ASX-listed gold explorer, Okapi Sources has accomplished due diligence on the historic Enmore gold challenge 30 kilometres south-east of Armidale close by the not too long ago revived Hillgrove gold-antimony mine in north-eastern NSW and determined to press forward with the staged acquisition of the asset.
The Perth-based firm will take management of the Enmore exploration licence for an preliminary consideration of $100,000 money and $200,000 price of its shares to be paid to vendor, Windfall Gold and Minerals, with the inventory issuance topic to shareholder approval.
Below the phrases of the deal, Okapi will likely be required to make additional money or share funds of $300,000 and $400,000 as soon as it has met varied exploration milestones in relation to the challenge. A two per cent web smelter royalty can be tied to the acquisition settlement.
The exploration milestones embrace a minimal exploration expenditure of $200,000, a minimal of 1,000 metres of RC drilling and Okapi progressing to a JORC Code 2012-compliant indicated or measured mineral useful resource estimate of at least 100,000 ounces of gold equal at a mean grade of higher than 1.5 grams per tonne gold.
Enmore boasts a pair of superior walk-up drill targets known as Sunnyside and Bora which have returned high-grade gold values from rock chip sampling work and drilling undertaken by earlier house owners.
Widespread occurrences of high-grade gold have been unmasked within the historic rock chip samples. Stand-out assays included 74.1 g/t gold, 56 g/t, 41 g/t and 26 g/t, whereas historic sampling of underground workings and trenches returned as much as 0.45m at 234 g/t gold, 0.91m at 21 g/t, 0.76m at 23 g/t, 0.45m at 33 g/t, 1.52m at 16 g/t and 3m at 15g/t Au.
Okapi says Enmore, situated within the New England Fold Belt, stays under-explored and potential for figuring out probably financial high-grade gold deposits on recognized prospects in addition to new mineralised areas.
Historic exploration at Enmore largely targeted on shallower gold mineralisation, with restricted deeper drilling regardless of numerous high-grade drill intercepts.
Throughout the Enmore challenge space, earlier operators drilled a mixed 213 diamond, RC and percussion holes totalling 11,323m at a number of prospects between 1974 and 2016.
Notable historic drill intersections from the outdated Sunnyside mine environs have been 4m grading 11.94 g/t gold from floor, 2m at 14.6 g/t from 46m, 8m at 3.Zero g/t from floor, 20m at 1.7 g/t from 18m together with 4m at 4.Four g/t, and 10m at 2.eight g/t from floor together with 2m at 6.2 g/t.
Okapi hopes to kick off drilling on the Sunnyside prospect early within the June quarter this yr. Plans are underneath means for an preliminary RC six holes aimed toward testing beneath shallower historic mineralised drill holes and soil sampling that turned up gold anomalies over 400m of strike and as much as 100m width.
The principle prospects on the Enmore goldfield – the small however high-grade historic Sunnyside, Bora and Sherwood mines – have been delineated by the presence of steady lode-style mineralisation over strike extents of as much as 600m.
Okapi factors on the market are 39 recognized historic mines and mineral occurrences on the Enmore-Melrose goldfield, most of which straddle or lie close to the three recognized primary north-west-trending auriferous constructions. The corporate says the collective potential size of those broader constructions has been estimated at 22km.
Along with the proposed drilling, Okapi has flagged electrical geophysics as a potential exploration device at Enmore. It says the lode and vein mineralisation types recognized at Enmore probably lend themselves to being sniffed out through systematic 3D electrical geophysics strategies.
The drill-ready and high-grade nature of those thrilling gold tasks has justified Okapi in taking the following step ahead with the Enmore challenge. Planning is effectively underneath means now to finish the 1,000m drilling and $200,000 exploration program as a part of milestone one, permitting Okapi to decide to proceed with the staged acquisition of the challenge.
In response to Okapi, gold mineralisation on the Enmore challenge space happens in an identical geological setting to the historic Hillgrove gold-antimony mine roughly 35km away because the crow flies.
Melbourne-based Purple River Sources not too long ago resuscitated mining and processing manufacturing operations at Hillgrove.
Earlier manufacturing at Hillgrove reached greater than 730,000 ounces of gold in bullion and concentrates and greater than 50,000 tonnes of antimony as metallic and in concentrates.
Hillgrove’s JORC-compliant measured, indicated and inferred mineral useful resource estimate presently stands at 5.03 million tonnes of ore going a formidable 4.Three g/t gold and 1.5 per cent antimony for 692,000 ounces of contained gold and 75,000 tonnes of contained antimony.
Okapi says the structural and geological similarities between the mineralisation at Hillgrove and Enmore are being investigated and can kind a part of the exploration mannequin for its new challenge.
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