8 Mile Project
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8 Mile Project – (100% MBK) – Gold
- Multiple large-scale gold targets along >3.6km mineralized corridor at Eastern Target
- Flori’s Find prospect is rapidly advancing
- Open at depth with near surface (<120m depth)
- Inferred Mineral Resource of 195 kt @ 2.4 g/t Au for 15000 oz supporting an Exploration Target of 3.6 – 5.1 Mt 1.60 – 2.14 g/t Au for 180,000 – 355,000 oz*
- Perry Prospect has returned up to 36m @ 1.2 g/t Au from 36m
- Western Target and northern extensions of Eastern Target remain untested
- Located near Mt Rawdon gold mine (2Moz)
8 Mile Project – Eastern Target
The Flori’s Find prospect along with the Perry Prospect together represent the Eastern Target of the 8 Mile Project. Geology of the Eastern Target comprises mainly Good Night Beds, a package of metamorphic sandstones and phyllites. A locally faulted corridor within the Good Night Beds has been intruded by unaltered to extensively altered Triassic age felsic intrusive rocks interpreted to represent high level emplacement characteristic of a sub-volcanic level intrusive related gold system. These types of systems typically occur in diatreme / vent breccias which form within 1 to 2 km from surface.
Mineralisation at the Eastern Target is expressed at surface along a 3.6 km north-northeast corridor defined in soil geochemistry. Flori’s Find and Perry prospects are located along this corridor and ore geometries defined in drilling beneath soil geochemistry anomalies at both prospects dip towards the west at 30 to 40 degrees. There is good evidence in the data to suggest that both prospects are linked and interpreted to occur due to leakage of mineralising fluids out from a buried intrusion or intrusions.
Flori’s Find Prospect
Drilling on one section in 2019 has sufficient continuity to define a maiden Inferred Mineral Resource comprising 195 Kt at 2.4 g/t Au using a 1.0 g/t Au cut-off from limited drilling completed to date.
The drilling and maiden Inferred Mineral Resource support potential for additional mineralisation both down dip and along a >600 m strike length, as indicated by surface soil anomalies. This provides the basis for an Exploration Target, in addition to the Inferred Mineral Resource, of 3.6 to 5.1 Mt grading between 1.60 – 2.14 g/t Au for a total of 180,000 to 355,000 oz Au using a nominal 1 g/t Au cut-off and limited to approximately 120 m below surface. Though based on extrapolating the Inferred Mineral Resource and extent of surface soil anomalies, it should be noted that the potential quantity and grade of the Exploration Target is conceptual in nature. There is no reliable drilling information beyond the initial drill section completed in 2019 sufficient to estimate a Mineral Resource over the Exploration Target area and it is uncertain if further exploration will result in the estimation of a Mineral Resource over this area.
Additional drilling down dip has confirmed mineralisation remains open at depth with ETRC022 returning 6m @ 2.52 g/t Au from 140m and a strong association between Au and Mo is evidence for being close to a bulk tonnage intrusion target. The location of the bulk tonnage target is interpreted from IP geophysics and mineralisation within structures at Flori’s Copper Show to the west, interpreted as leakage from the intrusive source.
Gold mineralisation at the Perry Prospect, located 2km to the north of Flori’s Find returned up to 12m @ 2.1 g/t Au from 4m and 36m @ 1.2 g/t Au from 36m. The mineralisation is intimately associated with intensely altered felsic intrusives and elevated levels of arsenic indicative of the outer leakage zone relative to a source intrusion. Mineralisation intersected in drilling remains open in all directions and further potential exists for a bulk tonnage target to the immediate west of existing drilling, which is yet to be assessed.
Further information is available by clicking the following MBK ASX releases:
Competent Persons Statement
The information in this document that relates to Exploration Results, Mineral Resources and Exploration Target statements is based on information compiled or reviewed by Mr Trevor Wright as set out in the Company’s ASX Releases dated 7 Nov 2019, 23 April 2020 and 6 July 2020. The Company is not aware of any new information or data that materially affects the information included in these ASX Releases and in the case of reported Mineral Resources, all material assumptions and technical parameters underpinning the estimates continue to apply and have not materially changed. Mr Wright is a Member of The Australasian Institute of Geoscientists and is a contractor to the Company. Mr Wright has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Wright consents to the inclusion in the document of the matters based on his information in the form and context in which it applies. The potential quantity and grade of the 8 Mile Exploration Target is conceptual in nature. There is insufficient drilling information to estimate a Mineral Resource over the entire Exploration Target area and it is uncertain if further exploration will result in the estimation of a Mineral Resource over this area.