(Gold & Base Metals)
Company’s Kalgoorlie Project area is located east of, and contiguous
with, the Yarri Project area, is about 80km wide and extends north from
Kalgoorlie for approximately 100km. It comprises the granted Ringlock Dam Exploration Licence E29/1087, approximately 80km north-northwest of
Kalgoorlie and 30km north of Broad Arrow, and the Lake Goongarrie Exploration Licence application ELA29/1115. E29/1087 was granted to silaTEC Pty Ltd (silaTEC) and pursuant to the agreement between OreCorp, OreCorp Base Metals Pty Ltd (now renamed GreenCorp Metals Pty Ltd (GreenCorp)) and silaTEC, following the issue of 2,000,000 OreCorp shares last month, an 80% interest in this Licence is currently in the process of being transferred to GreenCorp, subject to ministerial consent. GreenCorp may elect to purchase the additional 20% interest in this licence at any stage in the next two years, in consideration for which a further 1,000,000 shares will be issued by OreCorp to silaTEC. The two Licences are contiguous and cover approximately 234km2, hosted by granite-greenstone rocks of the
Boorara Domain within the Kalgoorlie Terrane.
Ringlock Dam there is broad Cenozoic cover, with interpreted bedrock
geology comprising mafic to ultramafic volcanic rocks and various
granitic rocks. The ultramafic sequence within
the Ringlock Dam Licence forms the northern end of the Black Swan and
Gordon-Sidar Komatiite Complexes which extend NW/SE for at least 50km.
The granitic rocks are mainly monzogranite to granodiorite with outcrop
limited to the southeast of the Licence area.
Ringlock Dam Licence is approximately 30km northwest of the Silver Swan
and Black Swan nickel deposits and comprises up to 10km of strike of
the Black Swan Komatiite Complex (BSKC)
which hosts the later deposits. The Silver Swan deposit has past
underground production of 2.7Mt @ 5.1% nickel, and the Black Swan
deposit has past open pit production of 5.9Mt @ 0.7% nickel (Source: Poseidon Nickel Presentation - Paydirt Australian Nickel Conference 6 October 2020). The Licence
also hosts approximately 8km of strike of the Gordon-Sidar
Komatiite Complex, which remains largely under-explored.
focus of historical exploration drilling activity has been the nickel
mineralisation potential in the BSKC rocks with the main prospect
defined as GSP Prospect, which is known
to host both massive and disseminated nickel-sulphide mineralisation.
the Licence area, the GSP Prospect has been explored with over 100
historical RAB, RC and diamond drill holes over approximately 1km strike
of the interpreted basal portion
of the BSKC. Zones of high-grade primary nickel mineralisation >20m
thick have been identified by the historical drilling at GSP, with
example significant intercepts (at 1.0% Ni cut-off) of:
- 26.01m @ 1.04% Ni from 95m; including 2.75m @ 2.32% Ni from 117.65m (hole GS033);
- 6.71m @ 1.61% Ni from 162.15m; including 2.74m @ 2.93% Ni from 166.12m (hole GS013);
- 6m @ 2.3% Ni from 85m; including 5m @ 2.72% Ni from 86m (hole RPD002);
- 4m @ 1.0% Ni from 193m (hole GS022); and
- 7m @ 1.4% Ni from 104m; including 3m @ 2.85% Ni from 104m (hole MJRC047).
Company’s Lake Goongarrie Exploration Licence application (ELA29/1115)
is contiguous with the Ringlock Dam Exploration Licence application and
from aeromagnetic and regional mapping data to host extension of the
BSKC unit under cover as well as similar felsic intrusive rock suites.
There is limited gold geochemical sampling coverage of the Licence
application and sparse drill coverage, presenting
an extensive area that remains largely untested with respect to modern
nickel and gold exploration.