West Australia Gold Assets

In November 2020, Oracle Power acquired two gold licences in Western Australia, the Jundee East Project and the Northern Zone Project. Both licences are located in world class gold mining districts and add an important new dimension and commodity exposure to Oracle Power investors.

Jundee East Project

The Jundee East Project is comprised of one exploration licence under application (E53/2140) and located about 9km due east of the Jundee Gold Mine. The project area comprises 29 blocks, covering and area of approximately 89.3km2. The project is located within the Yandal Gold Province, a Tier 1 gold belt, host to numerous multi-million-ounce gold systems.

The Jundee East Project is located in a previously unrecognised greenstone belt, proximal to the Jundee Gold Mine, host to previous production and resource of >7Moz gold.

Figure 1: Jundee East Project location Map showing proximity to the Jundee Gold Mine

 

A comparison between the gravity response of the Jundee Gold Mine and Jundee East provides a similar level of density response (see Figure 2). The gravity mapping suggests that a major portion of the Jundee East is potentially located in an unrecognised greenstone belt which is approximately 20km long and 5km wide with a noticeable ‘bend’.  This is contrary to the magnetic interpretation (potentially different due to sediment cover).

Detailed 3D modelling of gravity-based response shows a strong degree of correlation of gravity response between that of Jundee and Jundee East which further supports the initial 2D interpretation in Figure 3.

The degree of the structural complexity of the greenstone unit within Jundee East, including multiple structures which extend from mineralised zones of the Jundee Mining area to the tenure, significantly upgrades the prospectivity for hosting structurally controlled gold mineralisation within the greenstone body.

Figure 2: Jundee East Project – Gravity Response overlayed on Geology

 

Figure 3: Jundee East Project – 2D and 3D Modelling of Gravity

 

Northern Zone Project:

The Northern Zone Project is comprised of one granted prospecting licence (P25/2651). The project covers an area of 82 hectares. The project is in a highly prospective area for gold, being approximately 25km east of Kalgoorlie, 40km north of Kambalda and 55km east-north-east from Coolgardie.

Figure 4: Northern Zone Project location map showing proximity to the Kalgoorlie “Super Pit”.

 

The main host for potential gold mineralisation is the auriferous veins in granitic intrusions in the N-S structural corridor. However, the northern portion is covered by deep transported material up to 70m thick, making geochemical detection of mineralisation difficult and requiring drilling.

There have been several historic drill programmes conducted on the project area from 1998-2012. There are many significant drill intercepts historically reported (see full Independent Technical Report), with some of the more significant gold drilling intercepts including:

  • 9m @ 5.06 g/t Au  – hole BNRC017
  • 1m @ 39.82 g/t Au – hole BNRC033
  • 3m @ 3.72 g/t Au – hole BNRC067
  • 2m @ 23.27 g/t Au and 40m @1.2 g/t Au – hole BNRC069
  • 6m @2.12 g/t Au and 2m @ 12.98 g/t Au – hole BNRC051
  • 30m @ 1.5 g/t Au – hole BNRC081
  • 217m @0.51 g/t Au – BNRC066
  • 10m @ 2.1 g/t Au – BNRC079
  • 6m @2.31 g/t Au and 3m @ 2.85 g/t Au – BNRC080
  • 28m @ 0.84g/t Au and 48m @ 1.65g/t Au (including 4m at 7.7g/t Au) – BNRC095

 

Previous drilling at the Northern Zone Project also recorded very significant results for nickel (“Ni”), with some of the more notable intercepts including:

  • 10m @ 1.07% Ni – hole BNRC012
  • 21m @ 1.09% Ni – hole BNR0142
  • 4m @ 1.33% Ni – hole BNRC012
  • 4m @ 1.17% Ni – hole BNR0146

 

The Northern Zone Project is hosted within a granite and associated intrusives, showing similar alteration characteristics to other granite hosted deposits in the Eastern Goldfields, namely the Majestic (1,362,550 tonnes @ 2.23 g/t for 97,690 ounces) and Federal gold deposits (467,485 tonnes @ 2.8 g/t for 41,388 ounces) and the recently discovered Imperial Prospect.

The project area is highly prospective for structurally controlled orogenic lode gold deposits, of which there are many examples in the surrounding greenstone belt. The project is positioned in a prime location in terms of a regional geological and gold mineralisation setting. It lies in a well-endowed gold region, the Eastern Goldfields granite – greenstone belt, close to major crustal structures, underlain by Archaean greenstone lithologies with late-stage felsic intrusions. There is significant gold mineralisation in the immediate district including the Kanowna Belle, Kalgoorlie, Mt Charlotte and Golden Ridge mines.

 

Please click here for the Independent Technical Report compiled by Mining Insights.