Other Projects

 

Figure 1: Location of E53/1253 and adjacent nickel, uranium and gold mineralisation

Lake Way East Project

Following the acquisition of the Lake Way East Project in mid 2007, the Company has been conducting a review of available geological information on the Project, with a particular emphasis on gold, nickel and uranium.

The Project consists of EL 53/1253, is 125.5 km2 in area, and is located on the northern end of the Agnew – Wiluna Greenstone Belt (see Figure 1). This portion of the belt hosts significant nickel and gold mineralisation, as well as uranium, including:

Gold

A number of substantial gold mines are located near the tenement, including the Wiluna Gold Mine which is situated approximately 40km to the north. The Wiluna district is located in a world class goldfield having produced approximately 4 million ounces of gold during its mining history.

Nickel

The tenement is located 10km from Norilsk Nickel’s Honeymoon Well Project, which is one of the world’s largest undeveloped nickel sulphide deposits, with other major nickel deposits located nearby, including Mount Keith, Cosmos, Perseverance and Six Mile.

Uranium

The tenement is located in close proximity to the Lake Way, Centipede and Abercromby Uranium Projects (Nova Energy Limited) and the Lake Way South Project (Encounter Resources Limited). It covers a possible south-western continuation of the drainage system that hosts the Lake Way, Centipede and Abercromby Well uranium deposits, located to the northwest of EL 53/1253. Uranium mineralisation in those deposits is associated with a major, calcrete (palaeo)-drainage system flowing into Lake Way. EL 53/1253 has over 14 kilometres of shore line to Lake Way.

Exploration Activities

A large amount of data has been compiled for the region and is currently under review. Work completed during the year includes: site visits, rock chips sampling, review of publically available magnetic and radiometric data, resulting in the identification of multiple targets for uranium and gold/nickel mineralisation.

Target areas have been ranked and field reconnaissance undertaken. The areas of further interest have been identified and compared with surrounding deposits. The project is currently under review with a view to identifying the best course of action for the project.