Gundagai gold-copper project (100% Godolphin)

Highlights

  • Historical gold mining area with substantial historical workings
  • High gold samples in rock chips and soil from work conducted in 2019 and 2020
  • Multiple walk up drill targets identified across land package
  • 1,975m of RC drilling planned for 12 holes to commenced in December 2021 with assays results expected in Q1 2022

Overview

The Gundagai tenements (GRL 100% ownership) are located in the highly prospective Lachlan Fold Belt. The tenements contain a number of historical gold and base metal artisanal mine workings hosted within a belt of basaltic rocks intruded by quartz phenocryst porphyritic dykes or sills.

This area has a long history of mining and hosts abundant historical workings, mainly for gold, but also minor copper. The area is prospective mainly for orogenic gold and Intrusive Related Gold Systems, but also has the potential for VHMS and porphyry hosted gold-copper deposits.

Gundagai North (EL8586): At Gundagai North geological mapping had previously identified several key targets located in three prospects to be drill tested (Emu, Johnson’s Hill & Manton’s). Gold mineralisation at Gundagai North is hosted in quartz veins within porphyritic dykes which intrude Silurian sediments and volcanics, and trend in a general north-south direction. Extensive historical mining has taken place at both Emu and Johnston’s Hill, and artisanal mining is evident at the Manton’s prospect.

Gundagai South (EL8061): At Gundagai South highly anomalous gold-in-soils, rock chip samples and mapping had previously identified key drill targets at the Surprise North, Highway and Stoney Creek South prospects (ASX announcement, 29 June 2020). As at Gundagai North, gold mineralisation at Gundagai South is located in quartz veins in porphyritic dykes or sills intruding Silurian sediments and volcanics, and trend in a generally north-south direction across the tenement. Historical gold mining has taken place at all the prospects.

Background

The area has long history of mining and prospecting. The first gold rush within the Gundagai and Adelong area was recorded in 1848, based on both alluvial and outcropping veins. The Gundagai-Adelong goldfield was considered to be within the top ten producers for the period from 1848 to mid-1900s (Hatfield, 2007). There were numerous small mines previously worked for gold, copper, lead, zinc, chromium, magnesite, barite and manganese. There have also been noted occurrences or exploitation of asbestos, silica and talc. At the present time there are no current mining activities taking place in the area.

Geology

Rocks within the tenement consist of the Cambrian to Silurian oceanic crest, Early Silurian Tumut Trough and Late Ordovician Molong Volcanic Arc, all part of the eastern Lachlan Fold Belt. The oceanic crustal material includes; serpentinites, basalts and cherts. The Tumut Trough material is characterised by felsic volcanics, feldspar porphyry intrusives and basinal sediments. Early Devonian uplift was accompanied by felsic intrusives and rhyolitic volcaniclastics.

Late stage alluvial and colluvial cover sediments (part of the Tertiary Murray-Darling Basin) are present, mainly along and adjacent to the Murrumbidgee River.

Overall the area sits within the north-northwest trending Tumut Synclinorial Zone which is bounded to the east by the Mooney Thrust and to the west by the Gilmore Fault (Suture) Zone.

Most of the alteration noted by previous workers was alteration associated with porphyritic intrusions. This ranges from high temperature potassic and phyllic alteration through to chlorite-sericite-carbonate alteration.

Most of the gold deposits in the region have been classified as orogenic or shear hosted. Later workers have postulated that some of these deposits, due to the relationship with porphyry dykes and the presence of quartz-biotite veins, are in fact Intrusion Related Gold Systems. The base metal-gold deposits are considered to be VHMS.