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BULLETIN RESOURCES LIMITED

ASX: BNR

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

Bulletin Resources Limited (Bulletin Resources or the Company) is a listed public Australian company incorporated in June 2010 with the objective of identifying and acquiring high grade gold projects offering short to medium term production opportunities, as well as upside potential for further discoveries and resource expansion. With this objective, the Company acquired six granted mining leases covering the Nicolson's gold project in September 2010 (Nicolson's Project), entered into an asset sale agreement with Thundelarra Exploration Limited for two adjoining granted Exploration Licences (Thundelarra Asset Sale Agreement) and submitted applications for two additional Exploration Licences adjoining the Nicolson's Project and the Thundelarra Project properties (Exploration Licences). Bulletin Resources holds a 100% interest in a contiguous package of prospective tenements covering approximately 69.3km2 located near Halls Creek in the Kimberley Region of Western Australia (Tenements).

The Tenements are estimated to host an Inferred and Indicated Mineral Resource of 1,000,000 tonnes at 5.2g/t for approximately 170,000 ounces of gold. Also located on the Tenements is a 120,000 tonne per annum (tpa) processing facility currently under care and maintenance, a power plant, an operating borefield and associated mine infrastructure. All of the Mineral Resources and mine infrastructure are contained within granted mining leases.

Nicolson's Project

The Nicolson's Project is an advanced gold development opportunity with an established Mineral Resource base and considerable exploration upside. The principal objective of the Company is to advance the Nicolson's Project to the stage of decision to mine. This entails further detailed drilling of the main Mineral Resource areas to improve geological confidence and grow the resource base, an expansion options study and refurbishment plan for the processing facility and completion of a feasibility study for the proposed open pit and underground development of the resource. The Company will also continue to actively explore the defined exploration targets across the Tenements and, in due course, assess other gold and base metal acquisition opportunities in the region.

Western Reef

The Western Reef prospect sits within the main Nicolson's shear zone some 120m to the west of the trend hosting the Mineral Resources. The prospect comprises a series of quartz reefs outcropping over a strike length of about 350m interpreted to lie on either a parallel shear or a splay of the main Nicolson's shear zone.

The Western Reefs area has been tested with two lines of RAB drilling, one at the interpreted northern end of the prospect and one through the centre, along with some other holes designed to test the down-dip extent of outcropping quartz. Western Reefs is significantly under-explored but represents a high priority target given its location of only 800m due south of the processing facility.

Springvale

The Springvale prospect is located on lease M80/471, some 2km to the north-northwest of the processing facility, and is associated with the Springvale Fault, a parallel structure to the Nicolson's shear zone. The local geology comprises a steep easterly-dipping chert and felsic volcanic sequence overlying footwall mafic volcanics, with localisation of quartz veins and gold mineralisation along the faulted contact between these units. Chert outcrop is also associated with gossanous material, raising the prospect for base metal mineralisation.

In 2004, 3 RC holes were drilled 500m apart along the Springvale structure, following up on promising soil auger results. The southernmost RC hole returned an intersection of 5m at 2.38% copper from 54m associated with malachite, and weak gold mineralisation (7m at 0.5g/t gold) immediately above the copper zone. The intersections from the central hole were 6m at 2.98g/t gold from 137m and 12m of 0.85% copper from 104m. The northern hole returned anomalous copper (> 0.1%) but no significant gold mineralisation.

The Springvale prospect is considered prospective for both gold and base metal mineralisation. Given that previous exploration had been somewhat ad hoc, this prospect represents a priority, large tonnage target.

Shifty's

Shifty's is contained within the Exploration Licences subject of the Thundelarra Asset Sale Agreement and is located approximately 3.5km due south of the processing facility. The main Shifty's reef was discovered in 1989 and is a 700m long, steeply dipping quartz vein hosted in granite which strikes predominantly east-west, in contrast to most of the other gold-bearing structures in the region. In addition to the main Shifty's reef there is a second, parallel quartz reef approximately 350m to the south.

12 RC holes drilled to target the main Shifty's reef returned several intersections above a 1 g/t gold cut-off grade ranging from 1m at 1.3g/t gold from 16m downhole to 2m at 8.3g/t gold from 6m downhole. Shifty's has the potential for outlining additional high grade mineralisation and warrants further exploration.

Mine For

gold

Location of operation(s)

Western Australia

Address

Level 1, 435 Roberts Road
SUBIACO, WA, Australia

Phone

(08) 9388 6921

Email

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.