Exceptional High-Grade Gold Assays Indicate Potential Buried Intrusion at Everleigh

Highlights

• Exceptional high-grade rock chip assays returned from the Everleigh Well target area include:
  • 3,880g/t Au 859g/t Au 475g/t Au 98.3g/t Au 22.5g/t Au 20.1g/t Au 12.6g/t Au
• These results follow the high-grade quartz vein discovered at Everleigh’s Christmas Gift target, where assays included:
  • 18,207/t Au^# 18,179g/t Au^# 16,776g/t Au^# 16,659g/t Au^# 14,780g/t Au^#
• The assays expand the high-grade gold discoveries made across the greater Everleigh Well target area.
• Analysis of soil anomalies, rock chips and (+800) gold nuggets indicate the potential for a large buried intrusion linked to the Everleigh Embayment (CSA04).
• Review of historical RAB assays* and results from diamond drillhole FMDD0032 also supports the geological model that suggests significant gold anomalism may represent gold leakage emanating from a deeper buried intrusion.
• Fieldwork continues to evaluate drill positions in the context of a buried intrusion within an orogenic model.
  

“The exceptional high-grade rock chip assays returned from the Everleigh area are interpreted to link the various mineralised outcrops, gold soil/nugget anomalies, and drill intercepts together.

These new assays, in addition to previous results and the geological model, indicate that the Everleigh Target Area is potentially related to a larger buried intrusion.

The Everleigh target area continues to deliver very positive results and remains a high priority focus for Iceni in the search for a significant high-grade orogenic gold discovery at 14 Mile Well”.

Figure 1 Visible gold in quartz sulphide veins at EV-8. Gold fineness measured by pXRF at 96.8-97.2% Au.

Figure 2 Gold in angular quartz fragments, at EV-5. Gold fineness measured by pXRF at 90.8-96.1% Au.

Figure 3 New gold assays have been received across the Greater Everleigh area.

Everleigh: Background

The Everleigh Well target area is located centrally within the 14 Mile Well Project, on the 30km segment of the Castlemaine Fault, which has been a significant focus area for the occurrence of hydrothermal activity and mineralisation. At Everleigh a number of targets are coincident and were developed using different exploration techniques, including: FMD21 (geophysics), EW27 (geophysics), CSA04 (geology) and 14UF009 (geochemistry).

The target area formed part of the historic Redcastle gold mining centre which was discovered in 1894. The Everleigh area also contains a number of pits and shafts that were previously explored 25 years ago, by BHP among others. The Tatong prospect at Everleigh was discovered by BHP as one of many large soil anomalies which were drill tested by shallow Rotary Air Blast (RAB) and Reverse Circulation (RC) drilling. Tatong was considered to be the most prospective gold anomaly by BHP, as it was nearly 3kms long and 1km wide (Pawlitschek 1995).

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