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The Company owns one Mining Lease (M15/664), thirteen Prospecting Licences (P15/3355 – 3357 and P15/4334 – 4343), three Prospecting Licence Applications (P15/4528, 4529 and 4545) and an Exploration Licence Application (E15/802) in the Nepean-Burbanks area south of Coolgardie in the Eastern Goldfields. The Company has entered a joint venture with Sipa Resources Limited, where Sipa can earn a 70% interest in the project by spending $2m over 5 years. The Project contains the sub-economic Forrest gold resource and some 5 kilometres of the southern strike extent of the shear zone which localises the historic Burbanks Goldmining Centre. Burbanks produced more than 350,000 ounces of gold at a grade of 23 g/t. In addition, the Project includes a 45 square kilometre Exploration Licence centred about 20 kilometres southeast of Miriam, covering 10 kilometres of strike of greenstones prospective for both nickel and gold. Geological mapping, soil sampling, EM surveys and RAB and RC drilling have been conducted by Sipa during the quarter. Reconnaissance RAB drilling along the interpreted Burbanks Shear Zone, about 3 kilometres south of that gold mining centre, has returned several interesting results, including 11 metres at 2 g/t Au (to end of hole) about one kilometre northwest of the Forest resource and further drilling is planned. |
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