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Iceni Gold Limited (ASX: ICL) (Iceni or the Company) is pleased to provide an exploration update on the Guyer Well Target Area.
Highlights
- Geological fieldwork, mapping and rock chip sampling continues along the 15km long Guyer trend.
- Anomalous assays from AC drilling, UFF soils and rock chip sampling, historic workings and gold nuggets have all assisted in identifying a clear exploration focus along the ridge at Guyer North for ~2.5kms.
- The recent discovery of nugget GY-1 at nearly 1.5oz Au further supports the prospectivity of Guyer North.
- Prospecting has discovered over 780 gold nuggets along the Guyer Trend to date.
- More than 80 gold nuggets have been recovered during the last 4 weeks.
- The Guyer North drilling campaign is being designed and prepared for exploration drilling which is expected to commence within weeks.
Technical Director David Nixon commented:
“This new 1.5oz gold nugget, GY-1, is the largest nugget recovered thus far along the 15km long Guyer trend. The nugget was discovered in a saddle along the ridge at Guyer North and shows some signs of transport but retains enough surface features to indicate it hasn’t travelled far. The specimen GY-1 provides further support for the prospectivity of the Guyer North target area.
There is sufficient evidence of gold mineralisation localised along the Guyer North Ridge to justify drill testing.
A drilling campaign is being designed to test across the Guyer North target and along its ~2.5km strike” and will commence within weeks.
During the previous 4 weeks over 80 nuggets have been recovered, bringing the total to date to over 780 nuggets found along the Guyer Trend.
Figure 1: Nugget* GY-1, uncleaned, containing ~1.5oz of gold.
Figure 2: Nugget* GY-1 after cleaning. The nugget has a gold fineness of 99.1% (measured by pXRF).
*Visual estimates of mineral abundance or pXRF analyses should never be considered a proxy or substitute for laboratory analyses where concentrations or grades are the factor of principal economic interest. Visual estimates also potentially provide no information regarding impurities or deleterious physical properties relevant to valuations.
Guyer Well Target Area
The Guyer Well target area lies in the southeastern part of Iceni’s tenure. It lies over a north-northwest striking belt of mafic greenstone sequences, bounded to the west by the Danjo Batholith and to the east by felsic volcanics.
The eastern part of the Guyer Well target area is cut by the north-northwest trending Guyer Fault. The Guyer Fault/Shear is interpreted to be a splay of the main Celia Fault. 15kms of strike of the prospective Guyer Fault is controlled by Iceni within the 14 Mile Well Project.
Figure 3: Interpreted geology and alteration zones of the Guyer Well target area
Much of the central and southern portions of the Guyer Well target area is blanketed by transported cover. The cover sequences consist of palaeochannels covered by sheetwash and alluvial channels with minor residual soils. The northeastern part of the Guyer Well target area occurs over lacustrine clays and sediments associated with Lake Carey.
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This article includes content from Iceni Gold, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
ICL:AU
Additional High Priority Antimony Targets Identified over 10km Corridor at Yallalong Project
Highlights
- Ground geophysical survey over the identified 10km antimony corridor at Yallalong is complete and final data has been processed and interpreted.
- Detailed interpretation of the geophysical data integrated with previous drilling data significantly expands the scale of the exploration model for high-grade antimony mineralisation at Yallalong.
- 14 new, high priority, structural targets analogous to the high-grade Discovery Target have been identified and will be evaluated in the next drilling campaign.
The geophysics has identified 14 new structural antimony targets at Yallalong analogous to the Discovery Target, where historic drilling intercepted high-grade antimony.
Octava’s Managing Director Bevan Wakelam stated, "The new gravity data redefines the exploration model for high grade antimony at Yallalong. It explains the presence of anomalous antimony along the structural corridor and predicts potential hot spots along it. It is exciting to consider the possibility of a continuous system extending under cover for more than 10 kilometers and having a method to pinpoint the most prospective zones. Planning work is already underway for drilling of these new targets "
Antimony
The Yallalong project is located ~ 220km to the northeast of the port town of Geraldton in Western Australia. The antimony (Sb) mineralisation identified at Yallalong appears within a 10km north- south striking mineralised corridor.
Previous exploration identified four principal antimony targets where antimony mineralisation was exposed at surface. Only the Discovery Prospect had previous drilling and recorded high-grade antimony intercepts over a strike length of ~300m, including 7m @ 3.27% Sb.
A detailed geophysical survey was undertaken to identify underlying structures, such as shears and faults, which act as conduits to mineralising fluids. It also outlines key lithological boundaries. These factors are important in the formation of antimony deposits worldwide.
Interpretation of the geophysical data and the historic drilling has re-defined the exploration model for high grade antimony at Yallalong. Fourteen new targets analogous to the Discovery Target have been identified and will be evaluated through planned drilling. See Figure 1.
Figure 1. Summary structural interpretation and with existing and newly identified Sb targets at Yallalong.
Atlas Geophysics conducted the gravity survey using a 100m x 100m grid pattern, with additional measurements on a 50m x 50m grid over the Discovery Target. NewGen Geo, a geophysical consultancy, carried out the gravity data processing and interpretation.
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Ore Purchase Agreement with Westgold Resources Unlocks Gold Production from Crown Prince
HIGHLIGHTS
- New Murchison Gold (NMG) and Westgold Resources (Westgold) have entered into an Ore Purchase Agreement (OPA) which will underpin production from NMG’s Crown Prince deposit near Meekatharra, Western Australia in 2025.
- Subject to final regulatory permitting, under the OPA, NMG will commence mining from a new open pit operation at Crown Prince with a targeted commencement date of mid-2025.
- Ore will be hauled 33km by road to the Bluebird Gold Processing Plant, part of Westgold’s Murchison Gold Operations at Meekatharra.
- Ore will be sold to Westgold in several parcels (Ore Parcels) totalling 30-50kt per month with each Ore Parcel certified for grade, moisture and recovery from sampling at the Crown Prince site and a recovery factor agreed for each mining bench from test work replicating the Bluebird Mill circuit.
- The OPA has no fixed term although NMG envisages that most of Crown Prince ore is likely to be processed in an “Initial Period” which runs over the first 24 months of the agreement. Thereafter ore tonnages are to be agreed on a rolling three-month basis once production forecasts have been completed by NMG and Westgold has confirmed mill availability.
- Westgold will purchase ore from NMG based on contained gold in each Ore Parcel at the prevailing AUD gold price in the month the Ore Parcel is collected (minus processing costs and a capital recovery charge). Westgold must promptly collect Ore Parcels that are available for collection.
- The OPA is subject to shareholder approval (Listing Rule 10.1 requirement) at a general meeting of NMG shareholders to be held in late January or early February 2025.
- NMG and Westgold have also entered into an ancillary agreement (Licence and Access Water Discharge Deed) which facilitates NMG’s potential dewatering requirements at Crown Prince.
Alex Passmore, NMG’s CEO commented: "We are very pleased to announce the Ore Purchase Agreement with Westgold as it sees both companies working together to support the development of NMG’s Crown Prince deposit in a capitally efficient manner.
We see this Agreement as beneficial to all shareholders with Westgold acquiring additional high grade oxide ore feed to supplement its Meekatharra operations and NMG transitioning to a producer for modest capital.
The Bluebird Processing Plant owned by Westgold is ideal for NMG due to its close proximity and well-matched metallurgical process. We believe the robust frameworks and protocols we have put in place in this Agreement aligns both operational teams to a common goal of maximizing operational efficiency.
We thank the Westgold team for the technical and commercial work that has led to this Agreement and look forward to working collaboratively in making the development of Crown Prince a success”
Crown Prince is located to the north of Meekatharra, around 33km via road to the Bluebird Gold Processing Plant (Bluebird) owned and operated by BBGO. Westgold and NMG have been working collaboratively on the OPA to manage technical risks and to share economic synergies which are available via the partnering of production from the Crown Prince deposit and milling at Bluebird.
Key Terms of the OPA are outlined in the Table below and will be explained fully in a Notice of Meeting to be sent to NMG shareholders in December. The NMG shareholder meeting is likely to be held in late January or early February 2025. As a result of Westgold’s 18.7% ownership of NMG, it is deemed a related party under the ASX Listing Rules and so the OPA includes a condition precedent of NMG obtaining shareholder approval under Listing Rule 10.1.
BDO Corporate Finance Australia Pty Ltd (BDO) has been engaged to provide an opinion and Independent Expert’s Report to accompany the Notice of Meeting to assist shareholders in their considerations of whether or not to approve the OPA moving into operation.
Should the conditions precedent be met (shareholder approval) the OPA will come into effect with NMG expecting mining approvals to be received in early April 2025. Once mining operations commence, and ore stockpiles are built up, it is anticipated that first Ore Parcel sales will occur in September 2025.
The company is working towards an ore reserve estimate to provide further detail on the economics of the project which is to be released shortly.
Plan of Access and Water Infrastructure - Crown Prince
Authorised for release to ASX by the Board of New Murchison Gold Limited.
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This article includes content from New Murchison Gold Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
