Australian Potash announce Lake Wells Gold Project exploration programme

The extensive regional scale drilling programme will include up to 30 000 m, comprising of up to 425 air-core (AC) holes for approximately 25 500 m; up to 19 reverse circulation (RC) holes for approximately 3400 m and up to 3 diamond drill (DDH) holes for approximately 900 m.

There will also be an extensive infill drilling to the Yamarna target area, with the programme extending into the northern tenement areas.

Under the terms of the 2018 Earn-in & Joint Venture Agreement between APC and SBM, SBM committed to spend a total of AUS$5.25 million to earn a 70% interest in the Lake Wells Gold Project. APC’s remaining 30% interest will be free-carried until the completion of a bankable feasibility study on any orebody in the project area. Managing Director and CEO, Matt Shackleton, commented: "The results of exploration to date by St Barbara generated compelling analogies to the richly endowed Kundana goldfield endowed with in excess of 8 million oz of gold."

"St Barbara has confirmed the details of the planned FY21 exploration programme, including up to 30 000 metres across targets in the Yamarna and Lake Wells joint venture areas.

"Subject to access, the programme is planned to commence in September and is likely to continue through to the end of 2Q21."

Initial Drilling and Exploration Programme

During 2019 and 2020, SBM conducted an extensive exploration program including two large programs of AC drilling at the Lake Wells Gold Project.

Key outcomes of work completed to date are:

• Completed framework geology study that included acquisition of detailed magnetic and gravity geophysical data.
• Defined areas of anomalous gold and pathfinder elements (As, Bi and Sb) in AC drilling that require follow-up.
• Potential target styles of mineralisation have been defined.
• Additional areas for first-pass testing have been identified.
• Priority follow-up targets generated and program planning advanced.