2 km long gold anomaly along the Tabba Tabba Shear Zone with historical drill results up to 10 m @ 1.6 g/t gold including 2 m @ 5.7 g/t gold.

Conwy Prospect

Conwy prospect is a 5 km long MMI soil gold anomaly at the intersection of the Tabba Tabba Shear Zone and Berghaus Shear Zone.

Mount Grant Gold Project (80%)

Mount Grant is located approximately 20km East of the Company’s Strelley Gold Project and approximately 90 km northeast of the Hemi gold discovery of De Grey Mining Ltd (ASX: DEG).

Results from a high-resolution aeromagnetic survey highlighted several new “Hemi style” intrusion targets along the main granite greenstone contact that is interpreted to represent the northern continuation of the Tabba Tabba Shear Zone.

The Mount Grant tenement is completely overlain by alluvial cover and is unexplored for gold mineralisation. The intrusion style targets identified represent distinct bullseye targets for first pass drill testing and form a pipeline of prospects that will be tested with drilling in the future.

Pardoo Gold Project (100%)

The Pardoo exploration license application covers 110 km2 along a significant structural trend that is overlain by alluvial cover and is previously unexplored for gold mineralisation. Several distinct intrusion type targets have been identified within the tenement which form a pipeline of prospects that will be tested with drilling in the future.

Goldsworthy Gold Project (100%)

The Goldsworthy tenement application contains approximately 4 km strike of unexplored granite / greenstone contact along the interpreted eastern extension of the Tabba Tabba Shear Zone. The Tabba Tabba Shear Zone is considered to be a fertile structure for gold mineralisation. Systematic exploration of the Goldsworthy tenement will be completed in due course.

Big Hill Gold Project (100%)

The Big Hill project is favourably located on the Berghaus Shear Zone considered to be a major structural corridor northeast of the Hemi gold deposit owned by De Grey Mining Ltd.

First pass soil sampling has been completed across the Big Hill Prospect. The results have defined at least 2 subparallel gold anomalous trends along the Berghaus Shear Zone that warrant follow up exploration with a peak result of 25.3 ppb gold recorded against a background of approximately 1 ppb gold.