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Warriedar Resources (ASX:WA8) is well-positioned to help stave off the impending shortage in copper supply as other critical minerals. A highly skilled team of experts backs the company while maintaining a robust and stable portfolio of gold assets in Western Australia and Nevada. Warriedar currently holds more than 2 million ounces of high-grade gold resources with three projects – the Golden Range, Fields Find, and Big Springs.
Two of its brownfield projects are located in Western Australia's Murchison Province — a region widely known for its rich copper resource. Both projects are situated on previously mined and underexplored land, and surrounded by successful, operating gold and base metal mines.
Situated in the middle of Western Australia's highly active Murchison exploration and mining province, the Golden Range project is strategically positioned between several major operating mines and advanced exploration projects. Together with the nearby Fields Find project, it represents a belt-scale opportunity, covering a combined area of 813 square kilometres.
Company Highlights
- The copper market is booming, driven by a combination of increased demand for electric vehicles and a global push for sustainability.
- Warriedar Resources is an advanced gold and copper exploration and development company with a portfolio of assets well-positioned to take advantage of the market shift.
- Two of the company's three projects are located in the copper-rich Murchison Province of Western Australia.
- Golden Range, a 950,000-oz gold project with on-site infrastructure that includes an 800-ktpa plant.
- Fields Find, which hosts the historic Warriedar Copper Mine.
- The company also maintains a 1.01-million-ounce gold project in Nevada, USA, known as Big Springs.
- All three projects are underexplored, with significant resource potential.
- Warriedar is backed by a highly skilled team with decades of experience and leadership in mining and exploration.
- The company is expected to have a steady newsflow through 2024 and 2025, with extensive plans for drilling and exploration already outlined.
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Overview
The electrification of the automotive sector and the push for more sustainable energy overall are creating an enormous market opportunity for copper. Although other metals such as lithium tend to make headlines more frequently, base metals are every bit as important — perhaps more so. What's more, they may be just as prone to shortages in supply as other critical minerals.
Warriedar Resources (ASX:WA8) is well-positioned to help stave off that impending shortage. An advanced gold and copper exploration company backed by a highly skilled team of experts, Warriedar maintains an incredibly strong and stable portfolio of gold assets in both Western Australia and Nevada. Between its three projects – Golden Range, Fields Find and Big Springs – it currently holds more than 2 million ounces of high-grade gold resources with blue-sky potential for growth.
But how exactly does copper play into that portfolio?
Two of its brownfields projects are located in Western Australia's Murchison Province — a region widely known for its rich copper resource. Both projects are situated on previously mined and underexplored land, and surrounded by successful, operating gold and base metal mines.
Perhaps most significantly, one of the projects not only contains the historic Warriedar copper mine but also features an unusual geological profile that suggests a significant presence of both copper and nickel.
Warriedar also prides itself on the expertise and experience of its leadership team, driving the company towards successfully achieving its goals and increasing shareholder value. Geophysicist Dr. Amanda Buckingham and geologist Dr. Mingyan Wang both serve on Warriedar's board of directors, each one bringing over two decades of experience to their respective roles. Mark Connelly, Warriedar’s chairman, is a financial and commercial executive with extensive experience in the resource industry. Dianmin Chen, a seasoned mining engineer, completes the complimentary skillset of the board.
Company Highlights
- The copper market is booming, driven by a combination of increased demand for electric vehicles and a global push for sustainability.
- Warriedar Resources is an advanced gold and copper exploration and development company with a portfolio of assets well-positioned to take advantage of the market shift.
- Two of the company's three projects are located in the copper-rich Murchison Province of Western Australia.
- Golden Range, a 950,000-oz gold project with on-site infrastructure that includes an 800-ktpa plant.
- Fields Find, which hosts the historic Warriedar Copper Mine.
- The company also maintains a 1.01-million-ounce gold project in Nevada, USA, known as Big Springs.
- All three projects are underexplored, with significant resource potential.
- Warriedar is backed by a highly skilled team with decades of experience and leadership in mining and exploration.
- The company is expected to have a steady newsflow through 2024 and 2025, with extensive plans for drilling and exploration already outlined.
Key Projects
Golden Range
Situated in the middle of Western Australia's highly active Murchison exploration and mining province, the Golden Range project is strategically positioned between several major operating mines and advanced exploration projects. Together with the nearby Fields Find project, it represents a belt-scale opportunity, covering a combined area of 813 square kilometres.
A brownfields project with considerable past exploration and development, Golden Range hosts a gold resource of approximately 950,000 ounces along a dominant central shear corridor. Existing on-site infrastructure includes an 800-ktpa processing plant, which was placed on care and maintenance by the project's previous owner in 2019. This provides Warriedar with an accelerated, low-capital-intensity pathway to future gold production pending the success of an ongoing exploration program.
Project Highlights:
- Prime Location: Golden Range is bordered by multiple existing mines and deposits, each serving as a valuable analogue to the resources it may potentially contain. These include: Deflector Copper-Gold Mine, owned by Silver Lake Resources (ASX:SLR); Rothsay Gold Mine, owned by Silver Lake Resources; Mt. Magnet. owned by Ramelius Resources (ASX:RMS); Mt Gibson, owned by Capricorn Metals (ASX:CMM); and Golden Grove Copper-Zinc-Silver-Gold mine, owned by 29Metals (ASX:29M).
- Untapped Potential: Historical drilling at Golden Range was largely focused on shallow oxide gold in proximity to the existing mill, with an average drill depth of 42 metres. Historical pits on-site range in depth from 20 to 80 metres, with an average depth of 60 metres. This leaves substantial exploration upside for primary gold discoveries both below and along strike from existing shallow open pits.
- Exploration Results: Warriedar has been directing an aggressive exploration program throughout 2023, which includes drilling as well as airborne and ground electromagnetic (EM) surveying for both Golden Range and Fields Find. Results from the first half of the year are promising:
- 142 RC holes totaling 26,990 metres drilled across both projects.
- Five existing gold resources were drilled and all five were successfully extended, including high-grade zones alongside strike or down dip. Most notably:
- The Windinne Well deposit was extended at depth by 150 metres to a total of 240 metres.
- The Ricciardo deposit, an existing 476-koz resource at the northern end of the main shear, was identified as having significant potential to scale up.
- Seven priority one base metals targets modelled and drill ready.
- Current MRE: The current mineral resource estimate for Golden Range is 945 koz contained within 19,429 kt at 1.5 g/t gold:
- 20 koz contained within 282 kt at 2.2 g/t gold measured.
- 441 koz contained within 8,887 kt at 1.5 g/t gold indicated.
- 485 koz contained within 10,080 kt at 1.5 g/t gold inferred.
- Exploration Roadmap: Warriedar has a clear line of sight on pursuing substantial resource growth and exploration success for its Western Australia projects:
- Through 2023 and 2024, Warriedar will drill over 40,000 metres in total at both Golden Range and Fields Find. This drilling will be a major part of the company's efforts to target substantial MRE increases in primary gold mineralisation while exploring for strike and depth extension of existing deposits.
- Warriedar intends to complete a metallurgical study at Golden Range's Silverstone deposit along the main shear, to demonstrate a processing path, prior to further drilling.
Fields Find
Located just to the east of Golden Range, Fields Find is most notable for its highly irregular geology. Due to an intrusive complex within the greenstone sequence, the area is known to contain elevated levels of nickel, copper and gold. Although the brownfields project has been the site of previous exploration, the focus was exclusively on gold with one notable exception.
At Fields Find's southwest corner stands the historic Warriedar Copper Mine, which is located at the end of Warriedar's target zone, known as the Warriedar Corridor. It is also worth noting that the Murchison Province is generally known to be rich in copper with both the Golden Grove and Deflector copper mines in geological proximity.
Project Highlights:
- Copper Region: The Murchison province is known for its rich copper resource. Fields Find also encompasses the Warriedar Corridor.
- Exploration Results: Warriedar has executed an aggressive exploration program which includes drilling, airborne and ground-based EM surveying for both Fields Find and Golden Range. Results include:
- The main gold lode depth along the entire strike length at the Rothschild high-grade gold deposit was extended at depth by 150 metres.
- Warriedar accelerated drilling at the nearby Stone Hut Prospect due to excellent results from Rothschild. Drilling is now complete, with results currently pending.
- New 2023 airborne electromagnetic (AEM) data covers a substantial part of the tenure which was previously un-flown.
- Follow-up ground EM identified several well constrained priority 1 targets, ready for drilling.
- Current Plans: Drilling of base metals targets at Fields Find, with the first program of work (POW) permits already approved.
Big Springs
Located in the prolific Nevada Gold Trend, the Big Springs Gold Project stands adjacent to First Majestic Silver's (TSE:FR) Jerritt Canyon Gold Mine Complex, which has a production history of more than 10 Moz gold. The project itself has an existing resource base of roughly 1 Moz gold and is surrounded by approximately 93 square kilometres of exploration ground prospective for Carlin-style gold.
Warriedar is currently collecting the necessary geoscience data to optimise its drill targets while also advancing its exploration permitting. It plans to recommence its drilling program upon approval of expanded permits.
The company believes the southern tenements in particular offer enormous untapped potential for growth in existing gold resources.
Project Highlights:
- Current MRE: The mineral resource estimate for Big Springs is 1,014 koz contained within 15,490 kt at 2 g/t gold:
- 129 koz contained within 860 kt at 4.7 g/t gold measured
- 428 koz contained within 6,000 kt at 2.2 g/t gold indicated
- 459 koz contained within 8,630 kt at 1.7 g/t gold inferred
Management Team
Mark Connelly — Non-executive Chairman
Mark Connelly is a seasoned financial and commercial executive with extensive resource industry experience in management leadership and board roles. His direct operational and capital markets experience spans many jurisdictions including Australia, North America, South America, Africa and Europe.
Connelly’s North American operating and development experience includes several years based in the U.S. working for Newmont Mining, one of the world’s leading gold mining companies. This included extensive exposure to and knowledge of Newmont’s flagship Nevada gold operations.
Connelly also has an outstanding track record of shareholder value growth and realisation, particularly over the last decade. This includes the development and eventual sale of Papillon Resources for approximately US$570 million and the US$597 million consolidation of Endeavour Mining with Adamus Resources.
Amanda Buckinghamn — Managing Director
Dr. Amanda Buckingham is a geophysicist who has been involved in mineral exploration for over 25 years. She co-founded award-winning and industry-leading geophysical consulting firm Fathom Geophysics in late 2007, based in both Australia and the United States.
Buckingham has extensive exploration experience globally. Her early career involved work as a geoscientist and project manager at majors such as Rio Tinto, listed juniors in both Canada and Australia and several years consulting at SRK.
She also co-founded Cygnus Metals (ASX:CY5) and Desert Minerals (ASX:DM1). She is currently a director of several private companies and a research fellow at the University of Western Australia.
Mingyan Wang — Non-executive Director
Dr. Mingyan Wang has over 20 years of experience in the mining and resources industry specialising in identifying projects, exploration, management and business development. Wang is currently a founding director of Global Lithium Resources and former managing director of ASX-listed Abra Mining. He also held senior management positions in other large mining companies such as China Minmetals Corporation, where he was the project lead – geology & mining at the Las Bambas Copper-Gold mine in Peru.
Wang has been in Australia for more than 10 years and has extensive experience in the mining and resources sector in Australia, China and Peru.
Dianmin Chen — Non-executive Director
Dr. Dianmin Chen is a mining engineer with more than 35 years of experience in metal mining. He has held a wide range of roles in the mining industry including technical, production and management positions in Australia, China and Canada.
Chen held executive roles with Sino Gold (general manager), Citic Pacific Mining (chief operating officer), CaNickel (executive director and CEO) and Norton Goldfields (managing director and CEO) and served as a non-executive director for several publicly listed companies in Australia and Canada, including Kalgoorlie Mining, Bullabulling Gold Mines, Sherwin Iron, Norton Goldfields, NKWE Platinum and CuDeco. He is currently a non-executive director of Global Lithium Resources (ASX:GL1).
Chen holds a Bachelor of Engineering in mining, a PhD in mining geomechanics and a WA First Class Mine Manager’s Certificate of Competency.
Stuart Burvill — GM Corporate/General Counsel
Stuart Burvill is a legal, commercial and compliance manager and civil and structural engineer with over 30 years of experience in mining, petroleum, energy, shipbuilding, defence and civil infrastructure development including rail, roads, bridges and tunnels.
Burvill has extensive experience in M&A, corporate and project finance, capital raising, ownership and funding structuring, joint ventures, construction contracts and disputes, corporate governance and administration and enterprise risk management. He holds a Bachelor of Engineering (Hons), Bachelor of Laws, MBA and Grad Dip in Applied Corporate Governance.
Graeme Morissey — Chief Financial Officer
Graeme Morissey joins Warriedar from previous director-level roles in the audit divisions of global accounting firms EY, KPMG and Grant Thornton. He has over 15 years of direct experience in servicing clients within the mining exploration and development sector. This includes specific expertise extending across compliance with Australian Securities Exchange (ASX) and Department of Mines regulation.
Morissey has also consulted directly with CFOs within the Australian mining sector, which has included optimisation of internal reporting processes pertaining to performance, cash flow forecasting, and adherence to budgets. He is a chartered accountant and a fellow of the Governance Institute of Australia.
Morissey holds a Bachelor of Commerce from McMaster University in Canada.
David Palumbo — Company Secretary
David Palumbo from Mining Corporate is a chartered accountant and graduate of the Australian Institute of Company Directors with over 14 years of experience across company secretarial, corporate advisory and the financial management and reporting of ASX-listed companies. He currently acts as company secretary for a number of ASX-listed companies and serves on the board of Krakatoa Resources (ASX:KTA) and Kaiser Reef (ASX:KAU).
Steve McMillin — Exploration Manager (Nevada)
Steve McMillin is a highly experienced and well-respected exploration geologist. He has over 35 years of practical mineral exploration experience in the United States, with particular expertise in Carlin-style gold projects in Nevada.
Before joining Warriedar Resources, McMillin was at Jerritt Canyon Gold for seven years, including as chief mine geologist. The producing Jerritt Canyon Gold Mine is located only 20 kilometres away from Big Springs along the same mineralisation trend. During his time there, he led underground near-mine exploration and resource development, helping to discover 12 new economic deposits and develop several.
Prior to 2016, McMillin was chief mine geologist at Fire Creek with Klondex, senior exploration geologist with Midway Gold at the Spring Valley and Pan-Goldrock deposits, senior mine geologist at Jerritt Canyon with AngloGold and Queenstake Resources and project geologist with Newmont Exploration in Nevada.
He is a certified professional geologist with American Institute of Professional Geologists, and member of the Geological Society of Nevada and the Society of Economic Geologists.
Thomas Dwight — Exploration Manager (Western Australia)
Thomas Dwight has worked in mineral exploration for several years across Australia and within multiple commodities. He has previously focused on Western Australia gold exploration, including the development of the Tampia Hill Resource with Explaurum Operations, but also has experience in porphyry copper mineralisation managing exploration for Duke Exploration in Queensland.
During his time in the industry, his focus has been exploration, project development and database management. Dwight holds a Bachelor of Science with Honours from the University of Otago, majoring in geology/earth science.
Quarterly Activities/Appendix 5B Cash Flow Report
HIGHLIGHTS
Golden Range and Fields Find Projects, Western Australia
- All assay results now received for the drilling completed to the end of August 2023, a total of 154 holes for 29,277m.
- This drilling has delivered significant extensional growth (along strike and down dip) at five separate gold deposits: Rothschild, Ricciardo, Windinne Well, Austin, and Mugs Luck.
- Comprehensive Stage 1 RC drilling program completed at Fields Find West, targeting base metal and gold targets; 17 RC holes drilled for 4,672m, assays pending.
- Next phase of exploration and drilling at Fields Find West scheduled to commence in early November and continue into CY2024, testing a further 4-7 prospective areas.
- Further drilling also scheduled on the Rothschild Mining Lease with an updated Rothschild Mineral Resource Estimate planned for Q1 CY2024.
Big Springs Project, Nevada
- Proposed Plan of Operation (PoO) application progressing, with priority status achieved from the United States Forestry Service (USFS).
Corporate
- Successful A$5.5 million equity placement undertaken ($1.6m to be received post the end of the quarter) with funds to be used to accelerate drilling and exploration of priority gold and base metals targets at Golden Range and Fields Find.
- Cash of A$5.3 million as at 30 September 2023 and zero debt (excluding typical trade creditor balances).
Figure 1: Location of the Golden Range and Fields Find Projects, in relation to surrounding mines and development projects. Drilling focus areas for Q3 CY2023 are highlighted in red.
Western Australian Projects
Introduction
The Golden Range and Fields Find Projects are located approximately 350 km northeast of Perth and 260 km east-southeast of Geraldton (Figure 1). The Projects’ total consolidated land package is 813 km2, extending for over 70 km of strike from north to south and covering much of the central Yalgoo-Singleton and Warriedar Archean greenstone belts.
Total historical gold production from Golden Range and Fields Find was ~350 koz, with the existing oxide plant placed on care and maintenance in August 2019.
The current JORC (2012) Mineral Resource estimate for Golden Range is 19.2 Mt at 1.5 g/t Au for 945 koz contained gold (of which 461 koz at 1.6g/t Au sits in the Measured and Indicated classifications). For further Mineral Resource estimate details, refer to ASX release dated 28 November 2022.
During the quarter and prior to the reporting date, the Company carried out further drilling at the Fields Find Project, drilling both gold and base metal targets. A summary of the drilling is as follows:
- Rothschild ML (Stone Hut Prospect): 12 holes for 2,287m
- Fields Find West central corridor (Warriedar copper, Falcon, Mopoke, Sandpiper): 17 holes for 4,672m
In conjunction with the active drill programs, the Company received final assays from various drill campaigns and updated the geological and targeting models for ongoing exploration (see ASX releases 12 & 28 July 2023, and 13 October 2023).
Click here for the full ASX Release
This article includes content from Warriedar Resources 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.
Fields Find Exploration Update
HIGHLIGHTS:
- Phase 1 drilling of base metal and gold targets at Fields Find West completed; 17 RC holes drilled for 4,672m, with receipt of assays expected in 4-6 weeks.
- Next phase of exploration and drilling at Fields Find West is scheduled to commence in early November and continue into CY2024; testing a further 4-7 prospective areas, covering both base metal and gold targets.
- The rig is also scheduled to return to the Rothschild gold deposit (eastern Fields Find Project) to target further extensions of the Main Lode (at depth and along strike), as well as test the potential for northern and southern lodes.
- Updated Rothschild Mineral Resource estimate expected in Q1 CY2024, following completion of the next phase of drilling and integration of assay results.
Fields Find West is a structurally complex geological region in the western part of the Fields Find Project with at least 10 discrete target areas identified for drill testing (refer WA8 ASX release dated 3 August 2023). The area offers a strong pipeline of high-potential targets for significant base metal and gold discoveries.
The Phase 1 program commenced within the central corridor area, which represented the easiest area to drill first in terms of access, previous disturbance, status of surveys (flora/fauna, geophysical) and approved Programs of Work (POW) status. A total of 17 reverse circulation (RC) holes were completed for approximately 4,672m, targeting both key base metal and gold targets at the Warriedar Copper, Falcon, Mopoke and Sandpiper prospects (refer Figure 2). Assays from these holes are expected to be received in the next 4-6 weeks.
The next phase of drilling at Fields Find West is set to commence in early November and continue into next year, testing a further 4-7 prospective areas (refer Figure 2). Many of the targets to be drilled in the next phase are amongst the most prospective in this area. Ground geophysical surveys, supplementary soil sampling and/or flora and fauna surveys are ongoing to refine the respective targets; and POW approvals continue to be progressed.
As part of the next phase of drilling, further extensional drilling of the Rothschild gold deposit is planned (located on an existing ML in the eastern part of the Fields Find Project). Drilling at Rothschild earlier this year extended mineralisation along strike, down dip, and demonstrated the potential for multi-lode discoveries (refer WA8 ASX releases dated 12 July 2023, 29 May 2023 and 28 April 2023).
Figure 1: The location of the Golden Range and Fields Find Projects, surrounded by existing mines and development projects (large black circles). Processing plants (existing or proposed) are annotated with the cyan mining symbol.
The next stage of drilling at Rothschild is designed to test for further extensions of the Main Lode along strike and down dip, as well as step-out drilling of the interpreted northern and southern lodes (totalling approximately 2,100m).
Following completion of the next stage of drilling at Rothschild, and incorporation of assay results into geological modelling, an updated Mineral Resource estimate for this deposit is planned to be released in Q1 CY2024 (existing Mineral Resource at Rothschild is 31koz Au; refer Appendix 1 for more details). Leading geological and exploration consultant, Mining Associates Pty Ltd, have been engaged to undertake the updated Mineral Resource estimate.
Click here for the full ASX Release
This article includes content from Warriedar Resources 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.
A$5.5M Placement to Accelerate Exploration and Resource Growth Drilling at Golden Range and Fields Find
HIGHLIGHTS:
- Firm commitments received from new and existing institutional & sophisticated investors to raise A$5.5m (before costs).
- Firm commitments include $1.0 million in drilling equity from shareholder and contract partner, Topdrill.
- New funds to accelerate drilling and exploration of priority gold and base metals targets at the Golden Range and Fields Find Projects in the Murchison region, Western Australia.
- Drilling of high-potential base metal targets at Fields Find West to commence in coming weeks.
Warriedar’s Managing Director and CEO, Amanda Buckingham, commented:
“We are very pleased with the strong support received for this capital raising from both our existing shareholders and new investors. The result is a strong endorsement of the exploration potential of our Golden Range and Fields Find Projects, located in the exploration and development hotspot of the Murchison region.
Over the last 9 months, the Warriedar team has worked meticulously to set the business up for success. Following the acquisition of our WA projects, we quickly established a team of high-performing geoscientists, and we surrounded them with an experienced senior management and Board. We have built strong relationships with our key contractors and optimised our exploration processes to deliver efficient and effective exploration targeting that is focused on new discoveries and Resource growth.
This raising allows us to accelerate our exploration and growth drilling activities in WA. The focus of this is twofold: rapid build of further mineable gold Mineral Resource ounces, coupled with drill testing high-potential, advanced base metals targets across the western area of the Fields Find Project.”
Use of funds
Drill testing of high-potential base metals targets with a focus on Fields Find West
As announced to the ASX on 3 August 2023, Warriedar has now received Programs of Work (POWs) approval to drill high-priority geophysical (EM) and geological copper targets on the western side of the Fields Find Project (Fields Find West).
These targets scheduled for drilling are proximal to significant ore-grade copper, gold and other base metals intercepts, including:
- Falcon Prospect: 2m @ 4.4% Ni from 122m, and 1m @ 1.3% Cu & 6.3 g/t Au from 98m
- Sandpiper Prospect: 4m @ 36.9 g/t Au from 104m, and 1m @ 2.5% Cu & 24.5 g/t Au from 96m
- Historic Warriedar Copper mine: Surface rock chip sampling returned: 20.1% Cu (MGRX003134); 17.8% Cu (MGRX003135)
These intercepts were not followed up by previous owners as they were not suitable for the Golden Range processing plant which was designed only to process oxide gold mineralisation.
Fields Find West offers some of the best brownfield and geophysical targets for both base metals and gold from across the Fields Find and Golden Range Projects (see Figure 2, ASX release 3 August 2023 for prospect locations).
Figure 1: The location of the Golden Range and Fields Find Projects, surrounded by existing mines and development projects (large black circles). Processing plants (existing or proposed) are annotated with the cyan mining symbol.
The planned drilling at Fields Find West is designed to test an aggregate of 10 specific target areas. The Stage 1 program of approximately 5,600m RC drilling encompasses testing of the initial approved targets being the historic Warriedar Copper Mine and the Falcon Prospect.
Click here for the full ASX Release
This article includes content from Warriedar Resources 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.
Drilling High Priority Targets at Fields Find West
- Drilling of high priority copper and nickel targets set to commence at the Fields Find Project (Fields Find West) this quarter.
- Exceptional, initial exploration results by previous owners demonstrate the potential of Fields Find West: 1
- Falcon Prospect: 2m @ 4.4% Ni from 122m, and 1m @ 1.3% Cu & 6.3 g/t Au from 98m
- Sandpiper Prospect: 4m @ 36.9 g/t Au from 104m, and 1m @ 2.5% Cu & 24.5 g/t Au from 96m
- Surface rock chip sampling by Warriedar at the historic Warriedar Copper Mine, located within Fields Find West, returned:
- MGRX003134: 20.1% Cu, 63 g/t Ag, Au pending
- MGRX003135: 17.8% Cu, 157 g/t Ag, Au pending
- Programs of Work (POWs) approved to commence drilling at three of the Stage 1 high-priority areas at Fields Find West.
- Stage 1 program of 5,600m of RC drilling to commence this quarter.
- Comprehensive drill program planned to test all 10 separate target areas through the remainder of H2 2023.
- Fields Find West offers a strong pipeline of further high-potential targets for significant base metal (and gold) discoveries.
The Company has been seeking to drill key copper targets in this area since completing the acquisition of the Fields Find (and Golden Range) Projects earlier this year. Three POWs have now been approved to drill high-priority geophysical (“EM”) and geological targets at Fields Find West. The approved POW’s cover the target areas at the historic Warriedar Copper Mine and the Falcon Prospect (see Figure 2).
Warriedar’s strategic consolidation of tenure at the Fields Find Project has enabled the project to be explored in a cohesive, systematic, and prioritised manner, allowing a robust pipeline of targets to be established ahead of drill testing.
Fields Find West offers some of the best brownfield and geophysical targets for both base metals and gold from across the Fields Find and Golden Range projects.
The planned drilling program at Fields Find West is designed to test 10 specific target areas (as outlined in Table 1). This drilling is set to be undertaken through H2 CY2023, with the first stage being approximately 5,600m of RC drilling. This Stage 1 program includes the drill testing of the historic Warriedar Copper Mine and the high priority EM targets identified at the Falcon Prospect (see Figure 2 for locations).
Figure 1: The location of the Golden Range and Fields Find Projects, surrounded by existing mines and development projects (large black circles). Processing plants (existing or proposed) are annotated with the cyan mining symbol.
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Click here for the full ASX Release
This article includes content from Warriedar Resources 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.
Polymetallic System Intersected At Austin
HIGHLIGHTS:
- RC drilling results at the Austin deposit (Golden Range Project), located 4km southwest of the Golden Grove Cu-Zn-Pb-Ag-Au deposit, intersected polymetallic sulphide mineralisation.
- The Austin polymetallic system, open at depth and plunging south, sits within an interpreted Volcanogenic Massive Sulphide (VMS) horizon.
- Robust extensional intercepts returned including 20m @ 1.98g/t Au, 7.2g/t Ag, 844ppm Pb from 160m; and 8m @ 1.04g/t Au, 19.5 g/t Ag, 0.54% Pb from 144m.
- Historic drilling at Austin (gold was the focus but multi-element assays were taken) returned 30m @ 3.31 g/t Au, 29 g/t Ag, 0.62% Pb from 127m, including 2m @ 7.07 g/t Au, 140 g/t Ag, 1% Pb and 2m @ 3.15 g/t Au, 54 g/t Ag, 2.5% Pb.
- Five (5) holes for 1,086m have been drilled at Austin in this campaign, with target depth not achieved for three (3) of those holes; follow-up diamond tails and surface and downhole Electromagnetic (EM) surveying is planned for Q3, chasing high grade feeder zones.
The holes were planned to test for depth extensions to the gold mineralisation lying under the existing shallow pit (previously mined in 2014 for oxide gold mineralisation), and to investigate the potential for the Austin deposit to be polymetallic. RC holes drilled in 2020 and 2021 by the previous owner had intersected high grade gold and silver with sub-economic base metals (see Table 2). This was the first time that multi-elements were assayed for the Austin deposit.
The Warriedar team reviewed the historical data and carried out a geological and geochemical interpretation, indicating the Austin primary polymetallic sulphide mineralisation is hosted within a felsic-intermediate unit at the contact with an overlying mafic-ultramafic unit.
Three of the five holes drilled at Austin in this campaign failed to reach target depth due to excessive water. These holes are planned to be diamond tailed in the Q3 drilling program. Two holes were successful in reaching target depth.
Key intervals returned from these two holes include (refer Table 1, and Figures 3 and 4):
- 8m @ 1.04 g/t Au, 19.5 g/t Ag, 0.54% Pb from 144m (AURC087); including
- 4m @ 0.88 g/t Au, 27 g/t Ag and 1.02% Pb from 144m (AURC087);
- 20m @ 1.98 g/t Au, 7.2 g/t Ag, 844ppm Pb from 160m (AURC086).
The Ag and Pb assay results confirm the Warriedar model that the Austin deposit is a polymetallic deposit with significant base metal exploration potential. Currently, the mineralisation is open in both the north and south direction (along what is termed the host horizon, a more conductive unit mapped well in the Airborne Electromagnetic (EM) and Gradient Array Induced Polarization (GAIP) data; see Figure 2). The existing drilling suggests the system is plunging to the south, however further drilling is required to better understand the scale and geometry of the deposit, and where, if any, higher grade VMS feeder zones exist within the host horizon.
The Yalgoo Singleton Greenstone belt that underlies the Warriedar tenements, hosts several Volcanogenic Massive Sulphide (VMS) deposits, the most significant being the Cu-Zn-Pb-Ag-Au Golden Grove cluster of mines, located approximately 4kms to the east of Austin (see Figure 1). To the south in the same belt is Capricorn Metals’ (ASX: CMM) Mt Gibson Gold Project, believed to have originally been a Au-Cu-Zn rich VMS deposit that has been overprinted by a later hydrothermal gold mineralising event. To the north in the same belt are the Venture Minerals (ASX: VMS) VMS prospects (see locations in Figure 1).
VMS deposits typically occur in clusters, as readily demonstrated at the adjacent Golden Grove cluster. Encouragingly, there is a weak bedrock conductor in 2014 Airborne EM data approximately 1.2km south of the historical Austin pit, within the same host horizon. Ground and downhole EM are the only effective EM configurations for detecting Golden Grove style mineralisation1, and ground EM is planned to be undertaken over the conductor south of Austin during H2 2023.
Figure 1: The location of the Austin deposit (orange annotation) within the wider Warriedar tenement package and the Southern Murchison region. The yellow diamond on the Golden Range Project is the M1 deposit (and existing plant).
1 Geophysical Responses over the Scuddles VMS deposit, G. Boyd and K.F. Frankcombe, Exploration Geophysics 1994, 25(3) 164 – 164.
Figure 2: The location of the Austin deposit with respect to the Gossan Hill and Scuddles pits, belonging to the Golden Grove cluster of Volcanogenic Massive Sulphide (VMS) deposits. Golden Grove Mineral Resources (see 29M ASX Announcement 23 May 2023): 61.4Mt @ 1.7% Cu, 4.0% Zn, 0.7g/t Au, 28g/t AgThe white dashed box shows the coverage of Figure 3.
Figure 3: The Austin deposit and the interpreted VMS horizon. A discrete bedrock conductor was identified in the 2014 Airborne Electromagnetic Survey (AEM) data (red diamond) within the VMS horizon. The collars and trace of the holes drilled are annotated. Underlying Image: Gradient Array IP (GAIP) Conductivity, where blue = low & Red = high. Grey dots = GAIP stations.
The historical Austin pit is about 20m deep and the current Mineral Resource Estimate (MRE) for Austin is 434,000t @ 1.4 g/t Au for 19,200 oz Au (see Appendix 1). The oxide gold resource at Austin was mined in 2014 by Minjar Gold (84,203t @ 1.03 g/t Au for 2,788oz Au). Figure 4 shows the Austin pit and the location of the historic and 2023 drilling. The locations of cross sections are annotated in yellow.
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This article includes content from Warriedar Resources 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.
Maiden Drilling Program at Ti-Tree Completed
- 9,086m drilled in 78 holes across six project areas
- Campaign designed to test extensive surface mineralisation identified through soil sampling and rock chip analysis
- Visual observations of copper sulphide mineralisation in quartz veining in multiple holes at depth
- Assays are due back progressively over the coming weeks.
- Exploration and drilling activities to re-commence in Q1 2024
The drilling campaign included 78 holes totalling 9,086m of Reverse Circulation (RC) drilling. The program consisted of discovery drilling only and was designed to confirm historical results and to test near surface mineralisation at depth and along strike, with drilling having been limited to approximately 70m vertical depth.
Holes in the Crawfords, Nic’s Bore and Copper Ridge areas also intersected some visible disseminated mineralisation within quartz veins in the form of pyrite, malachite and chalcopyrite and assay are awaited.
Andrew Reid, Managing Director
“Our maiden drilling campaign following the IPO in May 2023 is now completed and has been a great success. The campaign was designed to test for mineralisation both at near surface and at depth and resulted in visually identifying mineralisation/veining in the majority of drill holes at our Minnie Springs copper-molybdenum-gold project.
Minnie Springs could represent a sizeable porphyry hosted copper deposit with the next step to be the completion of drilling in the remaining 50% of the copper-in-soil anomaly yet to be tested during the next drilling campaign in Q1 2024.”
Figure 1. Location map showing prospects drilled to date, Minnie Springs, Copper Ridge,Nick’s Bore, Crawford and Crawford South and COO Creek.
Table 1. List of RC holes completed by prospect location.
Figure 2. Minnie Springs soil sampling, rock chip and drilling location map showing location of the x-section A – A’.
Figure 3. Hole MSRC012 – showing visual pyrite - chalcopyrite – chalcocite – covellite mineralisation in zones from 127 – 139m downhole at the Minnie Springs prospect1.
The second northern-most line at Minnie Springs (Figure 2. MSRC 010 – 012) intersected multiple zones of copper sulphide mineralisation1 co-incident with chlorite-epidote alteration in hole MSRC012, which is characteristic of propylitic alteration commonly seen in in porphyry copper-molybdenum-gold deposits.
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EMU Records Gold Assays to 36.1 g/t - Georgetown, Queensland
HIGHLIGHTS*
- Camp Oven Creek area historic surface rock assay results ranging from 12.9 g/t up to 224 g/t gold and 24 g/t to 135 g/t silver from rock samples in broad rhyolite breccia hosted veins in the NW1.
- 15.4 g/t gold assay results recorded from EMU’s first reconnaissance rock samples in the NE Dagworth area, ~19km east from Camp Oven Creek, along Delany Fault extension2.
- 15 historic rock values greater than 31.1 g/t gold (> 1 Ounce) identified from zones in the Camp Oven Creek, 130 Quartz Vein and Quartz 250 Prospects (“new historic information”)3.
- Three historic rock samples in the Quartz 130 prospect returned values ranging from 51 g/t gold up to 73 g/t gold4.
- Limited historic drilling at Rhyolite Breccia/Turtle Arm returned values to 2m at 15.8 g/t Au and 3m at 2.8 g/t Au.( See table 3).
- 86 historic surface rock samples greater than 1 g/t gold with a weighted average of 17.3 g/t within Georgetown EPM 27667 - NW Camp Oven Creek/Turtle Arm quadrant5.
- 2 EMU first reconnaissance rock samples returned 36.1 g/t gold and 25.6 g/t gold respectively from the Sandy Creek prospect just south of Georgetown6.
- Limited historic drilling at Munitions Creek (EPM 27642) returned values to 4m at 2.73 g/t Au and 1m at 10.85 g/t Au. (see table 3).
- EMU’s geological teams currently in field undertaking follow up sampling from these areas.
Commenting on the high gold values historically reported in the project area coupled with EMU’s latest results, EMU’s Chairman Mr Peter Thomas commented:
“It is quite remarkable that the Georgetown tenements and surrounding areas have not been comprehensively subjected to a modern and systematic exploration effort previously. EMU’s initial “first pass” reconnaissance field survey comprised the collection of a limited number of samples from rock outcrop, termite mounds and stream sediments in multiple areas targeted for gold, base metals, lithium and critical minerals. In addition to the recently reported copper, silver and lead values, the gold assay results and historic exploration results support EMU’s view that the project has the potential to deliver world-class discoveries which underpinned its decision to farm into the project”.
Further to the recent announcement7 confirming a substantial high-grade copper and silver system at Fiery Creek and high-grade lead and silver assays results from Snake Creek, EMU reports high grade gold values from rock chip samples collected from a number of prospective areas at Georgetown.
Recently compiled historic gold and base metal drill hole and surface outcrop sampling values from the Georgetown area and from within the three tenements which comprise the project, confirm the outstanding prospectivity of the project.
EMU is currently undertaking a new, limited and targeted follow-up exploration programme with teams in the field over areas not previously sampled to investigate zones which have historically reported high-grade gold and base metal values.
Figure 1 - Identified current and historic Gold Occurrences at Fiery Creek and Georgetown Tenements
Table 1. Emu’s Significant Gold Sample Assay Results (>1 g/t Au in bold text)
Historical Gold Reported:
Fiery Creek EPM 27667 (Gold + Base Metal Targets)
Based upon significant results that have emerged from the compilation of historic data and the limited field work already completed by EMU, the significant northern portion of the Fiery Creek tenement (EPM 27667) is emerging as a high priority for both precious and base metals. The higher priority targets include structural settings for gold in the Camp Oven Creek, Quartz 130, Quartz 250 and Dagworth Prospect areas, whilst the Fiery Creek prospect within the Yataga Granodiorite demands further attention due to the high-grade outcrop sample assay values for copper and silver.
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This article includes content from EMU NL, 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.
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