ELs 4887 & 5023 (Nagambie 100%)

This project with an area of 34 km² has 3 prospects identified so far is located within EL5023 and the northern portion of EL4887 approximately 2.5 kilometres north of the Nagambie Mine (MIN5412). 

Infill geochemical (A Horizon soil sampling) work on a 400m x 100m grid was carried during the year to define the shape of the surface geochemical gold and arsenic anomaly located in 2007 The anomaly is interpreted as reflecting mineralisation related to a buried reverse fault.

A review of the regional geological structures and existing soil geochemistry data has lead to the development of 5 discrete arsenic in soil anomalies and 4 discrete gold in soil anomalies between Racecourse Road and Kirwans Bridge Road The soil anomalies are roughly coincident, and have elevated antimony association.

The anomalies are parallel to regional structures, notably the east-west striking folds and reverse faults at the Nagambie Mine.

Aeromagnetic and gravity interpretation have indicated a possible reverse fault (the Racecourse Thrust) extending across the Nagambie North Project area and parallel to the Nagambie Mine Thrust.

The Nagambie North Project proximity and parallels to the Nagambie Mine are very encouraging, and the company intends to carry out an aircore drilling program to determine the basement geochemistry. The aircore drilling program will consist of up to 77 drill holes over the two exploration licences with total drilling estimated at 7,700 metres.