SML - Synergy Metals - Aussie Stock Forums

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  1. #1

    Post SML - Synergy Metals

    Eventhough announcements are positive this company is subject to too many investigations by Victorian authorities.

    read more

  2. #2

    Default Re: SML - Synergy Metals

    This has gone off like a frog in a sock since 29/6 (couple of days before their drilling update..). Action looks pretty sweet again today. Anyone got a view on these guys?


  3. #3

    Default SML - Synergy Metal Limited

    Synergy is a Victorian based company, focussed on development of the historic Glen Wills goldfield in the Alpine region in the north east of the state. The main project site is located about 40km north of Omeo. Potential for gold and other mineralisation exists along the five kilometres of historic workings, which includes the Glen Wills and the Sunnyside fields and within Synergy's surrounding exploration areas.

    Since announcing an initial gold resource at Glen Wills and Sunnyside, in late 2005 the company has continued with drilling and evaluation. This work has comprised technical studies and discussions with potential partners and investors.

    Why Glen Wills?
    There have been some sound successes in the re-opening up of the Victorian gold fields, with Bendigo Mining and Ballarat Goldfields being notable examples. These companies have found an historic, high grade field and reasoned that the hard rock gold resources did not diminish with depth, but rather were not exploited as the increasing depth stretched the technology available at that time, while the fragmented field ownership made the economics poor.

    Synergy has a similar concept in North-Eastern Victoria, although based on different geology and much less advanced than the producing mines at Bendigo and Ballarat.

    The Company
    Synergy Metals is now a Victorian based company and success has changed its focus over the last year as it has moved into the development phase. A fuller history of the company is provided opposite.

    As is appropriate in a small company, the directors take an active role in assisting in its development. It is a lean organisation with no permanent full time employees and the directors and other experienced industry professionals provide consulting services. The experience and skills of directors are outlined in the section on directors.

    We are currently rationalizing the company structure to reflect the focus on operations in Victoria and the state of development of the project.

    The Glen Wills project has been extensively explored and researched. In the right-hand navigation column there are five articles giving an overview of Victorian mining exploration, and much detailed information on the Glen Wills project itself.

    In summary, the area has been mined from the 1860's with historic workings focussing on high grades. The Mount Wills Geology article indicates that the potential for large tonnage moderate grade mineralisation exists within the Mt Wills Granite and adjacent schistose sediments at its contact.

    There are pictures of the site, and a detailed table compiled by Mr Peter de Vries, a consulting geologist,indicating that the inferred mineral resource is more than 50,000 contained ounces of gold.

    Exploration in Victoria
    Victoria had a rich history of gold production in the 19 century, making it one the premier producing regions in the world. The state is also the source of a range of other minerals. However a combination of government policies and more challenging geology meant that exploration languished until the late nineties. There has now been a revival in activity as new techniques and understanding has lead the to development of new mines.

    Synergy has a significant exploration area in Victoria, with a number of granted tenements and several more under application. Some sampling and analysis of the areas has been conducted, with several anomalies highlighted.

    Currently most of the company’s funding commitment is focused on Glen Wills, and while background work is being conducted Synergy is also looking at joint venture opportunities.

    Glen Wills
    The historic Glen Wills goldfield is in the alpine region in the north east of the state about 40km north of Omeo. It can be accessed by sealed road from Omeo or by road from Albury.

    Synergy has a mining lease over the main historical workings and also has surrounding exploration areas. The main area of interest is several kilometres from the border of the Alpine National Park.

    Mining started in this district in the 1860’s but only became larger in the 1880’s. Like most Victorian gold mining operations the manpower shortages during and after World War 1, combined with high water inflows for the technology of the time led to the closure of the operations. The area has seen some intermittent mining up until the 1950’s.

    There are five kilometres of historic workings based on a mineralised fault, which joins Glen Wills to the Sunnyside field. The working were mainly underground and included a stamp battery and tailings facility.

    Although mineralisation is continuous, historic workings focused on high grades with average recovered grades of 22.9gpt across the fields. Synergy is in the process of collating historic data, allowing modern modelling and analysis. The mineralised fault dips at 60-80% and historic stopes were generally 1m to 7m wide. Historic workings were often by adit and inspection has confirmed the continuous nature of the mineralisation and the good ground conditions.

    Recent Activity
    Since late 2004, over 16km of diamond drilling costing $4 million has occurred. This combined with sampling from the 1970’s has proved a JORC compliant Inferred Resource of 223kt grading 7.68gpt at two locations along strike. Drilling has consistently extended the area of known mineralisation and the resource remains open at depth and along strike.

    Where there has been sufficient drilling density a resource has been established, however the drilling from surface is expensive and time consuming as the mineralised structures are steeply dipping with difficult surface topography.

    Evaluation and Funding Strategy
    At the southern end of the zone (Glen Wills), Synergy believes there is a 300koz exploration potential in an area about 900m long and 300m below the old workings and incorporating the current resource. The company is seeking up to $5million to advance the project through proving up a resource that would allow a development decision, as well as completing detailed mining, technical and economic studies. A major part of this expenditure is $3 million to develop a 1 km decline parallel to the intersections in the ore body defined from surface drilling.

    A decline is the best solution because

    Due to topography, drilling from surface is expensive and time consuming and to obtain an inferred resource would take at least two years and at least $2 million.
    Drilling from underground would cost about $0.6 million to obtain the same inferred resource.
    Most of the permitting for the decline is completed and an inferred resource could be obtained in almost half the time of drilling from surface.
    Assuming this is successful a decline allows the added advantages of bulk sampling and a low cost drill out to then move to an indicated resource.
    A decline would facilitate a rapid move to production based on successful drilling.
    At the northern end of the lease, (Sunnyside) the focus is to quantify the potential of the three lines of old workings, around the initial resource. 3D modelling of old workings, the recent drill data and surface geology is continuing and has resulted in a robust geological model.

    Mining and Processing
    An established decline would allow rapid progress to production. Both grades and metallurgy point to a potential economic operation of 50-70koz/yr at Glen Wills, with upside from Sunnyside. While relatively narrow the mining would be mechanised and is not at a significant depth. This should ensure the good grade leads to reasonable mining costs.

    Mining and processing tests show 70% recovery by gravity with fine grained gold coming from both free gold and pyrite. There is some coarse gold but the company believes its impact is small. The balance of the fine gold is locked in the pyrite. Tests indicate over a 70% reduction in waste by gravity and floatation achieving a significant reduction in volumes to go to a CIL.

    Good metallurgical characteristics reduce the size of the required treatment plant, lowering both capital and operating costs. There are also about 85kt of mullock dumps on our leases, grading about 2.3g/t. Tests indicate a further 60% recovery from gravity for fine gold, with some refractory gold. This could provide initial commissioning feed to the mill and early cash flow.

  4. #4

    Default Re: SML - Synergy Metal Limited

    1.0 Introduction
    1.1 Exploration Rationale

    Location Plan

    EL3916 covers the entire historically defined high grade Maude and Yellow Girl group of mines and many peripheral mines adjacent and along strike from this centre of production. Geographical isolation and treatment costs dictated only ore of very high grade was treated. The potential exists for significant remaining ore of similar grade below the limits of the old workings and also extensions along strike. Historic requirements for very high grade ore is likely to have resulted in poor testing of the reef selvages within the altered sediments and the granite. Disseminated gold targets are therefore a potential and with the degree of shearing and alteration noted in underground exposures, this appears a geologically sound concept. The exploration program proposed is designed to initially test for the high grade strike and depth extensions to know areas of mineralisation along the Maude and Yellow Girl line and also north into the Sunnyside group of historic workings.

    The potential for large tonnage moderate grade mineralisation exists within the Mt Wills Granite and adjacent schistose sediments at its contact. The interplay between the dominant NNE fault sets and the brittle Granite host appears to have resulted in the development of large bodies of quartz stockwork within the granite. This potential will require further investigation.

    1.2 Exploration History
    The area has had a long history of gold exploration and mining, dating back to the 1850’s. Glen Wills was one of the major early gold fields in this region that included the Mt Elliot, Dart, Harrietville, Bright Wandiligong Freeburgh and Beechworth and Bethanga Goldfields.

    Earlier modern day exploration focused on tin as well as gold. In neighbouring gold fields of late 1970’s-1980’s, explorers have targeted large stockwork or disseminated gold as well as alluvial gold. This included Gippsland Minerals N.L. (EL 126), Essex Minerals Company (EL 621) and Goldfields Exploration Pty Ltd (EL 1023). The most significant work to be undertaken at Glen Wills occurred in 1972 when Aurora Minerals NL refurbished the main 5L access and internal shaft to 9L. This allowed access to mapping and bulk sampling of portions the lower levels. This work concluded that the known shoots continue with depth and resulted in an estimated resource of 272,000 tonnes at 11.3 g/t (total pre – JORC standard resource). Citing corporate reasons Aurora Minerals NL withdrew from the agreement in 1974. Subsequent to this Aberfoyle Exploration carried out regional exploration for tin (1979 – 80).

    More recently, companies including Bendigo Gold (EL 3163), Nickelseekers (EL 1553), Poseidon (EL 3244) and CRA Exploration within EL’s 2131, 2132, 2143 (areas north of Glen Will area) and 2146 have explored Mt. Wills and Glen Wills together with areas to the north such as Mt. Unicorn (Dart Area) for both disseminated gold in granite-associated gold enriched haloes, and gold in hydrothermal vein systems. Copperfield Gold NL drilled the upper levels of the Maude and Yellow Girl during 1987 – 88 under a farm in agreement with Swan Resources Ltd and other parties.

    2.0 Geology
    2.1 Regional Setting
    The Glen Wills gold field is located in the eastern part of the Lachlan Fold Belt, in the Omeo Structural Zone. Refer to Figure 2. The Omeo zone (containing the Omeo Metamorphic Complex) extends north from Cassilis to the Hume Weir and into N.S.W. It is dominated by a basement of deformed Ordovician turbidites intruded by numerous granite plutons. Many of the sedimentary rocks have been metamorphosed to schist, gniess and migmatite.

    All these rocks were severely deformed and metamorphosed during the Benambran Orogeny in the Early Silurian Period. The rocks were tightly folded, regionally metamorphosed and S-type granites intruded. Further, though less intense, deformation took place in the Late Silurian (Bindian), Middle Devonian (Tabberabberan) and Early Carboniferous (Kanimblan). The Tabberabberan event is thought to have resulted in crenulation cleavage, kink folds and brittle deformation. It also probably caused reactivation of pre-existing faults.

    Figure 2. Regional Geological Setting, reproduced from The Glen Wills Project, MIN4921 & EL3916 Revised Work Plan 2003, R.K Hazeldene (Mindeco Pty Ltd).

    2.2 Geological Model
    2.2.1 Introduction

    Geological Setting

    After completion of the Pre-Drill model, the extensive drill testing has tested the validity of the model at many points. In general the faults and mineralised positions interpreted from the historic information have been reliable. Drilling has revealed down dip extensions and strike extensions to known portions of mineralisation and has highlighted other potential mineralised structures for future testing. The results of the ongoing program as they relate to the pre-drill geological model appear below.

    2.2.2 Geological Model
    The aim of the geological modelling was to form a framework on which to design future exploration and drilling campaigns. The model also illustrated the potential tenure of this style of mineralisation and as such can be used in assisting preliminary economic modelling.

    2.2.3 Local Geology / Mineralisation – Preliminary Findings
    The pre-drill model indicated the most significant structures related to mineralisation distribution are:

    N – S Lode Structures (2 – 5% Sulphide)
    N.E Trending (pre-syn and post mineralisation displacement – <2% sulphide)
    E. – W. Trending (syn to post mineralisation displacement – very low sulphide)
    Verticals (minor syn mineralisation displacement – strong sulphide – coarse gold component)
    It appears that all of the above structures have been intersected by holes of the current program. The information gained to date regarding fault timing has not changed from the original interpretation indicating the following sequence:

    ——N – S shear —— —-N.E Trending —— ——-E.- W. Faults—— ——-Verticals—— ——N – S reactivation——

  5. #5

    Default Re: SML - Synergy Metal Limited

    The results of assays from the various structures appear to marry well with the interpreted timing and fall into two broad categories,

    Mineralised systems:
    N – S Lodes
    N – E Trending Faults
    N – S reactivation
    Post Mineralisation Systems:
    E – W Faults

    Summary of Results: Assay intervals from all but the N – S reactivation faults have shown anomalous gold assays results from the “Mineralised systems” group. It appears the N – E Trending faults contain low grade gold (<5 g/t Au) with the N – S Lode structures showing up to 22 g/t Au. The model had identified the presence of “Verticals” (near E – W striking structures that controlled the distribution of economic mineralisation within the old workings). However, the high grade nature of these structures was not realised. E – W faults were not gold mineralised where exposed in the underground workings or within historical references and appear barren where intersected in the drilling to date. N – S Lode
    The main N – S Lode Structures appear to be very strike and dip persistent and may occur as a sericite, chlorite and / or pyrite altered zone, sometimes as only a channel of less than 500mm with little or no defined sulphide “Lode”. However, anomalous gold grades appear to be associated with the structure and associated elevated arsenic. As such the continuity of the N – S Lodes has been established both along strike and down dip from the mineralisation historically defined within the old workings. The intersection of the other fault sets acts to redistribute the N – S Lode structures and also appears to influence the dilation experienced at the intersection points (hence the distribution of historic stopes). N – E Trending Faults
    The low grade gold (<3.88 g/t Au to date) associated with the N – E Trending faults may be accounted for by late stage fluids penetrating broad zones of sheared material with little dilation or the reactivation of portions of high grade “Lode Structures” along the major shears as fault bound inclusions. It is intended to further test the potential of these poorly mineralised structures in future programs. E – W Faults
    The significant displacement noted on the E – W faults found along the line and the lack of anomalous gold assay data within the structures indicates a late structural history with no overlap of mineralising fluids. Therefore these structures post date mineralisation and only redistribute the already mineralised system. “Verticals”
    “Verticals” have been noted throughout the pre-drill geological model and appeared to correspond with bounding or controlling structures to economic mineralisation. One drill hole is interpreted to have intersected one such structure and has returned an intersection showing coarse visible high grade gold (up to 171 g/t Au or 5oz/t). This may indicate the potential for other “controlling” structures away from areas that have been historically mined and a future target for high grade mineralisation. These structures will be further tested as the drill programs progress.

    3.0 Geochemistry
    3.1 Petrology
    A petrological study was undertaken on several samples from three Diamond Drill Holes. The study indicated that gold is paragenetically late (after pyrite and arsenopyrite) and probably deposited coevally with galena, chalcopyrite and carbonate, interstitial to quartz.

    Gold was associated predominately with pyrite – arsenopyrite and that solid solution gold within arsenopyrite and (arsenian) pyrite could be significant.

    The most significant mineralisation occurs in the later phase of veining and associated hydrothermal brecciation. The emplacement is considered to be typical of the orogenic gold style of mineral deposit system. The alteration-mineralisation is late or post-tectonic stage, after peak metamorphism and regional deformation and after emplacement of the muscovite granite suite.

    Mineralising fluids are likely to have been of moderate temperature (~300 – 350 deg C) near neutral, slightly reducing and introducing CO2, S, As and Au into the site of mineralisation. The siting of the mineralisation was favoured by late structures (maybe dilational) formed under brittle conditions at relatively shallow crustal depths.

    Resource Statement
    Mineral Resource Inventory At 20 October 2005
    Location Tonnes Grade (gm/t) Contained Ounces
    of Gold
    Glen Wills gold project area 182 500 7.79 45,700
    Sunnyside gold project area 40,800 7.21 9,500
    Total 223,300 7.68 55,200

    The Inferred Mineral Resource information contained within this report was compiled by Mr Peter de Vries, a consulting geologist, on behalf of Synergy Metals Ltd. Mr de Vries is a member of the Australasian Institute of Mining and Metallurgy, and is competent and experienced in the activity being undertaken, and consents to the publishing of the information in this report in the form and context in which it appears.

  6. #6

    Default Re: SML - Synergy Metals

    Check out this news regarding SML and its $7M capital raising news from Miningnews.net.

    Worth reading!!!

    Thursday, 23 August 2007

    HOW many bad resources investment decisions were made last weekend? At a guess, lots. The Outcrop by Robin Bromby

    The markets had been collapsing all week and then the Fed moved on Friday. It didn't take much to figure that the ASX would bounce big-time on Monday; the futures indicated around 200 points, and so it was.

    To some, Monday may have seemed a last chance to get out of some of those mining stocks before they slid again.

    Wrong, again, to judge by the continuing resilience all this week.

    And it was a very understandable mistake. It looked as if the exploration sector was able to get the big squeeze. Two brokerages pulled their underwriting offers (for the Maximus Resources raising and the Eyre Energy initial public offering), seemingly a sign that chequebooks were being slammed shut all over town.

    We panicked too soon, it seems.

    Two announcements that came out, largely unnoticed, in the middle of the week give heart that, if we are facing a "we'll all by rooned" scenario, the time is not yet quite ripe.

    First, Synergy Metals said it was raising $7 million with backing out of Singapore.

    The white knight was American Orient Capital Partners, putting up the money so Synergy could continue drilling its gold, silver and base metals targets in East Gippsland.

    AOC Partners is putting $5 million worth of Synergy shares to their "high net worth Singaporean clients" and underwriting a non-renounceable rights issue to Synergy shareholders for the other $2 million.

    If any of the horses were going to be scared by the outlook for the mining industry, you'd have placed the Asian ones as among the most likely.

    The fact the Singaporeans stayed committed to the plan suggests they believe the China story is still intact, and metals demand has only one way to go.

    The other straw in the wind concerns DiamonEx.

    JP Morgan Asset Management has acquired a 9.9 per cent stake in the company ahead of production starting early next year at the Lerala diamond mine in Botswana. J. P. Morgan spent $4 million to become the biggest shareholder in DiamonEx.

    So the money isn't drying up.

    Now Puru Saxena is not one of your bulls. The publisher of London-based Money Matters came out overnight saying the market had tested its lows for the moment and the advance should resume.

    "Who is there left to sell?" he asked, noting the capitulation in the market had peaked last Thursday and that gold and silver shares had been whacked in last week's rout, which was inconsistent with the bullish monetary and economic backdrop for precious metals (namely, rising monetary inflation worldwide, imminent interest rate cuts in the United States, and expanding credit spreads).

    "Investors are advised to accumulate major positions in resources (miners, energy stocks, uranium stocks, precious metals stocks) and the emerging markets during this widespread doom and gloom," he wrote.

    A more complex picture comes out of the latest Commonwealth Bank weekly commodities review.

    The bank's strategists believe copper prices are likely to be volatile in the near term, but possibly moving upwards. Markets would be alert to any further disruptions due to labour disputes, but in the longer run moderately lower prices seemed likely.

    Lead would remain volatile, but with significant declines over the coming year as several large projects come online.

    Nickel would be down moderately in 2008, with further price falls in 2009 as more mines come into production; similarly with zinc, although there could be a short-term rally.

    All in all, then, no immediate crisis in the resources sector if you go by all these factors.

    And yet, with the Fed likely to lower interest rates, and central banks pumping liquidity to keep the global boom show on the road, some further panic down the line should not – and probably, cannot – be ruled out.

    Neither MiningNews.net nor the author implies any recommendation regarding the shares mentioned. Investors should seek advice from a professional financial adviser. The author does not own shares in any of the companies mentioned.

  7. #7

    Default Re: SML - Synergy Metals

    Anyone know why SML is trading so well today? Is there news due or something ?? I have no idea ??????

  8. #8

    Default Re: SML - Synergy Metals

    Quote Originally Posted by zt3000 View Post
    Anyone know why SML is trading so well today? Is there news due or something ?? I have no idea ??????
    Yeah check their announcements about a drill hole with visible gold 1mm wide through drill hole cross section

  9. #9

    Default Re: SML - Synergy Metals

    I hope punters aren't reading too much into this as it is only one drill hole. Though it does prove up the strike length of the gold bearing lode apparently. Company has been sitting on the info waiting for the new issue to be finalised.

  10. #10

    Join Date
    Mar 2007
    South WA

    Default Re: SML - Synergy Metals

    New drill samples show visible gold up to 1.5mm in width.

    I like this stock...

    I like this stock alot

  11. #11

    Join Date
    Mar 2007
    South WA

    Default Re: SML - Synergy Metals

    Company appears to be looking serious now; with gold prices at all time record highs.

    Quarterly says that SML are getting a THIRD drill rig onsite in March 2008 Qtr.

    Don't forget the outstanding assay results from Sunnyside 040 hole are due any day.

    IMO with this ann re: 3rd drill rig, the company will not only be focused in significantly increasing the mineralised area; but increasing their intial JORC of 55,000oz.

  12. #12

    Default Re: SML - Synergy Metals

    I've been holding these for yonks now... anyone else hold's these?
    I'm not sure if there is soon to be upsite.. but the company has been very quite and viotile...

  13. #13

    Default Re: SML - Synergy Metals

    Does anyone see the way forward for this stock, recent gold price should have had some impact on SML value. Is it management, exploration costs or regulatory action holding up this stock advancing.

  14. #14
    Make the drill work for YOU springhill's Avatar
    Join Date
    Jun 2007
    Mental Institution

    Default Re: SML - Synergy Metals

    MC - $11m
    SP - 10c
    Shares - 108m
    Options - 37m
    Cash - $8.8m

    65% increase in Gold Resources at Mount Wills Project
    Exploration works undertaken by the Company since 2009 have yielded in a significant increase in the total Mineral Resources at the Glen Wills and Sunnyside Prospect areas. The resource now totals 112,000 tonnes of Indicated Resources averaging 5.6 g/t Au and 495,000 tonnes of Inferred Resources at an average grade of 8.5 g/t Au. When compared with the 2009 calculations total contained gold within Mineral Resources has increased by 65%. Another significant milestone is the classification of more than 20,000 ounces of gold in the Indicated Resources category.
    The Glen Wills area contains 112,000 tonnes of tailings from previous mining operations. Previously released JORC-compliant resource figures for the Glen Wills Tailings have not been re-calculated

    Glen Wills
    Application has been made to the Victorian Department of Primary industries (DPI) to renew the existing Mining Licence for a further 2 years. The renewal has been confirmed by DPI with official notification expected early in the next quarter.
    Maude Mine
    Underground Drilling was completed in the quarter with eight (8) holes MSUGDH043 – MUSGDH050 completed for a total of 2,251 metres. Drilling has successfully extended known mineralisation below and to the north of the main historic mining area. Drilling is ongoing with the program designed to test mineralisation and structural setting at depth and to the north of the old mine area

    Better results included:
    • 0.80 metres @ 4.13 g/t Au, 19.70g/t Ag from 92.80 metres.
    • 2.50 metres @ 4.97 g/t Au, 4.32g/t Ag from 169.80 metres
    • 0.98 metres @ 4.73 g/t Au, 29.70g/t Ag from 202.82 metres
    • 1.77 metres @ 9.28 g/t Au, 7.06g/t Ag from 218.35 metres (target).
    • 8.40 metres @ 1.72 g/t Au, 0.17g/t Ag from 325.20 metres.
    • 0.75 metres @ 3.55 g/t Au, 39.4g/t Ag from 112.45 metres
    • 8.90 metres @ 16.21 g/t Au, 10.45g/t Ag from 201.00 metres (target). MSUGDH048
    • 7.20 metres @ 15.11 g/t Au, 60.35 g/t Ag from 129.65 metres, including 1.55 metres @
    61.53 g/t Au, 221.24 g/t Ag from 129.65 metre
    • 15.70 metres @ 6.69 g/t Au, 95.44 g/t Ag from 215.00 metres, including 1.85 metres @
    10.73g/t Au, 11.58 g/t Ag from 216.50 metres down hole
    • 2.70 metres @ 21.43 g/t Au, 452.33g/t Ag from 222.85 metres down hole.

    Surface drilling to the north of the current underground campaign consisted of eight (8) holes GWDH056 – GWDH063 for a total of 5,214 metres. Assay results are yet to be received for three holes (GWDH061 – GWDH 063). Drill hole GWDH056 was abandoned at 52.0 metres and a replacement hole GWDH056A was drilled.
    Better results included:
    • 0.27 metres @ 6.40 g/t Au and 2.30g/t Ag from 286.80 metres down‐hole.
    • 0.47 metres @ 3.70 g/t Au and 3.50g/t Ag from 373.00 metres down‐hole
    • 0.71 metres @ 3.61 g/t Au and 0.40g/t Ag from 143.74 metres down‐hole
    • 1.05 metres @ 18.84 g/t Au and 57.67/t Ag from 140.70 metres down‐hole
    • 0.67 metres @ 1.87 g/t Au and 0.40g/t Ag from 394.44 metres down‐hole

    Surface drilling completed during the quarter consisted of six (6) diamond drill holes SSDH03 – SSDH068 for a total of 1,254 metres.
    Drilling was designed to test for both near surface mineralisation within the “United Brothers’ line of workings, and for mineralisation at depth and south of previous drilling. The mineralised structure tested the “Central Line” known to extend to the south, and includes the historic workings of “the Golden Fleece” and “Three Star” mines
    Assay results are still pending; however alteration and sulphide mineralisation was recognised in most of the holes around the expected depths.

    Centre Country
    After receiving DPl approval for the construction of the exploration drill pads and access track, work was undertaken to establish at least one drill pad before winter weather made access to the area unfeasible. Track rehabilitation has been completed down to Drill Pad No. 2. This pad was chosen as it is located on a pre-existing track and thereby minimised the amount of earthworks required as well as minimising the amount of vegetation disturbance.
    Due to the inclement winter weather conditions it is now unlikely that any exploration activity will occur until the winter conditions ease. The pause in use of the access track will allow it to settle and minimise any potential vegetation disturbance.
    Once weather conditions become favourable for exploration, drilling will commence to test for mineralisation between the Glen Wills and Sunnyside Goldfields.

    A reduction in total area of the licence has been made from 121km2 to 47km2. This reduction was undertaken as part of the renewal process made to the Department of Primary Industries (DPI) to renew the existing Exploration Licence for a further 2 years. Confirmation of the successful renewal has been received from the Department with official notification expected early in the next quarter. Minor earthworks relating to the construction of the Centre Country access track occurred within the Exploration Licence.

    Granite Flat

    Reprocessing of available magnetic geophysical data was undertaken with results from the reprocessed data anticipated early next quarter. It is planned to utilise the re-worked data to aid in exploration targeting.


    Planning is well advanced to undertake a follow-up drilling program centered around the Forsyth discovery announced in the March quarter. Access to the target area is via freehold grazing land and negotiations are ongoing with the grazer to determine the most opportune time for drilling to occur.
    Currently drilling is planned for early in the next quarter.


    During the quarter no activity was undertaken on this tenement area.


    Reprocessing of available magnetic geophysical data was undertaken with results from the reprocessed data anticipated early next quarter. It is planned to utilise the re-worked data to aid in exploration targeting.
    Attached Images
    "You have enemies? Good. That means that you've stood up for something, sometime in your life" - Winston Churchill

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