The Clermont Project

THIS PROJECT AVAILABLE FOR JOINT VENTURE

The Clermont Project is located about 20 km south east of Clermont and comprises one exploration licence EPM 14116 of 79.08 sq km of granted tenements (Figure 1). One third of the area is interpreted to be underlain by the prospective Cycle 1 Volcanics, beneath a cover of younger rocks and regolith. This cover has hindered previous conventional soil geochemistry surveys which identified a few areas, km in dimension, that contain erratically distributed anomalous gold values. These have not been drilled.

Figure 1: Location of the Retro Fault System showing the Retro, Retro Extended and Nanya Prospects

Figure 2: Retro Prospect

Figure 3

Retro, Retro Extended and Nanya are three Prospects that are each centred on rubbly outcrops of vein quartz within extensive black soil plains at which some drilling has been done by previous explorers (Figures 2 and 3).

Retro and Retro Extended

Previous work has focused on the Retro and Retro Extended Prospects, which occur along the Retro Fault, a 10 km long north east trending fault identified by discontinuous outcrops of ferruginous breccia, vein quartz and minor thin felsic dykes within the Anakie Metamorphic Group (Figure 1).

Figure 4: Geology of the Retro Extended area with drill hole locations, rock chip samples and soil geochemistry anomalies

Pervasive silica-pyrite-sericite mineral alteration is widespread, and rock chip results along 1,000 m of strike from quartz veins have returned values up to 5 g/t gold (Figure 5). Significant base metals results, up to 0.18% copper and 3.5% lead with lesser arsenic and molybdenum, are also present.

It is possible that a transition is present from bulk tonnage lower grade porphyry-style mineralisation at the Nanya prospect in the south west to higher grade precious and base metal rich epithermal vein mineralisation at Retro-Extended and Retro to the north east along the Retro Fault System (Figure 1).

At Retro detailed mapping has documented multiple veins, for example Main Reef and three Peripheral Reefs tagged as peripheral reef 1, 2 and 3 in Figure 2. Fifteen rock chip samples returned values in the range 0.5 g/t to 4.5 g/t gold along 2,000 m of strike. Only one of the reefs (Main Reef) has been tested, with 19 RC holes (616 m) drilled on wide spaced sections of between 160 m and 500 m, along 1,100 m of strike.

Intercepts of interest include:

  • 2 m at 13.7 g/t gold from 34 m in hole RRC11; and
  • 4 m at 1.1 g/t gold from 18 m, and 2 m at 2.5 g/t gold from 42 m in hole RRC09.

The mineralisation is open at depth and along strike.

At Retro Extended a drilling program by Impact / Invictus Gold in early 2013 confirmed a mineralised system containing significant high-grade silver with associated gold and base metal assays (Figures 4 to 7).

RERC031:    4 m at 1.7 g/t gold, 113 g/t silver, 0.6% copper, 0.6% lead and 0.4% zinc from 73 m including

         1 m at 3.2 g/t gold, 191 g/t silver, 1.1% copper, 0.8% lead and 0.5% zinc from 76 m

RERC032:    4 m at 1 g/t gold, 18.4 g/t silver, 0.1% copper, 0.3% lead and 0.1% zinc from 116 m

RERC030:    2 m at 6.3 g/t gold, 9.7 g/t silver, 0.3% lead and 0.1% zinc from 141 m

A long section of this drilling is shown in Figure 6.

A target mineralisation has been defined of between 220,000 and 268,000 tonnes at a grade of between 2.2 to 2.7 g/t gold and 20 to 25 g/t silver for a contained 20,100 to 24,600 oz of gold and 146,000 to 178,000 oz of silver in a strike length of 300 m and to an overall depth of 85 m below surface.

Figure 5: Section 7,467,200 mN. Geology and assays for hole RERC030 with previous drill results.

Figure 6: Retro Extended: North-South long section.

Figure 7: Section 7,466,600 mN. Geology and assays for holes RERC031 and 032.

The Nanya Prospect

Nanya is located 5 km southwest of Retro Extended at the southern end of the Retro Fault System, a large east trending sericite-pyrite alteration zone at least 1.5 km by 300 m in dimension has been mapped on the northern margin of the Retreat Granite (Figures 1 and 4).  Grab samples by both Impact and previous explorers have returned assays of up to:

370 ppm molybdenum, 26 g/t silver, 175 ppm copper, 2.7% lead and 730 ppm zinc in separate samples in granite; and

98.7 g/t silver, 0.13% molybdenum, 0.16% copper, 4.8% lead and 0.16% zinc in laminated and bladed-textured gossanous quartz veins in sericite altered granite.  Gold values were less than 100 ppb.

The geological characteristics of the Nanya Prospect are similar to those at the large Anthony porphyry molybdenum deposit located 100 km to the northwest (Inferred and Indicated Resource of 318 Mt at 390 ppm molybdenum at a 200 ppm cut off).

Next Steps

Results to date, combined with field checking and highly prospective grab samples from along the Retro Fault System demonstrate the potential for the discovery of a significant resource.