Mt Oscar Gold Project

Background

The Company‘s Gold Project is associated with Mt Oscar North Project (E47/1378), which are perspective with gold, possibly with conglomerate hosted gold mineralisation.

Mt Oscar North Gold Project

Mt Oscar North tenement E47/1378 covers 58km2, located about 35km south-east of Karratha, 7km north to the Company’s Mt Oscar Main tenement E47/1379.

The Company completed a geological mapping over the tenement area. Because most of the surface rocks across tenement E47/1378 are transported cover(estimated to be around 20m), surface investigation techniques such as radiometric surveying or ASTER/Landsat data cannot help reveal what type of rocks are below this surface cover. Magnetic data cannot tell the rock type or formation it belongs to. It can only give an indication of the mafic content of the rock and by inference, the likely rock type.

There are three styles of mineralization possible within tenement E47/1378. All require the presence of greenstone rocks within the bedrock. Deposit models to be considered are as follows:

  1. Conglomerate gold [Au]
  2. Orogenic/shear zone gold [Au]
  3. Intrusive hosted Nickel & Copper [Ni-Cu]

The Sholl shear zone [SSZ, refer to the Figure below] is a major divide within the West Pilbara and there does not appear to be any mapped Fortescue Group rocks north of this zone. This doesn’t mean it is not possible [perhaps localized incursions?], but it does mean that if interpreted VMB units within E47/1378 are indeed greenstone, the rocks are more likely to be part of the Roebourne Group than the Fortescue Group. The presence of the Sholl shear zone provides a perfect conduit for gold bearing fluids to travel past [or hopefully into] E47/1378.

Surface mapping of E47/1378 and the Sholl shear zone (SSZ)

The exact surface trace of the unconformity may be quite different from that indicated by the surface mapping. It is possible that incursions of Mt Roe basalt exist north of the Sholl shear zone in E47/1378.

Target zones defined for the three deposit types of Ni-Cu and gold in E47/1378

Target zones have been defined for the three deposit types and follow-up traverses designed to cover these zones have been proposed, which is shown in the figure as above.

Surface Soil Sampling Program

Surface soil sampling programs were carried out during 2018 & 2019, which included four passes of surface soil sampling of nearly 2000 samples. Assay results from the surface soil sampling programs confirmed presence of gold, silver and arsenic mineralisation at Mt Oscar North Tenement. The results suggest the host rock is probably a felsic intrusive, with a mafic to ultramafic south-easterly contact. Among the five target areas two of them were selected for the first round of drilling work to achieve a gold resource.

Two target areas selected for the first round of drilling based on the surface sampling programs in E47/1378

Satellite Resource Tracker (SRT) Scans

Satellite Resource Tracker (SRT) is a German-developed proprietary software technology uploaded to satellites that carry the hardware that can emit ground penetrating frequencies, the software then interprets the information received and reflected. SRT gives precision readings of the minerals in the ground, precision tracking eleven different minerals. Which satellite and which software program will be used depending on what mineral that is looking for. It can only scan for one mineral at a time. Vast mineral deposits have been identified with SRT in Sierra Leone and Western Australia. SRT uses older satellites that have ground penetrating frequencies, as opposed to newer satellites that focus on high-powered cameras.

A Satellite Resource Tracker (SRT) scan for gold over the project area was completed in 2023. SRT scan shows there is gold present through this tenement, however, it is of weaker grade, mostly shallow deposits circa 3 grams per ton, most of the gold contained is in water runs, which is probably related to the eroded conglomerate gold as most of the surface rocks across tenement E47/1378 are transported cover (estimaed to be around 20m).

Gold target areas from the Satellite Resource Tracker (SRT) scans over the whole area of E47/1378


Mt Oscar Gold Project Summary

  • Assay results from the surface soil sampling programme have confirmed presence of gold mineralisation at Mt Oscar North Tenement E47/1378. E47/1378 has potential to host primary mesothermal gold deposits. The results suggest possibly 2 alteration styles comprising intrusive hosted or contact alteration between lithologies probably sedimentary/mafics and ultramafics. Five potentially perspective areas are identified, and two of them are selected for drilling to test gold mineralisation. A detailed magnetic survey shoud be included to aid structural understanding of the region.
  • SRT scans show there is gold present through Mt Oscar North Tenement E47/1378, which is of weaker grade in shallow deposits, and likely related to the eroded comglomerate gold contained in water runs.
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