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ARAGON RESOURCES LIMITED

ASX: AAG

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Description

Aragon Resources was taken over by Westgold Resources which was then taken over by Metals X

Historical Interest: Aragon was focused on discovery and development of the Central Murchison Gold Project (CMGP) located between the towns of Mt Magnet and Cue approximately 600km north-east of Perth, Western Australia. The CMGP includes the historic mining centres of Day Dawn, Cuddingwarra and Murchison Bell and contain current JORC resources of 1.49 Moz. This core asset is the focus of exploration activities and provides Aragon with an excellent opportunity to potentially develop profitable mining operations.

In addition to CMGP Aragon’s quality assets also include the high grade gold prospects of Cables and Mission at Lake Darlot, the exciting new conceptual nickel prospect east of Kambalda at Lake Lefroy and the extensive shallow phosphatic beds at Ammaroo in the renowned Georgina Basin of the Northern Territory.

Central Murchison Gold Project

The Central Murchison Gold Project (CMGP) is located between the towns of Mt Magnet and Cue approximately 600km north-east of Perth, Western Australia. The Project access is via a sealed highway from Perth or via air with a sealed airstrip at Mt Magnet. The Dampier to Bunbury pipeline runs within close proximity to the Project area, potentially facilitating a gas powered electricity source. CMGP contains three key project areas synonymous with the three historic mining centres.

Day Dawn Goldfield

The Day Dawn mining centre has an estimated historic production of approximately 1.6 million ounces and the current total Identified Mineral Resource estimate (JORC) is 488,000 oz. The Day Dawn Goldfield is characterised by the favoured host of the Great Fingall Dolerite (GFD). This geological unit manifests as a contrasting brittle host that allows quartz-filled fault and shear structures to widen and ramify establishing larger mining structures. The GFD coincident with numerous indentified exploration targets and historic workings along its strike and there remains excellent potential to define further deposits and to expand existing open pits and underground resources. The Great Fingall underground mine, which was closed in 1918 is an exciting opportunity to re-establish a long term high grade operation due to the grade and quantity of resources (902,000 tonnes @ 9.5g/t for 275,000 oz). A claim, requiring clarification of a 49% Joint Venture interest exists below 500m. More recently the Great Fingall open pit has produced approximately 82,000 ounces from ramified quartz lodes that splay off the main Great Fingall structure and a remnant mineable resource of 88,000 oz remains in the floor of the current pit. Aragon believes that there is excellent potential to define further significant mineralisation along strike adjacent to the pit limits. Underground resource extensions will also be targeted at the neighbouring Golden Crown underground mine where the current total Identified Mineral Resource estimate is 238,000 tonnes @ 8.3g/t for 63,000 oz. Previous work has identified extensive high grade reefs and splay development.

The Cuddingwarra Project

The Cuddingwarra mining centre has an aggregate historic production of approximately 800,000 oz. The current total Identified Mineral Estimate (JORC) is 349,000 oz within numerous historical pits and prospects. Since mining ceased in the area, about 6 years ago, exploration has continued. A comprehensive database, including a recent Sub Audio Magnetic survey reveals many targets still to be evaluated. Aragon has identified a number of high priority exploration targets worthy of drill testing. In particular, de-magnetised zones of the mafic sequence indicated in the imagery are interpreted to result from cross cutting structures that have allowed for the introduction of mineral bearing fluids and these areas are considered to hold excellent potential for additional new discoveries similar to those discovered and mined in the field in more recent times. In addition, there remain obvious opportunities for extensions of the previously mined deposits at Black Swan South, Rheingold and Golden Gate.

The Murchison Bell Project

The Murchison Bell mining centre is an elongate trend of Archaean greenstone metamorphosed to hornblende facies and transacted by a major shear zone extending several kilometres in a north-east south-west direction. Previous production along the shear has won 2.6 million ounces from open pit and underground operations and there remains excellent potential to define additional deposits along it strike length. The current total Identified Mineral Resource estimate (JORC) on the line of lode is 657,000oz. Structural jogs along the shear have resulted in economic accumulations of lensoidal mineralisation that vary from 6m to over 35m in width and extend to a depth of at least 1500m below surface. Shallow historical drilling has identified areas of anomalism and the proven structure remains under-explored at depth adding to its potential.

Mission Prospect

Drilling at the Mission Prospect in 2006 identified a zone of over 400m in strike length which contains significant supergene gold mineralisation. The zone remains open along strike and wide space geochemical drilling has identified gold anomalism approximately 1.5 km north on what may be an extension to the zone. RC drilling by Aragon has returned numerous high grade gold results such as:

* 7m @ 11.35g/t, including 2m @ 33.62g/t
* 2m @ 9.45g/t, including 1m @ 14.00g/t
* 3m @ 11.40g/t, including 1m @ 29.65g/t
* 3m @ 11.20g/t, including 1m @ 24.60g/t
* 2m @ 18.62g/t, including 1m @ 20.00g/t
* 2m @ 28.29g/t, including 1m @ 55.85g/t
* 1m @ 72.42g/t

Cables Prospect

The Cables prospect is located immediately west of the Mission Prospect and has been drilled to define a large NNW trending 3km long zone of highly anomalous supergene gold in a similar geological setting to the Darlot Mine. Significant gold results from the limited previous deeper RC drilling includes 5m @ 4.2g/t Au, 2m @ 9.1g/t Au, 3m @ 9.0g/t Au, 11m @ 2.7g/t Au and 2m @ 4.9g/t Au. Aragon has continued to target primary gold mineralisation within the magnetic dolerite host. Selected significant results from the RC drilling completed by Aragon include:

* 2m @ 23.94g/t
* 3m @ 6.63g/t, including 1m @ 17.30g/t
* 7m @ 4.46g/t, including 1m @ 17.35g/t
* 9m @ 1.58g/t, including 1m @ 5.53g/t
* 3m @ 16.75g/t, including 1m @ 36.00g/t
* 7m @ 27.53g/t, including 1m @ 77.60g/t
* 4m @ 41.96g/t, including 1m @ 107.50g/t
* 3m @ 18.85g/t, including 1m @ 72.20g/t

Lake Lefroy Nickel Prospect

The Kambalda region is prospective for both orogenic gold and massive Ni sulphide mineralisation and has a history of extensive production from mines such as the Long (200,000t Ni) and Beta-Hunt (nickel) (35,000t Ni).

The project area is located over part of the Aztec Dome which exhibits a similar regional magnetic image to that of the Kambalda Dome. The aim of this work is to test for the presence of conductive nickel sulphide mineralisation associated with ultramafics units around the dome.

Territory Phosphate Prospects

Ammaroo Phosphate Prospect

Excellent results of significant phosphate mineralization from shallow depths have been confirmed. The granted exploration licences are located within 165km of the existing Adelaide – Darwin Railway Line in the southern Georgina Basin, Northern Territory and total 3,765 km2. The average depth to the top of the mineralisation in the core area is just 31.4m making it amenable to an open cut mining scenario. While at the current stage of exploration it is too early to report a mineral resource it is clear from the results to date that the area has the potential for a new large scale phosphate discovery.

Lady Judith Phosphate Prospect

Application ELA24994 is located approximately 280km west of the Alice Springs – Darwin railway line on the western edge of the Wiso Basin. Phosphate assays of up to 31% P2O5 over 6 metres have been reported. Water bore RN020989 located within the tenement has yielded an assay of 28.2% P2O5 over 3 metres from a depth of 15 metres and another interval of 2.2% P2O5 from 72 to 75 metres. The phosphatic intersection is in Hooker Formation mudstone and silty limestone.

Barkly Phosphate Prospect

The Barkly tenement application is nearby to the significant phosphate occurrences of Buchanan Dam and Alroy. The shelf facies phosphatic beds in Lower Cambrian sediments are interpreted to continue into the tenement and provide great potential for the discovery of additional shallow phosphate mineralisation at similar grades.

Mine For

gold, nickel

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Last Updated

14/7/2014

 

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