Malcolm - Calypso

Calypso (100% Torian) 

Under option

The Calypso Project is located approximately 20km south-east of Leonora (Figure 3) and is completely covered with transported sediments including aeolian sands, lacustrine clays and hardpan. It is situated within a regional dilational zone immediately west of the Keith‐Kilkenny lineament. Due to the deep depth of cover over the prospect, lithology across the area has been determined by drilling and aeromagnetic interpretation. A fault zone trending 120° (magnetic) separates a northeast trending siliciclastics in the south from northwest to northerly trending clastics, mafic volcanic and intrusives in the north. Siliciclastics include a thinly bedded to laminated magnetite-rich siltstone; laminated, in places schistose chloritic siltstone; siliceous pale grey siltstone; black carbonaceous shale; greywacke; mass flow breccia and polymictic conglomerate. The magnetite‐siltstone sequence defines a reclined macroscopic fold pair, with limbs dipping between 40 and 60° to the northwest.

Gold mineralisation at Calypso is associated with strong iron‐carbonate‐pyrite‐quartz alteration within the magnetite siltstone unit and at the contact between this unit and the mass flow breccia, conglomerate or chloritic siltstone units. Higher gold grades are associated with zones of higher pyrite abundance within the strong to intensely carbonate‐pyrite‐quartz alteration zones, which is enveloped by a halo of moderate chlorite alteration (Figure 8).

Calypso Project
Figure 8: Calypso Cross Section 6790000N showing Lithology

From the drilling that has already been completed at the Calypso Project a conceptual model of the potential quantity and grade of the gold located on this project has been created to form an Exploration Target estimate (Table 4).

Table 4: Calypso Project Exploration Target Estimates (Asx Announcement 22 FEB 2019)
Calypso Project Exploration Targets            
Target Low (T) High (T) Low (Gold) High (Gold) Low (oz) High (oz)
Calypso 2,942,500 3,981,000 1.62 g/t 2.20 g/t 153,275 281,614

Please note: The above figures are based on assumed densities that were applied to the volume to obtain the tonnage and grades are based on the drillhole information. These are only estimates and are not JORC compliant.