Exploring for 'company making' discoveries
Julimar Project - the emerging West Yilgarn Ni-Cu-PGE Province
Gnewing Bore Project - frontier East Kimberley Province highly prospective for quartz-lode gold deposits
Rocky Dam Project - 182km² of underexplored Norseman - Wiluna Greenstone Belt, 45km from Kalgoorlie
(Nickel, Copper and PGEs)
The Company has secured the Julimar Project, comprising two granted exploration licences (E70/5416) and (E70/5415) located in the Western Yilgarn area of Western Australia. The exploration licences are broadly in the same area as Chalice’s Julimar discovery and also where multiple other ASX listed entities are currently advancing exploration programs (such as Mandrake Resources and Pursuit Minerals).
Lycaon considers that the tenements may be prospective for nickel, copper and PGEs, but limited exploration has been conducted on the tenements to date.
Initial work programs will consist of reconnaissance exploration including soil sampling, ground EM and gravity survey prior to drilling.
The Company has secured the Gnewing Bore Project, a high-grade silver-gold project located in the developing Halls Creek orogenic belt, along the eastern region of the Kimberley. The Gnewing Bore Project comprises exploration licence E80/5508, with tenement grant expected to be in June/July 2021.
The project is situated close to the regional centre of Halls Creek and the Great Northern Highway. The Kimberley has a long history of mining activity, commencing with the discovery of gold in Halls Creek during 1885 (the first discovery of gold within Western Australia) which led to a brief gold rush.
Early explorers in the 1960's recognised the potential for base metal mineralisation, with the associated gossanous veins identified at the Gnewing Bore Prospect. The emphasis shifted from base metal to gold exploration during the 1990's. However, no exploration has been undertaken on the Gnewing Project since the 1990’s.
The geological mapping identified quartz sulphide pods ± veins at the lithological contact between the Bow River granite and dolerite related to a north-westerly trending structure. Semi-continuous rockchip sampling was undertaken over the main quartz sulphide occurrences with encouraging results of
-5m @ 3.31g/t Au from outcrop rock sample 34576¹
-105g/t Ag and 2.26g/t Au from outcrop rock sample 34561¹
Active gold explorers in the area include Pantoro (producing from Nicholsons), Meteoric (new acquisition at Palm Springs), Hexagon (refocused on gold at Halls Creek) and IGO (major staking activity along entire belt). In addition, Panoramic is also re-starting The Savannah Ni-PGE mine driving a new wave of nickel exploration in the area.
Initial exploration work programs will consist of geological mapping and geochemical sampling to build on the encouraging historical results, followed by Gradient Array Induced Polarisation (GAIP) survey prior to drilling. The primary target is to investigate further areas of sulphide accumulation and quartz veining below the outcropping quartz-sulphide gossan which recorded historical results of greater than 100 g/t silver and 3 g/t gold. Regional targets may also be identified as a result of reconnaissance field work programs such as geochem sampling and geological mapping.
Rocky Dam Project consists of multiple tenements covering ~ 182km², a significant landholding in the highly prospective Norseman - Wiluna Greenstone Belt around the Yindarlgooda Dome within the Eastern Goldfields. Located only 45kms east of Kalgoorlie via sealed and well-maintained gravel roads, close to significant mining infrastructure and surrounded by active explorers.
First discovered in the 1990's by CRA as a 700m long gold anomaly along a sheared contact of felsic volcanics and black shales.
Historcial drilling has returned encouraging results delineating a thick shallow zones of supergene gold mineralisation. The oxide mineralisation is associated with ferruginous quartz veining and sericite alteration, and remains open along strike with best results of²
– 40m @ 0.6 g/t Au [18m] in RDRC002 including 9m @ 1.7 g/t Au [40m]
– 21m @ 1.0 g/t Au [41m] in RDRC012 including 6m @ 2.8 g/t Au [52m]
– 4m @ 4.1 g/t Au [62m] in RDRC001 including 1m @ 13.8 g/t Au [67m]
– 15m @ 0.4 g/t Au [13m] in RDRC009 including 4m @ 1.3 g/t Au [17m]
– 20m @ 0.6 g/t Au [39m] in RDRC006 including 2m @ 3.0 g/t Au [39m]
– 2m @ 5.9 g/t Au [95m] in RDRC007
Rocky Dam is a favourable setting for orogenic gold and base metal rich VMS styles of mineralisation with multiple other prospects identified throughout the tenure. The large scale supergene gold mineralisation recorded in historical drilling demonstrates a fertile project area potentially active during major Yilgarn greenstone mineralisation events, which presents a great opportunity to potentially discover primary bedrock mineralisation that may be the source of the supergene enrichment.
Initial exploration work programs will consist of RC and Diamond drilling planned to test depth and strike extent of oxide mineralisation associated with ferruginous quartz veining and sericite alteration at Rocky Dam, as well as geochem sampling, geophysics and Aircore drilling at regional targets.