Star of Mangaroon Gold Project
Background Prime Minerals Limited has acquired the right, subject to ASX listing, to form a joint venture with Gascoyne Minerals Pty Ltd and earn up to an 80% interest in the tenements by spending $500,000 within 5 years. Results of recently released regional work by the GSWA have led to a much better understanding of the complex geology, stratigraphy and structural history of the Gascoyne Complex. The GSWA found that the northwest – southeast trending Mangaroon Zone, in
The Mangaroon Zone has been intruded by voluminous granite plutons followed by the intrusion of numerous dolerite dykes and quartz veins, and this geological and tectonic setting is regarded as very favourable for the formation of gold and base metal mineralisation. The majority of the known mineralisation in the Gascoyne Complex is found within the Mangaroon Zone. Most of the historical work in the project area has been undertaken by local prospectors and miners. Activities conducted by modern exploration companies were largely restricted to drilling at the Star of Mangaroon gold mine. There is no record of any basic reconnaissance exploration work such as geological mapping, soil geochemistry and rock sampling having been carried out. Drilling at the Star of Mangaroon has outlined a pre- JORC target mineralisation of 46,500 tonnes at 17.2g/t gold for 25,700 ounces. This mineralisation was estimated in 1994 down to a vertical depth of 50m. Subsequent deeper drilling found still richer mineralisation at a depth of 156 metres below the shallow partly mined high grade shoot. The mineralisation has not been closed off. Despite the under-explored nature of the area, several high grade gold deposits have been discovered, all of them by local prospectors. These deposits are scattered across the entire project area along a strike length of approximately 14km. None of these deposits have been drill tested or even geologically assessed. The unexplored nature of the project area and its high prospectivity has recently been demonstrated by RC drilling at Pritchard Well, where one of only two holes drilled intersected a rich gold-bearing quartz vein. Elsewhere, alluvial workings have been recently located where prospectors still find coarse gold nuggets. These areas are principal targets for a geological assessment and exploration. The most likely geological model for gold mineralisation in the Mangaroon area is a shear related stacked system of high grade quartz veins hosted by a variety of highly altered sedimentary and igneous rock types. The potential for magnetic dykes seen in regional airborne magnetic data to host PGE/nickel mineralisation should be investigated. Recently released airborne magnetic data outlined a number of larger magnetic dykes traversing the Project Area. Elsewhere a The Star of Mangaroon tenements represent a project area with very significant potential for economic resources of gold and some potential for platinum group elements and nickel. Exploration Program
Other prospective areas will be soil sampled and tested by auger or RAB drilling, followed up by RC and/or diamond drilling. |
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