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Australian Shares

ENTERPRISE METALS LTD

ASX: ENT

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

The Company’s primary objective is to create value for Shareholders through the discovery or acquisition of world class gold, uranium and iron ore deposits, which will lead to the Company becoming a highly profitable mining and exploration company.

Eucla Base Metals Project

Enterprise has a package of tenements centred around Balladonia, a roadhouse approximately 210km east of Norseman on the Eyre Highway. The project consists of one granted tenement E69/2603 and five tenements in application. The tenements, covering an area of 1467km2 lie to the east of the Proterozoic Fraser Range Orogenic Complex. In 2008, the Geological Survey of Western Australia conducted a regional 400m line spaced magnetic survey over an area west of the NE trending Fraser Range orogenic belt. This survey located a number of strong discrete magnetic anomalies.

In 2009 Enterprise carried out detailed airborne magnetic surveys (100m flight line spacing) over several of these anomalies. Reconnaissance gravity surveys consisting of four lines were then completed in late October 2009, with a total of 69.2 line km of readings. These detailed surveys produced strong discrete magnetic anomalies each several square kilometres in extent including a strongly magnetic circular body with an 8 milligal gravity anomaly approximately 2,300m in diameter.

Enterprise considers that these magnetic targets have the potential to contain or be associated with large world class deposits of iron oxide-copper-gold (“IOCG”), such as Olympic Dam in South Australia, concealed beneath thin cover. It is believed that the area’s proximity to major fault breaks make the local geology particularly prospective for shear hosted gold deposits. Most IOCG deposits contain breccia bodies with significant amounts of iron oxide and possibly sulphide mineralization. Drilling is due to commence late September 2010.

Doolgunna Base Metals Project

The Company has a strong land position centred approximately 110km northeast of Meekatharra and its tenements cover Palaeoproterozoic rocks affected by the Capricorn Orogen predominantly located within the Yerrida Basin. The primary target sought is one or more large mesothermal?style gold stockwork systems and/or volcangenic massive sulphide systems. Sandfire Resources NL have reported that ground EM surveys identified two major sub-surface conductors in the Narracoota Volcanics, and subsequent drilling defined the DeGrussa mineral resource of 9.62Mt @ 5.5% copper, 1.8g/t gold and 14g/t silver.

The Company controls a significant strike length of the Goodin Fault, which separates the Narracoota Formation volcanics from the Doolgunna Formation sediments. The Goodin Fault has a strike length of approximately 100km, and is interpreted to be a major structure that may have provided conduits for mineralising fluids during collisional tectonics.

During 2009 Enterprise’s exploration and drilling program focussed on its granted tenements covering the Doolgunna Formation sediments of the Yerrida Basin. This was the first test by deep drilling of the Company’s alluvial gold and base metal targets along the 50km long magnetic trend termed the Southern Boundary Fault (“SBF”). Reverse circulation (“RC”) drill testing of various gold/copper and geophysical targets was completed in September/November 2009. A total of 40 holes were completed for 8,831 metres.

The best 2009 RC drilling results came from geochemical targets in the area around No. 2 Bore, which lies within the Narracoota Formation volcanics, adjacent to the Goodin Fault, approximately 6-9km NE of Doolgunna homestead. The southernmost drillhole (NBRC010) along a fence of holes testing a weak linear NW striking VTEM anomaly and a historical geochemical anomaly intersected narrow veins of chalcopyrite, pyrite and carbonate from 107m-115m, which included 1m @ 0.4g/t Au and 0.9% Cu from 114m.

In 2010, the Company commenced infill soil geochemical along the Goodin Fault where it contacts the Narracoota Volcanics. Although this work is incomplete, a number of significant base metal anomalies have been identified for further infill. Upon completion of the soil programs, RAB and RC drilling programs will be implemented.

Darlot Gold Project

This project covers an area of 486 km2 over the southern portion of the Archaean Yandal Greenstone belt in Western Australia. The Project is centred approximately midway between the Bronzewing and Darlot gold mines.

In 2010, Enterprise purchased tenements near the old Yandal Homestead some 22km SE of the Bronzewing Gold Mine operated by Navigator Resources Ltd. The Company’s interest centres on the Withers Find and Little Yanbo gold occurrences discovered by past shallow drilling. A 10km long anomalous oxide gold corridor extends south of Withers Find - Little Yanbo area and through the project tenements, but the fresh rocks below and down-dip from Withers Find and Little Yanbo are essentially untested by deeper drilling.

Enterprise has completed two IP traverses across Withers Find and Little Yanbo which revealed chargeability highs down dip from Withers Find and vertically below Little Yanbo. Past exploration data has been compiled and drill sections prepared. An RC drilling program to test the fresh rocks for high grade multiple ore shoots (similar to Bronzewing) has been designed, and is expected to commence in late 2010.

Wattagee Gold Project

The Wattagee area is located in the Murchison Province of the Yilgarn Craton 30 km north of the town of Cue. The Company considers the geology of the project area to be prospective for gold and base metal deposits such as Big Bell and Cuddingwarra, and VMS style base metal deposits similar to Golden Grove. Up to 80% of the prospective stratigraphy within the project area is obscured by a regolith which has hindered previous explorers’ efforts. Enterprise is exploring these covered areas for gold and base metals with ground geophysical surveys (IP) and RAB and RC drilling.

In early 2010 the Company completed 10 RC drill holes on the Placer, Stockyard East/West and AM14 prospects. A further 5 RC holes were drilled at the Stockyard East prospect in June 2010. Three of these additional holes were drilled to the south and north along strike from historical hole NCRC006, where gold mineralization of 4m at 17.9g/t was intercepted, and two holes north and south along strike from STERC004 where 8m of gold mineralisation at 5.3g/t was intercepted in April.

Three of the five new drill holes (STERC007-009) intersected massive or semi-massive sulphides soon after passing into fresh rock. All sulphides were dominantly pyrite with lesser arsenopyrite. Whilst these follow up holes have intersected lower tenor gold mineralization, they have confirmed the general strike and dip of the mineralized zone. The two holes drilled around STERC004 both encountered sulphide rich intervals. These correspond to a subdued IP anomaly. A similar, but larger more intense series of IP zones lie to the west and this possibly indicates other areas of disseminated arsenopyrite rich mineralisation. Further RC drill testing of the Stockyard East prospect is being planned.

Cunderdin Iron Ore Project

The Cunderdin iron exploration project is centered on the township of Cunderdin approximately 150 km east of Perth in Western Australia, and straddles the Great Eastern Highway and the standard gauge railway line that runs from Kalgoorlie to the port of Kwinana south of Perth. The project consists of wholly owned Exploration Licence 70/3756-I and Exploration Licence application 70/3816 covering a total of approximately 713 km2.

The Company’s concept is that granites and granitic gneisses within the Cunderdin area contain enclaves of NW striking metamorphosed greenstone belts, which may also contain meta-sedimentary units including quartz-magnetite/ banded iron formation (“BIF”). However, deep weathering has resulted in little outcrop being left at surface, and hence detailed magnetic and radiometric surveys are critical in outlining these “blind” greenstone belts.

The Company recently completed a detailed 200 metre line spaced magnetic and radiometric survey of the Cunderdin Project area. The magnetic imagery displayed a highly folded magnetic unit which was interpreted to be a buried and metamorphosed Archaean greenstone belt possibly containing quartz-magnetite/BIF. Reconnaissance RC drill testing of this magnetic unit was completed along Shire road verges in September 2010. Assay results are awaited.

Burracoppin Iron Project

This project area is centred on the small township of Burracoppin, approximately 70km west of the main Southern Cross greenstone belt which hosts the Mt Caudan iron deposit recently discovered by Cazaly Resources Ltd. Four tenements (E70/3637, 3638, 3815 & E77/1752) cover an area of approximately 586 km2 and overlie the western limb of the poorly known Westonia greenstone belt.

The Company considers that potential exists for substantial deposits of iron ore and possibly gold and base metals concealed below laterite and other thin soil and sand cover. Although there is little to no outcrop in the area, previous mapping has also detected float and scree of Banded Iron Formation (“BIF”) and ironstone associated with a number of linear airborne magnetic anomalies. Whilst the Company’s initial exploration target is magnetite contained within Archaean quartz-magnetite/BIF units, the ultimate target is one or more large bodies of high grade DSO hematite and/or goethite.

In August 2010 the Company announced that it had located scattered outcrops of Archaean quartz-magnetite/banded iron formation (“BIF”) at Burracoppin. A number of the outcrops display intense alteration of magnetite to goethite/hematite which is consistent with the Company’s view that the area has the potential to contain significant tonnages of Direct Shipping Ore (“DSO”) where intense weathering of BIF has occurred on deeply weathered structures.

The Company collected 16 iron rich samples from outcrops or scattered float from 8 localities. All samples were submitted for iron ore analysis by XRF methods (assays awaited). The locations of these samples are shown below on a magnetic image. Based on the positive results of this first reconnaissance visit to the area, the Company has commissioned a geophysical contractor to fly a low level 100m line spaced airborne magnetic and radiometric survey over its tenements to generate drill targets. This survey commenced in late September 2010.

Sylvania Iron Ore Project

The Sylvania Project is located on the southern margin of the Sylvania Dome in the Pilbara block, approximately 70km WSW of the town of Newman. Known mineralisation in the general area includes iron ore, gold, zinc-lead-silver and uranium.

Hamersley Group banded iron formations (BIF) and hematite outcrop on the northern margin of the southern portion of Enterprise’s tenement. They have been drill tested by Rio Tinto/Hamersley Iron immediately to the north of Enterprise’s tenement in successive phases since the late 1980’s. The BIF units dip shallowly to the south and are interpreted to belong to the Brockman and Weeli Wolli Iron Formations. The iron formations extend into Enterprise’s tenement but are partly overlain by clastic rocks assigned to the Wyloo group.

Reconnaissance geological mapping and rock chip sampling by Enterprise in July 2009 located hematite mineralisation (up to 66.3%Fe) transgressing the Rio Tinto/Enterprise Metals tenement boundary. The area is poorly exposed and there is limited scope to advance the search by geological mapping.

In mid 2010, the Company flew a 50m line spaced magnetic and radiometric survey which has highlighted the potential for major Channel Iron Deposits (CID’s) on the eastern flank of the project area. The survey also highlighted two smaller areas in the southern and western parts of the project area where the magnetics indicate CID’s are present. Scout RC drilling is planned for early 2011.

Earaheedy Iron Ore Project

This project is located on the northern margin of the in the Nabberu Basin and consists of two elongate tenements. When the tenements are granted, it is planned to fly a detailed magnetic survey over the channel areas, and conduct detailed gravity surveys to define RC drill targets.

Booylgoo Iron Ore Project

The tenement application is centered approximately 600km northeast of Perth and 38 kilometres south east of Lake Mason homestead in Western Australia. The 91km2 tenement covers greenstones and granites along the western margin of the Archaean Booylgoo Range greenstone belt. The greenstone sequence is tightly folded into the Mt Anderson syncline, and comprises a layered succession of metamorphosed mafic igneous rocks, minor felsic volcanics with Banded Iron Formation (BIF) and other sedimentary rocks. Metamorphic grades are believed to be lower greenschist facies.

Byro Uranium Project

The Byro Uranium Project is located 300 km NNE of Geraldton, and contains gneiss and migmatite, greenstone belt volcanics, sediments and typical Yilgarn granitoids of the Murchison Province. The project consists of two tenements E20/693 and E59/1617, covering an area of 1,078 km2.

The focus of this project is to discover a substantial calcrete hosted uranium deposit within or adjacent to the Murchison River on E20/693. GSWA radiometric data shows a prominent NE trending linear uranium anomaly, some 45km long and 4 - 5 km wide, flanking the Murchison River.

Yalgoo Uranium Project

The Yalgoo Uranium Project is located approximately 600kms north of Perth and is 23kms west of the township of Yalgoo. The Project is comprised of one granted tenement (Exploration Licence 59/1437) and 3 exploration licence applications (E59/1632, 1633, 1645 and 1651) covering an overall area of 886 km2.

In early 2010, the Company received 100 metre line spaced magnetic and radiometric data over granted Exploration Licence 59/1437. The imaged data shows a 30km long north?south uranium channel anomaly coincident with the Salt River drainage valley.

Darlot Uranium Project

Lake Darlot occurs within the Company’s Darlot tenement package and is 140 km downstream and south east of the Yeelirrie deposit held by BHP Billiton. At Yeelirrie, carnotite mineralisation has precipitated within valley fill calcrete aquifers in response to changes in groundwater chemistry.

Processing of multi-channel radiometric data has identified a concentration of uranium mineralisation along the northern and southern flanks of the Lake Darlot drainage system. The Company has collected soil samples west of Lake Darlot at Boundary Well and Salt Lagoon. The maximum uranium assay was 164 ppm U. The average uranium value returned from all soil sampling in E37/926 was 92 ppm U, whilst around 50% of the samples returned values of >100 ppm U.

Mine For

iron ore, copper, gold, silver, uranium

Location of operation(s)

Western Australia

Address

Level 1, 640 Murray Street
WEST PERTH, WA, Australia

Phone

+61894369200

Email

Website


Last Updated

12/04/2011

 

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.