In February 2016, the Company acquired a highly prospective new gold-copper project in North Queensland, through the acquisition of Ukalunda Pty Ltd.
The Ravenswood Project covers an area of 548 square kilometres approximately 5km south-west of the town of Ravenswood, is located near the historical mining centre of Charters Towers and the multi-million ounce Ravenswood goldfield in North Queensland.
Gold has been mined at Ravenswood over a 150-year period with alluvial gold discovered in the area in 1868. Initial production up until the time when early mining ceased in 1917 is estimated to have been 950,000oz at a grade of around 30 g/t gold. In modern times, mining resumed in 1987 and continues today with total production (historical and current) of more than 4Moz from the Ravenswood Area, which hosts Proven and Probable Ore Reserves of 1.3Moz and Mineral Resources of 1.0Moz (see Resolute Mining Limited 2015 Annual Report).
The presence of high-grade gold mineralisation at the Podosky’s prospect (located on a small Mining Lease, ML 10315 held by Kitchener Mining NL, which is excised from Stavely’s Exploration Permit 26041 ) highlights the potential for high-grade gold mineralisation in this area.
Significant high-grade drill intercepts from the Podosky’s prospect include (see Haoma mining Quarterly Report December 2003):
- 6 metres at 16.7 g/t gold from 14m depth in drill hole PDR-2
- 6 metres at 13.38 g/t gold from 26m depth in drill hole PDR-9
- 5 metres at 12.06 g/t gold from 29m depth in drill hole PDR-23.
Exploration Permit 26041 has four identified porphyry copper-molybdenum-gold prospects – The Bank, Keane’s, Barrabas and Turkey Gully, none of which have had any drilling since the early 1970s. Surface rock chip results of up to 49% copper, 0.24 g/t gold, 0.2% molybdenum and 1,793 g/t silver have been returned from these prospects.
Historical drill results from the Keane’s molybdenite prospect include:
- 45 feet 3 inches (13.8m) at 0.26% molybdenum
- 1 foot 7 inches (0.38m) at 2.26 ounces (70.3 g/t) silver per tonne
- 9 feet (2.74m) at 9.6 pennyweight of gold plus silver (15 g/t) of which 0.58 g/t was gold.
The Project area is underlain by a very large gravity low which is interpreted to reflect a large intrusive body at depth, and is likely to be the source intrusion for the multiple phases of higher-level porphyry intrusion at the three prospect areas.
In conjunction with very strong regional structural trends, the Ravenswood Project is considered to have excellent potential for porphyry, diatreme and intrusive-related mineralisation.
Early stage rare earths potential identified with very anomalous stream sediment sample results up to 0.25% cerium, 0.14% lanthanum and other rare earth elements yet to be followed up.