Waratah Minerals completed the acquisition of 100% ownership of Gippsland Prospecting Pty Ltd on 22 October, 2020. Gippsland Prospecting Pty Ltd was granted the Exploration Licence EL6871 located in Western Victoria.
EL6871 is located within the Stawell Gold Corridor. The licence contains the historical Moyston Gold mine which produced 75,000oz at 22 g/t Au, as well as numerous historical gold workings coincident with prospective second and third order fault splays associated with the Moyston Fault. The exploration licence is also approximately 7km from the rich Stawell gold mine which has produced +5Moz of gold.
The 721sqkm licence covers +40km strike of the highly prospective Stavely Volcanics as well as a 65km strike length of the adjacent Stawell Gold Corridor.
The Navarre Minerals Resolution Lode, which continues to deliver strong, consistent grades of gold mineralisation is situated just 6km to the east.
The Stavely magmatic arc is a highly prospective Greenfields target which is prospective for volcanic-hosted base metals mineralisation and large scale Cadia Ridgeway-type porphyry copper mineralization.
The Stavely Minerals Cayley Lode, which continues to produce outstanding Cu, Au, and Ag intercepts, is just 30km to the south-west, while Navarre’s Morning Bill Au-Ag VHMS discovery is located only 7km from the southern boundary of Waratah Minerals’ tenement.
Waratah Minerals proposes to focus its exploration program on understanding the underlying geology and generating targets through ground and airborne geophysical surveys, geochemical work which includes soil and rock sampling and targeted drilling.
TARGET Grant Agreement for the EL006871 TARGET Grant (Block 4)
The company through its wholly owned subsidiary Gippsland Prospecting Pty Ltd have signed a TARGET Grant Agreement for $500,000 with the Victorian State Government. The TARGET Grant will support exploration on its Stavely-Stawell Project over 30 months, ending 30 December 2023. (Refer to ASX:WM1 announcement dated 1 June 2021).
Waratah Minerals acknowledges the Victorian Government for this valuable initiative in support of the Company’s exploration work program. Below is the proposed and completed work programme approved for EL006871:-
Year 1 – completed
The company engaged with local landowners to successfully gain access to prospects identified during desktop studies.
In accordance with Milestone #1 of the TARGET agreement $250 000 was paid in support of the completion of a 200m-spaced FALCON-Plus airborne gravity survey covering 4 042 line kms.
Year 2- completed
The company continued its commitment to Project stakeholders with the assistance of CNC Project Management for expert community engagement support.
In accordance with Milestone #2 of the TARGET agreement $150 000 was paid in support of the completion of ~10,000m aircore drilling, in conjunction with low-level four (4) acid digest and multi-element bottom-of-hole geochemical data.
Post-drilling activities included rehabilitation as a natural part of the exploration cycle, with drill pads and collars cleaned, checked, and re-checked for landowner approval.
Year 3 – completed
The company is grateful for the support provided by the TARGET funding program and in accordance with Milestone #3 of the TARGET agreement $100 000 will be paid for the completion of 61 aircore holes for 2,728m aircore drilling and 9 diamond holes for 2,286m.
Aircore drilling was undertaken at Louisville, Billygoat and Frankfurt and diamond drilling was used to target deeper mineralisation potential at Cox’s Find and Frankfurt. The diamond core and aircore chip-trays have been provided to the Geological Survey of Victoria (GSV) sample warehouse in Werribee for public access in conjunction with an open file report on the drilling program.
Post-drilling activities included rehabilitation as a natural part of the exploration cycle, with drill pads and collars cleaned, capped, and re-checked for landowner approval.