JV with Dampier Gold (ASX:DAU).
Dampier to earn up to 75% interest in the Zuleika project by incurring expenditure of $1,000,000 by April 2024
The Zuleika Project is located in the central part of the Archaean Norseman-Wiluna greenstone belt in Western Australia. The greenstone belt is approximately 600 kilometres in length and is characterised by thick sequences of ultramafic, mafic, and felsic volcanics, as well as various intrusives and sedimentary rocks. Generally the mafic and ultramafic occur at the base of the sequence, with the felsic volcanic to volcaniclastic rocks overlying.
Research by the Geological Survey of Western Australia indicates that coarse-grained sandstones and conglomerates unconformably overlie, or are in fault contact with, greenstones in synclinal basins adjacent to or overlying major regional faults.
Gold mineralisation along the Zuleika Shear occurs in all rock types, although historical and recent production is dominated by two predominant styles:
- Laminated quartz veins containing high-grade gold (5-30g/t Au) and associated base metal sulphides (galena, sphalerite, chalcopyrite, scheelite). Examples of this are the high-grade deposits found along the K2 structure (Hornet, Rubicon, Pegasus, Drake, Centenary and North deposits) at Kundana; and
- Quartz vein stockworks developed within granophyric gabbro within the Powder Sill and other intrusives. An example is the very high-grade Raleigh Deposit (5-100g/t Au).
Mineralisation styles vary slightly from mine to mine along the Zuleika Shear indicating localised differences due to various rocks and associated minerals. Historically the previous mines have been of a medium to high grade (3-30g/t Au) and occur in clusters, for example, the Hornet/Rubicon/Pegasus/Drake/Centenary/North Pit along the K2 structure at Kundana which has produced more than 5 million ounces to date.
There are currently 20 individual targets within the Zuleika Project. Locations of the targets can be seen below in Figure 15.