Credo Well Project
JV with Dampier Gold (ASX:DAU).
Dampier to earn up to 25% interest in Credo Well by incurring expenditure of $500,000 by May 2021
The Credo Well Project is located ~35km north‐west of Kalgoorlie, within the Kalgoorlie Terrane of the Norseman‐Wiluna greenstone belt, forming the southern portion of the Ora Banda domain. The Credo Well Project has undergone limited historical exploration, spanning several generations, which has resulted in the definition of a number of prospective gold targets including Credo Well, Fortis and Fidelitas (see Figure 10 below), demonstrating the potential for both supergene and primary gold mineralisation across the project.
At the Credo Well prospect, located in the north‐west of the project, mineralisation is hosted within steeply dipping quartz‐pyrite veins within a sheared mafic package including basalt, dolerite and gabbro. The Exploration Target is centred on a group of north‐east trending historical workings at Credo Well which are reported to have produced 835 tonnes @ 39.7g/t Au between 1897 and 1919.
Following a successful drilling campaign in May 2020, Dampier Gold announced that it had discovered a discovered a maiden JORC Inferred Resource of 86,519 t at 4.41 g/t AU for 12,259 oz Au with open cut resources of 79,137 at 4.2 g/t Au for 10,684 oz Au.
Highlights from the May programme included an intercept of 5m @ 6.7 g/t Au including 1m @ 18.35 g/t Au.
Figure 11: Credo Well to Credo Well North west areas showing resource areas and drilling
Highlights from previous drilling conducted by Torian the Main Zone at Credo Well include:
- 4m @ 32.51g/t Au from 27m, including 2m @ 57.05g/t Au from 29m;
- 4m @ 6.66g/t Au from 70m, including 2m @ 12.40g/t Au from 70m;
Torian’s drilling also resulted in a new discovery in the hanging wall of the Main Zone (Figure 13):
- 1m @ 68.50g/t Au from 39m
Historical drilling intersections from Credo Well include:
- 3m @ 16.46g/t Au from 54m (main vein);
- 1m @ 58.80g/t Au from 1m (main vein);
- 5m @7.42g/t Au from 39 (hanging wall vein); and
- 8m @10.47g/t Au from 61m (main vein).
Additional drilling is warranted to identify the extent of the gold mineralisation at the various prospects identified to date, with Torian having only completed initial drill testing of the Credo Well Prospect itself.
Drilling has been planned to not only to in‐fill the previous work completed at the Credo Well deposit, but also to follow up positive historical results at Credo East, Fidelitas, Fortis and other areas of the project, where there is potential for not only primary mineralisation but supergene and palaeo‐channel style mineralisation.