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WARATAH RESOURCE LIMITED - ASX: WGO
The data on Australian Shares.com is intended as a guide only and is compiled from information in the public domain. Data on this website should not be used to make an investment or trading decision.
Description
Waratah Resources Ltd (ASX:WGO) is an Australian based exploration and development company which seeks to build shareholder wealth through the efficient development of its resource projects.
Waratah acquired the Youkou Iron Ore project in the Republic of Congo in October 2010. Youkou is located in an emerging iron ore province with the potential for large scale iron ore mineralisation. Waratah is planning an agressive exploration program to identify and delineate resources at Youkou.
Waratah also has a number of exciting gold projects based in the Lachlan Fold Belt of New South Wales.
Youkou Iron Ore, Republic of Congo
The Youkou Iron Ore project is located on the Ivindo Massif in the north west of the Republic of Congo (ROC) which is host to a number of large scale iron ore projects. Projects in the area include Sundance Resources’ Limited (ASX:SDL) (Sundance) Nabeba iron ore deposit; Core Mining’s (Core) Avima iron ore project and Equatorial Resources’ Limited (ASX:EQX) (Equatorial) Badondo Iron Project. The CEMEC owned Belinga project in Gabon is also only 135 km from Youkou. Other major companies operating in the ROC include Xstrata (Zanaga Iron Ore project) and Cape Lambert Resources Limited/DMC (Mayoko Iron Ore project).
Youkou is hosted within the Haut Ivindo Massif, the northern equivalent of the granitic Chaillu Massif to the south. Limited recent exploration has been undertaken at Youkou however, based on information compiled by the Geological Survey of South Africa, Waratah is of the opinion that Youkou is prospective for hematite and magnetite rich itabirite iron ore mineralisation.
An historic outcrop of iron ore workings occurs in the license area with recorded hematite and itabirite. An assay grading 69% Fe, 0.08% P2 O5 and 0.5% SiO2 has been returned from a specimen between the years of 1936 and 1939.
More recent sampling reported in July 2010 at Youkou has confirmed the high grade tenor of the project with assays returning 68.66% Fe, 0.1% P2 O5 and 0.56% SiO2.
A metallogenic map of the project area indicates an iron quartz schist of approximately 20km in strike length. The local geology compares favourably with other nearby projects. Most projects in West and Central Africa have potential DSO iron ore mineralisation which occurs as a capping derived from supergene enrichment of the underlying upright itabirite protore lithologies. Magnetite rich bands have typical thicknesses of up to 200 metres in the ROC. The iron quartzite ridge trends in a north north west to south-east striking package of rocks represented by phyllites, quartzites, itabirites, micaceous- quartz schists and magnetite amphibole schists. The Youkou ridge is interpreted to be an antiformal structure plunging southwards.
Waratah is presently accessing any information relating to the project area held by the Bureau De Recherches Geologique et Minieres “BRGM” in France. An airborne magnetic and radiometric survey has been completed over the license area Waratah now plans commence a drilling program. Waratah will keep the market informed on its progress with respect to its aggressive exploration program.
Majors South, New South Wales
The Majors South project is comprised of a single exploration licence which covers an area of approximately 260 km2. The project is located 65km south east of Canberra and 5km south of the Majors Creek gold project held by Cortona Resources Limited (ASX:CRC) which continues to yield spectacular bonanza gold grades at Dargues Reeef of up to 103g/t. The current resource at Dargues Reef is 1.44Mt @ 6.2g/t for 286,000oz.
The hard rock gold deposits of the Majors Creek goldfield occur mainly in narrow (1-10cm) sub vertical quartz veins, which are generally associated with aplite dykes in east-west trending fractures. The aplite dykes incorporate hornblende granodiorite, an older phase of the Devonian Braidwood Granite, and are associated with all known reefs in the area.
Historical mining focused on alluvial gold deposits of the Araluen/Upper Shoalhaven goldfields. Records show that production from these goldfields between 1858 and 1920 was in excess of 1.2 Moz Au.
Waratah’s exploration focus will be centred on potential hard rock gold targets as opposed to alluvial targets. Based on detailed geochemical surveys and percussion drilling, the Long Flat Volcanics are also considered very prospective for gold mineralization.
Waratah has recently completed a review of the project area and are in the process of designing and planning an aeromagnetic and radiometric survey over the eastern portion of the tenement, which adjoins Cortona's tenement, to identify favourable structures for targeting of future drill programs.
Pambula, New South Wales
The Pambula Project is located within EL6506 located on the NSW South Coast. Most of the gold production from Pambula Gold field came from the area where northerly trending fissure zones are intersected by the easterly a trending structural lineament. All mines within the lineament corridor exploited structurally controlled northerly trending mineralisation. Gold reportedly occurred in chalcedonic veins, ‘kaolinised’ clay filled joints, and the matrix of brecciated rhyolites. Recent geologic mapping along the Pilot Fissure between the Faulkner Mine and Black and Berry’s workings indicate that the Pilot Fissure is a tectonically brecciated zone up to 40m wide.
Modern exploration, targeting the source of historical gold production has been conducted by Homestake Australia Ltd and Renison Gold between 1982 and 1990. This work included aeromagnetic and ground IP surveys, rock chip and soil sampling, detailed mapping and petrology which delineated drill targets. Reverse circulation (RC) and diamond (DDH) drilling was conducted based on these targets.
Significant drill intercepts include:-
• 5m @ 7.6 g/t Au from 20m
• 2m @ 22.9 g/t Au from 45m
• 22m @ 2.2 g/t Au from 27m
• 23m @ 1.09 g/t Au from 64m
• 5m @ 7.20 g/t Au from 99m
• 2m @ 31 g/t Au from 26m
Mines include the Faulkner, Victory, Black and Berry’s and Pambula Tunnel along the Hidden Treasure Fissure. The Faulkner Mine was by far the largest gold producer, and though records are incomplete, it is estimated that this mine produced around 60% of all the gold at Pambula Central.
Mine For
gold, iron ore
Location of operation(s)
New South Wales, Republic of Congo
Address
Level 1 , 350 Hay Street
PERTH, WA, AUSTRALIA
Phone
(08) 6365 4532
Website
Last Updated
19/5/2011
The data on Australian Shares.com is intended as a guide only and is provided purely as an indication of what information can be found through official announcements. Data on this website should not be used to make an investment or trading decision. All information should be carefully cross-checked against official sources for accuracy. The publisher (Intaanetto Pty Ltd) will not be held liable for any loss arising from the use of this website.
