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Australian Potash Ltd gold joint venture update

Published by , Editor
Global Mining Review,

Australian Potash Ltd has provided an update on its activities and operations at the Lake Wells Gold Project.

Highlights include:

  • Significant gold anomalies outlined by regional aircore (AC) drilling programmes.
  • Anomalous arsenic (As), bismuth (Bi) and antimony (Sb) pathfinder geochemistry and weak to moderate sericite alteration associated with gold mineralisation.
  • High-grade gold, associated with narrow, laminated quartz veins hosted within shear zones (analogous to Kundana) represents the style of mineralisation targeted within the southern Lake Wells tenements.
  • Desktop studies and drill targeting are ongoing through COVID-19 regional travel restrictions.

Managing Director and CEO, Matt Shackleton, commented: “We are extremely pleased with the results from the first full-year’s exploration work by our joint venture partner, St Barbara. The identification of multiple large gold anomalies and corresponding alteration systems is a fantastic outcome from the aircore programme.

“The strong indicators identified are driving planning for infill AC drilling and deeper reverse circulation (RC) drilling to penetrate the fresh rock. Other Yamarna Shear Zone examples demonstrate that it is in the fresh rock that the true gold grades these anomalies point to may be seen.

“Comparing the stage of our South Yamarna anomaly camp in relation to the early work reported at Gruyere is extremely encouraging. On returning to the field, the exploration teams will look to test the identified anomalies at depth, which is where the grades proved to be a game changer for the Gruyere deposit. Deeper drilling is necessary to uncover the true potential of the anomalies that the team have uncovered to date.”

The Yamarna region has been enjoying ongoing exploration success since the discovery of Gruyere in 2013. Adjacent tenement holder, Gold Road Resources, continues to demonstrate the under-explored nature of the Yamarna Belt and the potential to delineate deposits of commercial scale. With over 1.1 million oz gold currently delineated along the Yamarna Shear Zone, the earn-in joint venture (EIJV) Southern Yamarna Anomaly Camp (SYAC) is proving to extend this well-established mineralised corridor over 70km to the NNW.

APC’s EIJV partner at the Lake Wells Gold Project, St Barbara Limited, has suspended all field-based exploration as a precautionary measure during the current COVID-19 pandemic. Suspended activities include the planned AC drilling program that was scheduled to commence in the current quarter, which would build on the strong targets generated from previous drilling and targeting campaigns.

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