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The Yamarna Project is located approximately 125 kilometres north-east of Laverton in central Western Australia on Exploration Licences 38/2129 and 38/2863. The Exploration Licences comprise approximately 300 square kilometres of prospective ground over the eastern-most Archaean greenstone belt of the Yilgarn Craton – the Yamarna belt.
The Winchester Copper-Nickel Discovery was identified from Ausgold’s previous drilling campaigns which returned a significant copper, nickel and cobalt interval, reported as Copper Equivalent (Cu Eq*) values below:
· 33m @ 1.55% Cu Eq from 27m (Hole YMRC003)
(*Cu Eq results based on respective values of Copper USD$6,500/t, Nickel USD$17,500/t and cobalt USD$30,000/t.)
Furthermore, eight holes were completed for 2,462 metres at three main areas of focus, namely Winchester and electromagnetic (“EM”) anomalies Yam09 and Yam19. Significant assays received to date include:
· 21m @ 0.63% Cu, 0.20% Ni, and 0.02% Co (1.24% Cu Eq) from 88m (Hole YMRC009)
· 28m @ 0.50% Cu, 0.21% Ni, and 0.02% Co (1.16% Cu Eq) from 99m (Hole YMRC010)
· 153m @ 0.1% Ni from 5m (Hole YMRC012)
Mineralisation in the first two holes was characterised by disseminated chalcopyrite-pentlandite-pyrite (up to 10%) within a metagabbro, sitting above a black shale unit (refer Figure below).
Figure 12: Winchester Prospect Discovery Section, Yamarna
The Company intends to drill adjacent sections at Winchester to determine the extent of the mineralising system. In addition, Ausgold is planning drilling solutions for targets generated from the previously completed downhole EM surveys.
The Company believes that exploration at Yamarna to date has highlighted the prospectivity of the immediate area and region for Copper-Nickel-Cobalt and Nickel Sulfide mineralisation and that further exploration will demonstrate this more conclusively.