Angelo
The Angelo Project is located approximately 40km south-west of Halls Creek and 5km south of the Great Northern Highway. The Project is a Joint Venture with Pacrim Energy Ltd. There are two main prospects; Leonardo, outlined by geochemistry plus previous RAB drilling and Figaro, located by soil geochemistry. The exploration target is epithermal style of gold mineralization, indicated by the large stratiform (>7 kilometres long) gold & arsenic soil anomalies which appear to be related to quartz stock work veining and reefs in carbonaceous sediments.
Earlier RAB drilling at Leonardo prospect, returned 4 metres @ 2.5 g/t Au & 4 metres @ 3.4 g/t Au on lines 400 metres apart. Metminco undertook a Reverse Circulation drilling program of 25 holes at the Leonardo prospect during mid 2008. Gold values returned were of a similar tenor to earlier drilling; 3 metres @ 1.97g/t Au & 2 metres @ 4.31 g/t Au, with a peak value of 8 g/t Au. The drilling indicates that mineralisation at Leonardo is nuggetty in nature and occurs in a series of discontinuous strata bound reefs with peripheral low grade stock-work zones.
Following the drilling program, the full geochemical database was reviewed by geochemical consultants, ioGlobal, who merged and levelled all of the previous soil geochemistry and identified sites for follow up sampling. This work highlighted the Figaro area, due to the co - incidence of gold and arsenic anomalism. A field program in May 2009 confirmed earlier geochemical results and extended the Figaro prospect towards the northeast.
Recently, the Company obtained restricted magnetic and radiometric geophysical data, collected by previous explorers, Panorama Resources NL in 1994. Images produced from this data reveal elevated potassium, indicative of hydrothermal alteration, at the Figaro prospect. The elevated potassium defines a southwest - north-east trend.
The sizes of the geochemical anomalies on the Angelo project indicate the potential for discovery of significant gold resources. While the initial drilling did not upgrade the Leonardo prospect, recent exploration has highlighted the Figaro area as being worthy of continued work. The enhanced geological understanding gained from Figaro can then be applied to the balance of the licence area. The licence is less than 15 kilometres to the Nicolson’s gold treatment plant and this infrastructure could be used to process ore from Angelo.
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