Mt Morley Project E30/477 (100% ISH)
The Company acquired the Mt Morley Project from a private owner for a minor cash payment of $30,000 which was fully funded using the Company’s existing cash reserves. This acquisition also included standard terms standard including a net smelter royalty of 5% and also a first right of refusal for disposal in favour of the vendor.
Despite the relatively low acquisition cost for the project, the Company considers that its prospectivity fully warrants further investigation.
Tenement and Geology
The Mt Morley Project has 1 tenement E30/477 (Figure 1) covering an area of 50Km2, located about 45Km west-northwest of Menzies and 130Km by road north of Kalgoolie in Western Australia. The EL covers small portions of the Mt Ida greenstone belt comprising mainly tholeiitic mafic rocks and minor intercalated ultramafic rocks and larger areas of granitoid rocks. The EL is situated on large scale Mt Ida Fault.
Outside EL30/477, the Mt Ida district hosts a number of small, generally high grade gold mines mostly hosted by the mafic rock component of the greenstone belt and minor sulphide and laterite hosted nickel minimisation associated with the ultramafic component of the greenstone belt.
During March 2014 UTS Geophysics Pty Ltd carried out a helicopter-borne geophysical survey over the Area1, 2, 3 and Martins Zone situated near Menzies in Western Australia.
Principal geophysical sensors included a versatile time domain electromagnetic system, and a caesium magnetometer. Ancillary equipment included a GPS navigation system and a radar altimeter. A total of 135 line-kilometers of geophysical data were acquired during the survey.
Based on the geophysical resorts obtained in this survey, a number of TEM anomalous zones were identified across the previous EL.
The conductive zones in the survey area are originated N-S to NW-SE. Most of the conductors were interpreted as association with magnetic anomalies. According to detailed resistivity depth imaging, the top of the EM response sources varies in depth from about 30-80 deep. (Refer Figure 2)
Tenement Information as at 31 January 2018
|State||Tenement Number||Date Applied/ Granted||Size, km2||Locality||Status||Target Minerals|
|WA||E39/1582||24-Jun-17||18||Laverton||Pending Approval||Ni, Co, Au|
|Summary||2 Tenement||68 km2||WA||Ni, Co, Au|