SUMMARY
Steam Engine Gold Project
• A large 2024 Resource expansion and exploration drilling program was commenced at the Steam Engine Gold Project on 4 July 2024. The program objectives are to:
o accelerate expansion of the current 196,000oz Au Mineral Resource;
o generate a maiden Ore Reserve;
o test multiple newly identified potentially high grade lode targets highlighted by SAM geophysical survey data.
• The complete program is planned to total up to 7,000 metres of reverse-circulation and diamond drilling.
• To date, a total of 31 holes for 2,614 metres of drilling have been successfully completed.
• A total of 1,519 samples from 16 holes have been delivered to the laboratory for assaying. First reporting of assay results is expected in approximately 2 weeks.
• Re-examination of data from a sub-audio magnetic (SAM) geophysical survey commissioned by the Company highlighted a potential southern extension of the main Steam Engine Lode, including several other previously unknown potential lode zones.
• Advanced 3D modelling of the SAM geophysical data progressed and is nearing completion. The 3D modelling will enable accurate drill targeting of the SAM anomalies.
• Revision of the 2021 Scoping Study continued and is nearing completion.
Bottletree Copper Prospect (Greenvale)
• Results from BTDD011, BTDD012 and BTDD013 drilled during the 2023 drilling program, were reported on during the Quarter.
• 3D geological and mineralisation modelling is in progress.
• Conducting 3D inversion modelling of high-resolution ground gravity survey data.
• The Company was awarded a $300,000 Collaborative Exploration Initiative (CEI) critical minerals grant for the drilling of two deep holes targeting a modelled porphyry core during the 2024 field season.
Read the announcement via this link