Angelo & Grants Creek Gold Project
LOCATION: EAST KIMBERLEY, WESTERN AUSTRALIA
(Farming out to 30%)
The Grants Creek and the Angelo Gold Projects are located in the Halls Creek area in the East Kimberley Region of Western Australia and are managed by Metminco under a farm out agreement.
Soil sampling at Grants Creek during year has extended the anomalous gold in soil trend southwest to the Halls Creek Fault Zone and mapping and sampling confirms that mineralization is open to the east. Rock chip sampling by Metminco yielded several high grade gold assays including 271.7g/t, 104.73g/t and 51.65g/t gold. Seven of the
17 samples analysed exceeded 10g/t and 12 samples returned gold grades greater than 4g/t gold.
Geophysical interpretations of ground magnetic data identified the main mineralized horizon as well as a number of cross features that appear to be the focus of higher grade shoots. This work, along with additional geophysical interpretation, has delineated new targets for proposed drill testing in the
2008 field season.
- Farm out to Metminco Ltd
- Expenditure of up to $2.8million to earn 70%
- Active exploration programme underway
- Major gold anomalism over 6km long at Angelo
- Clearing of access for exploration completed
- RC Drilling planned for mid 2008
- First targets where previous RAB returned results of 4m @ 3.42g/t and 4m @ 2.54g/t gold
Fosterville Regional Joint Venture
LOCATION: FOSTERVILLE, VICTORIA
(PACRIM 25% - GOLD FIELDS AUSTRALASIA PTY LTD 75%)
Gold Fields have notified Pacrim that they have completed their obligation expenditure of $2.5 million. Pacrim will be required to either dilute or contribute to future programmes on this Project.
The results from AirCore drilling between the Main and Lees Trends indicate continuity of a single north-south striking anomalous trend of gold/arsenic/antimony extending over 8 kilometres. Findings from this work along with results from Gold Fields’ adjacent Lockington project are thought to represent the discovery of a major zone of gold mineralisation under cover in Central Victoria, potentially a new gold camp.
A 6 hole diamond drilling program testing of the Main-Lees Trend at depth was completed in 2007, for a total of 1813 metres. The deepest hole was 324 metres. All holes targeted basement mineralisation in the Main-Lees Trend below aircore intersections.
The northern section 5980650mN (drilled 750 metres north on Brentnall Lane) intersected an encouraging turbidite package with zones of intense brecciation and minor quartz-carbonate veining. Associated arsenopyrite and pyrite mineralisation occur as very fine disseminated needles and cubes in brecciated sandstone or shale. The highest grade intersection was 1 metre @ 6.76g/t gold in 07LODH031. The previously reported wide zone of arsenopyrite rich mineralisation in hole 07LODH030 returned 13.5m at 1.03g/t Au with a maximum value of 2.5g/t gold. This promising mineralised zone revealed little structural information as it comprised entirely of broken core unable to be oriented.
Gold Fields have reported that mineralised zones are interpreted to be associated with localised shallow east dipping faults, which in turn appear to be related to steep west dipping reverse faults in a steeply (though variable) west dipping turbidite package. Further targeted diamond drilling is required to understand the structural architecture and possible mineralised shoot controls.
- Gold Fields have completed $2.5 million farm-in
- Extensive anomalism detected
- Potential for new gold camp
- Gold Fields seeking expression of interest from outside parties
- Zones of anomalous gold/antimony/arsenic
- Anomalous trends over 8km long
- First diamond drill holes completed
- Results include Aspy rich zone 13.5m @ 1.03g/t and elsewhere up to 6.7g/t gold
- Project warrants further intensive drilling
Manus Cooper Gold Project
LOCATION: MANUS ISLAND, PAPUA NEW GUINEA
INTEREST: PACRIM 20% (Operated by Triple Plate Junction PLC)
The Manus project is interpreted to consist of an east/west oriented “mineralised corridor” defined by the Kren(Cu)-Njekel-Kisi-and East Worei prospects.
The overall picture that is emerging is one of a copper porphyry-epithermal gold system that may host porphyry copper at depth and bonanza gold in fractures and veins at intermediate depth.
Geological mapping between the Njekel and Kisi prospects has been carried out. The Kisi Zone mineralisation channel sample results included
16m @ 40g/t which contains
2m @ 303g/t gold.
Further hand-dug trenching has been carried out at various locations in the Kisi area to enable further sampling and mapping. Epithermal quartz veins and altered vugghy siliceous hydrothermal breccias appear to host much of the gold mineralisation within the prospect. Geological mapping of trench exposures suggests gold mineralisation to be hosted in a series of structures.
New assay results include
20m @ 1.41 g/t Au from Trench 10 at Kisi, over 200 metres northeast of the discovery outcrop.
Rock chip samples collected from trenching at Lumalat, 1500m northeast along strike from Kisi discovery outcrop returned 13.8m @ 0.72 g/t Au. Exploration is planned for the intervening ground.
A number of drill targets have been generated from this work. The rig has been landed on Manus Island and drilling will commence when the rig is transported to site.
- TPJ earning interest
- Epithermal gold targets
- Drilling underway at Kisi where assays up to 300g/t gold have been obtained
Blue Dam Project
LOCATION: KALGOORLIE, WESTERN AUSTRALIA
(PACRIM 100%)
The prospect comprises four prospecting licence applications located 20km southwest of Kalgoorlie, WA between the
Kunnunulling and Mungari Shear Zones, similar to the nearby Frogs Legs and White Foil gold deposits to the north.
Soil sampling, air core drilling and limited RC drilling have been undertaken in the past. Low order gold anomalism has been
located. Ground magnetometer surveying is planned to generate further drill targets to be advanced upon granting of the
tenements.
LOCATION: EAST KIMBERLEY, WESTERN AUSTRALIA