WGR's main project is the 100% owned Rover project in the NT, located about 100km west of Tennant Creek and 100km from the railway line and gas pipeline. Explorer 108 is a Pb-Zn-Ag occurrence and Rover 1 & Explorer 142 are IOCG (Iron Oxide Copper-Gold, a la Prominent Hill, Olympic Dam) targets within this project. Field access to Explorer 1 awaits the outcome of negotiations with the Central Land Council.
Mineralisation is covered by 1-200m of younger cover sediments, beneath an unconformity surface. Downhole geophysics is planned for 2007 as is the follow-up of geophysical (gravity) targets. WGR are planning to spin out their WA gold, uranium & nickel assets into a new listed company. Drilling is expected to recommence around 20th Jan 07, depending on the wet season.
Here is a sample of the latest drilling results from explorer 108 (DD hole NR108D006. For comparison, CBH are currently mining a grade of 6.8%Zn, 4.1%Pb and 51g/t Ag):
51m at 4.7% Zn + Pb and 38g/t Ag from 243m
(including: 5m at 10.7% Zn + Pb and 121g/t Ag from 248m)
6m at 10.2% Zn + Pb and 30g/t Ag from 272m
59m at 2.8% Zn + Pb and 11g/t Ag from 349m
3m at 11.8% Zn + Pb, 15g/t Ag and 1.0 g/t Au from 422m
3m at 21.5% Zn + Pb, 68g/t Ag and 3.6g/t Au from 450m
Strike length disovered so far is 250m and is open in both directions. Thickness of the mineralised dolomite is 150-200m.
Results confirm ironstone copper potential, intersections included:
NR142D-001 20m at 3.1% Cu and 0.24g/t Au
NR142D-002 5m at 1.1% Cu and 0.10g/t Au
Drillhole intersections start from 400m below ground surface. The zone 1-400m below ground surface has been untested by drilling so far. Last drilling was in 1980.
34m @ 5.4g/t Au, 1.4% Cu
20m @ 5.2g/t Au, 1.7% Cu
7m @ 10.5g/t Au, 0.11% Cu
107m shares * 35c = 37m market cap. MLX (Metals X, formed from the merger of MTX & BTX) owns 19.6% of the shares. MLX is controlled by Peter Cook & Peter Newton. See my posting on MLX for more details. Perhaps they are planning a merger to form a mini mining-house (Nickel, Tin, Cu-Pb-Zn, Gold) or a takeover at some point. They also have a history of trading in blocks of stock in other companies if they think they can make a quick buck.
"In September 2000, the Company issued proceedings against St Barbara Mines Limited (SBM) and Mr Ron Woss, a former director of St Barbara Mines, for an amount of approximately $7.6 million. The matter is listed for trial in the Supreme Court of Western Australia from 6th to 17th November 2006 inclusive".
(Note: no news on a verdict at the time of writing - exgeo).