PARKES

The 100%-owned Parkes Project comprises 2 exploration licenses (EL7676, EL7424) covering 151km2. within the Junee-Narromine Volcanic Belt and Parkes Fault Zone.

The project is considered prospective for:

  1. Porphyry copper-gold mineralisation (e.g. China Moly/Sumitomo’s Northparkes mine (3.8Moz Au, 3.4Mt Cu – CMOC 2018)
  2. Intermediate-sulfidation epithermal gold mineralisation (e.g. Evolution Mining’s Cowal Gold Operation (>11Moz Au – Evolution 2018)
  3. Structurally hosted (orogenic) gold mineralisation (Tomingley Gold Operation, >1Moz Au, Alkane Resources, Alkane 2020)

Parkes project regional magnetic image showing main prospects and adjoining mining operations

MacGregors and MacGregors South Prospects

The recent exploration success of Alkane Resources at the Tomingley Gold Operations (inc. 84m @ 4.06g/t Au, RWD019, ALK ASX 17 January 2020) has highlighted the emerging Parkes Fault Zone as a gold discovery hotspot.

Within the Parkes Project area, the MacGregors – Secrets and Stockmans Trend marks ~20km of targets considered prospective for Tomingley-style structurally hosted (orogenic) gold mineralisation.

The rapid increase in grade downdip from modest drill intersections apparent in the recent Alkane drilling at Roswell-San Antonio-El Paso has upgraded the orogenic gold trends at the Parkes Project (MacGregors – Secrets and Stockmans Trend) and provide immediate drill targets.

Near Surface Orogenic Au Targets along strike from Tomingley Gold Operations (ALK-TGO)
MacGregors/MacGregors South

Ø  19m at 0.8 g/t Au, incl. 10m at 1.25 g/t Au (from 146m),

Ø  30m at 0.57 g/t Au, incl.15m at 0.74 g/t Au (from 108m),

Stockmans:

Ø  22m at 0.79g/t Au (from 45m in S1), incl. 14m at 1.01 g/t Au (from 47m)

Ø  12m at 1.42g/t Au (from 7m in S2), incl. 6m at 2.44g/t Au (from 9m)

Buryan Prospect

Buryan is a compelling porphyry copper-gold target associated with a magnetic low. Previous exploration at Buryan included 22 drill intercepts at greater than 20m @ 0.15% Cu, which is USGS criteria for a fertile porphyry copper-gold system. The best intercept recorded was 135m @0.29% Cu and 0.17 g/t Au, including 28m @ 0.50% Cu and 0.28g/t Au.

Buryan has the following features which are considered strong indicators for a mineralised porphyry Copper-Gold system:

  • Laminated magnetite-pyrite bearing veins and quartz-carbonate-pyrite±chalcopyrite veins
  • Multiple mineralisation events in structural features
  • Typical metal and alteration assemblage zonation with carbonate-base metal-gold veins on the periphery (propylitic alteration), becoming more pyritic (phyllic alteration), and pyritic-chalcopyritic in the central mineralised section (potassic alteration)
  • Two recent deep diamond drill holes under the JOGMEC JV returned best results of 10m at 0.49g/t Au from 448m, including 2m at 1.67g/t Au from 456m, 57m at 0.17% Cu and 0.11g/t Au from 822m and 79m at 0.11% Cu and 0.06g/t Au from 545m.
Other Parkes Targets

A detailed aeromagnetic survey over EL7676 highlighted 12 new Copper-Gold and orogenic Gold targets with no previous drilling and limited sampling.  Evaluation work is ongoing at the remaining targets, including at the Stockman’s, Secrets and Black Ridge Gold targets and Brolgan porphyry target, where elevated levels of Zinc and Copper were reported from previous aircore drilling.