The Company acquired the Marymia Exploration Licence E52/3104 during June 2017. The Project is located 250km northeast of Meekatharra in the Murchison Goldfield of Western Australia. This prospect is an extension of the 60 km long belt containing the Plutonic and Marymia Gold Mines. Previous work has identified gold targets from historical anomalous reconnaissance RAB drilling at Mulga Yard and identified shallow intersections of gold which require follow up drill testing.
The Company will undertake a comprehensive review of the historical exploration results with a view to identifying targets within the licence for future exploration programs once ministerial consent has been granted, such consent is not expected to be withheld.
The acquisition of the North Arunta Project was formally acquired subsequent to shareholder approval on 23 April 2018.
The Company reached a binding Heads of Agreement (“HoA”) with Thunderbird Metals Pty Limited (“Thunderbird”) under which Thunderbird assigned all of its rights under the North Arunta Joint Venture Agreement in relation to the North Arunta Project with Prodigy Gold (ASX: PRX) formerly ABM Resources NL (ASX:ABU). Under the terms of the North Arunta Joint Venture Agreement between Prodigy Gold and Thunderbird, the Company has the right to earn up to 70% of the North Arunta Project by sole funding $6.5M of exploration expenditure over 4.5 years
The North Arunta Project consists of a very large, ~4,500 square kilometre package of granted tenements and tenement applications that are 100% owned by Prodigy Gold NL (Figure 1).
The project covers a >200 kilometre long gravity ridge associated with a Paleoproterozoic succession of metamorphosed sedimentary rocks of the Lander Rock Formation, dolerite intrusions and large granite intrusions. Importantly, the Lander Rock Formation is considered a stratigraphic equivalent of the Killi Killi Formation of the Paleoproterozoic Tanami region (c. 300km to the west) that hosts the significant Coyote and Oberon-Titania gold deposits. The project also sits on the 550km long gold endowed Trans-Tanami Corridor, a first-order crustal-scale fault that is spatially associated with the world class Tanami deposits including Callie, Tanami and The Granites. The Arunta region has several known mineral occurrences including gold, copper, nickel, zinc, tin and tantalum.
Figure 1. North Arunta Project tenement portfolio subject to the HoA between Gladiator and Thunderbird.
The Kroda gold prospect, which is the most advanced prospect in the Project area, is located on EL29896 and close to infrastructure with the Stuart Highway 18 kilometres to the west, and the town of Barrow Creek 30 kilometres to the north and lies 200 kilometres south of Tennant Creek. Kroda consists of 4 individual prospects (Kroda 1 to 4) with a combined anomalous strike length of 14 kilometres. Kroda is well serviced with infrastructure and is located on pastoral land close to the Stuart Highway, the Ghan Rail Line and the Northern Territory Gas Pipeline.