Project Summary

Glenroy is a new exploration project initiated by the company as a result of generative work conducted in-house. The company’s aim is to continue to develop a pipeline of new projects via this process, and to expand its portfolio of high quality gold projects outside its traditional South Australian and Northern Territory focus. The target is a gold deposit of epithermal style, similar to the other well known Drummond Basin deposits such as Vera Nancy, Yandan, Wirralie etc.

EPM Application 18090 is located on the northern margin of the Drummond Basin, and includes portion of the adjoining older Mt Windsor Volcanics and intrusives of the Lolworth-Ravenswood Block. The prospective Cycle 1 volcanics and associated subvolcanic intrusives of the Drummond Basin are well developed at the basin margin as interpreted within the project area, and it is in a similar gross structural setting to the Pajingo-Vera Nancy epithermal vein field, located some 60 kilometres along strike to the west.

Previous exploration in the project area has recorded extensive gold anomalism associated with veined and brecciated volcanics and associated intrusives, with limited drill testing at the Breccia Hill and Limey Dam prospects. Surface sampling of epithermal-style veins at these two localities recorded elevated gold values, up to 5.96 g/t Au at Breccia Hill and 2.7 g/t Au at Limey Dam. Textures and structures recorded (eg colloform vein banding, boiling textures) are typical of a low sulphidation epithermal system, developed over a substantial area at surface within the project area. Results from earlier drilling, all carried out prior to the discovery of the Vera Nancy deposit in 1994, were regarded as disappointing, but at both localities significant intersections carrying anomalous gold were recorded.  At Limey Dam RC drilling returned several broad intersections, eg 40 metres at 0.19g/t Au, 14 metre at 0.38 g/t Au, and 12 metres at 0.48 g/t Au, while at Breccia Hill values up to 1.8 g/t Au were recorded over short intervals.

It is the company’s view that the gold potential of these epithermal veins and breccias has not been exhaustively tested, and a major exploration opportunity exists to apply the case history and lessons learnt from the Vera Nancy discovery located in a similar environment on the northern margin of the Drummond Basin.