Lake Labyrinth Shear Zone Gold Project
Lake Labyrinth Shear Zone Gold Prospects (Minos, Ariadne and North Hicks)
The gold mineralisation intersected in drilling to date within the Lake Labyrinth Shear Zone (LLSZ) is concentrated within an intense alteration system (primarily sericite, chlorite, pyrite) of up to 100 metres wide. The LLSZ is interpreted from magnetic imagery to extend for approximately 60 kilometres along strike, of which approximately half is within the Company’s ground holding. The majority of the LLSZ is under a thin (2 to 20 metre) veneer of transported cover rendering conventional surface geochemical exploration largely ineffective over the majority of the shear zone.
The three recently discovered gold prospects (Minos, Ariadne and North Hicks) within the 100% owned tenure are in areas of outcrop or shallow cover and their discovery resulted from the follow-up of anomalous gold from surface sampling or from sporadic historic shallow drilling. Little or no effective exploration has been completed over the vast majority of the LLSZ under the thin cover. This highlights the potential for further discoveries of gold deposits at shallow depths below surface to be made along the LLSZ within the Company’s ground holding (Figure 3 and Figure 4).
The Minos and Ariadne prospects have only been partially drill-tested and remain open along strike and at depth, and are a priority for further drilling by the Company. The prospects are proximal to the historic Lake Labyrinth gold workings, and lie within the LLSZ. The Minos prospect gold mineralisation extends for over 400 metres of strike, with drill intercepts including 25 metres @ 2.27 grams per tonne gold, including 10 metres @ 4.64 grams per tonne gold (THRC-052). Individual one metre intercepts from drilling at Minos have reported up to 65.9 grams per tonne gold within the mineralised zone, highlighting the potential for high grade zones(Figure 5 - Figure 9).
At the Ariadne prospect, drill testing of a weak gold-in-soil anomaly intersected significant gold mineralisation of 29 metres @ 1.61 grams per tonne gold from 23 metres down hole depth. Further drilling on 100 metre sections along 400 metre of strike intersected varying widths of alteration and gold mineralisation. The alteration assemblage identified is the same as that at Minos indicating this is part of the same large mineralising event.
Select significant drill intercepts returned from the Minos and Ariadne prospects are summarised below. All intervals are reported as down hole intersections not true widths.
Significant drill intersections for the Minos prospect include:
Table 1 - Minos Significant Drill Intersections
Significant drill results for the Ariadne prospect include:
Table 2 - Ariadne Significant Drill Intersections
The Company has to-date identified 16 additional targets within the 30 kilometres of strike of LLSZ on the Company’s ground holding. Each of these targets exhibit similar geophysical (magnetic) and/or geochemcial characteristics to the Minos and Ariadne prospects. Two of these targets have a small amount of outcrop (Partridge and North Hicks prospects) whilst the others are under shallow (<20m) soil and sand cover. The North Hicks prospect is the only target outside of Minos and Ariadne that has been drilled in any way.
Figure 3 - LLSZ Prospects and Drill Targets
Figure 4 - NW LLSZ Prospects and Drill Targets
Figure 5 - Minos Prospect Plan View
Figure 6 - Minos Prospect Long Section
Figure 7 - Minos Prospect Cross Section C-C`
Figure 8 - Minos Prospect Cross Section D-D`
Figure 9 - Minos Prospect Cross Section E-E`