The Company has commenced a technical review of the project and will undertake the required heritage, flora and fauna surveys prior to commencing more detailed field operations.
The proposed two year work program contains a combination of RAB and diamond drilling and associated metallurgical test work. Subject to the satisfactory results achieved, allocation has been made in the work program to commence pre-feasibility studies and permitting work.
The Golden Lode Project is located 130km NNW from Coolgardie, Western Australia, with access to the project area provided by high quality gravel roads from Coolgardie (134km) or from Broad Arrow (93km). The road passing through from Callion to Davyhurst Mine passes through the southern extremity of the Golden Lode Project area.
Golden Lode is situated within the Coolgardie-Mt Ida greenstone belt of the Eastern Yilgarn Province of the Archaean Yilgarn Block. A major north trending fault extends from Mt Ida through Davyhurst to the south of Callion and is proximal to the Project.
The Golden Lode deposit forms part of the larger Davyhurst gold district. Gold was discovered in the Davyhurst area in 1897. Between 1897 and 1937 approximately 108,000oz of gold was produced from the area. Modern exploration commenced in the 1980s with several companies exploring around the historical underground works. Total production from the Davyhurst project area between 1986 – 1999 was approximately 523,840 oz of gold.
In 2002, Croesus Mining NL completed two RAB drilling programs in the Golden Lode area. A total of 84 holes for a total of approximately 4,000m were drilled to test a soil geochemistry anomaly located north of the Golden Lode Mine and to test shallow (laterite) and bedrock anomalies discovered in previous RAB drilling located north of the Golden Lode Mine.
The material RAB drill intercepts are outlined in Annexure 5 of the Company’s ASX announcement of 25 January 2018.
8,000m of diamond drilling has also been completed across the Golden Lode Project (Refer Annexure 5 of the Company’s ASX announcement of 25 January 2018).
Exploration to date has tested mineralisation down to a depth of approximately 260m. Potential down plunge extensions of mineralisation adjacent to the main shoot remains to be tested. Surficial material obscures the underlying geology of the project. Shallow reconnaissance drilling is required to determine the potential of hosting repetitions of the main sheared contact.
Orminex Limited, as announced on January 25, 2018, formed a strategic Mineral Ventures alliance with one of Australia’s most successful contract mining companies, GBF Mining Pty Ltd (GBF) and entered into conditional agreements to acquire interests in two Western Australian gold projects, one of which is the Golden Lode project.