Haven't heard much from this lot since they listed back in March.
Looks like they're about to kick off drilling so thought it wise to start a thread.
Anyone in on this? Highly speculative I know.
Exploration drilling has commenced on one of the most under-explored potential gold and base
metals areas in Australia – the remote Warburton-Egerton area in Western Australia near the
border with South Australia.
The 4,000 metre Reverse Circulation (RC) and 1,000 metre diamond core drilling programs have
been initiated by Adelaide-based precious and base metals explorer, Primary Resources Limited
(PRZ) which listed on the ASX in March this year after a successful $3 million IPO.
“Our immediate focus within the Warburton Project Area (EL69/1564) is to drill up two of the
local areas containing geochemical anamolies as well as diamond core a significant
aeromagnetic signature within that area. We are specifically targeting Iron Ore, Copper, Gold
mineralisation,” Primary Resources’ General Manager, Mr Carl Dorsch, said today.
“Fifty targets have been identified to date across the acreage as part of $1.5 million already spent
on the tenements ahead of the listing - so we know we are in an area highly prospective for
copper, gold, uranium and nickel mineralisation,” Mr Dorsch said.
“We plan to spend at least $ 1 million within the next 12 months proving up this 1,500 square
kilometre area, part of on aboriginal reserve within the Western Musgrave Block.
“Access rights have been obtained and native title agreements are in place.
“This is very much unexplored territory but home to styles of mineralisation similar to systems
around the Olympic Dam and Ernest Henry discoveries.
“It is potentially one of the most exciting multi-commodity provinces left on the Australian
exploration landscape, is an area where BHP Billiton holds significant exploration ground and
also hosts the Nebo and Wingellina nickel projects.”
The maiden drilling campaign now commenced by Primary Resources is expected to be
completed by mid-November with first results expected in late September. A refurbished
Vickers Keogh VK600 drill rig has been commissioned for the Warburton work.
Primary Resources’ other assets include the 84 square kilometre Steere River gold-copper
project in the southwest of Western Australia, in an area of proven mineralisation and near
significant polymetallic deposits.
The Company also owns the alluvial rights in the Yandeearra gold project, 100 kilometres
southwest of Port Hedland, and historically, in one of the most sought after regions in Western
Australia for alluvial and hard rock bearing deposits. It has recently successfully pegged further
ground in its own right.
The Company’s other asset is the 67 square kilometre Beete gold and nickel project in the
Norsman greenbelt of southern Western Australia.