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GONDWANA RESOURCES LIMITED

ASX: GDA

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

Gondwana Resources Limited is an experienced mineral exploration company based in Perth, Western Australia and listed on the Australian Securities Exchange. The company is focused principally on gold, iron ore, uranium and nickel in Western Australia.

The company's mission is to build a mid-tier mining house with gold and mineral production within Australia and selected overseas locations. The board and management have the skills and experience to accomplish this mission.

Buffalo Gold Deposit, Parker Range Project (Gondwana 70%)

A JORC-compliant mineral resource estimate of 292,000t @ 2.12 g/t for 20,000oz contained Au (using a 1.0g/t lower cut off) was reported for the Buffalo deposit in early 2009. During preparation of the 2009 resource estimate, a lack of density data for the rocks in the Parker Range area resulted in conservative assumptions being made as to the density values assigned in the resource model. More recently, a diamond drilling program at Buffalo allowed density measurements on the diamond core to be taken throughout the mineralised and waste zones. The new density data was used in conjunction with the diamond drilling assay results to produce the updated resource model. The revised JORC-compliant mineral resource estimate for the Buffalo resource is 355,000t @ 2.23 g/t for 25,400 oz contained Au using a 1.0 g/t lower cut off, which is a 25% increase in contained gold compared with the early 2009 resource estimate.

Spring Hill Gold Deposit, Parker Range Project (Gondwana 70%)

A JORC-compliant mineral resource estimate for the Spring Hill gold deposit, located approximately 500m south of Buffalo, has now been completed. The style of gold mineralisation at Spring Hill is equivalent to Buffalo; however the deposit contains a single mineralised zone within and beneath historic workings. Recent RC drilling has identified that mineralisation is continuous over a 260m strike length, and remains under-drilled to the north, south and at depth. The Spring Hill mineral resource estimate incorporates new geological data and assay results from the recent RC drilling program and utilises core density measurements from the Buffalo diamond drill holes. It is estimated that the Spring Hill deposit contains a total of 407,000t @ 1.97 g/t for 25,750 oz contained Au when reported using a 1.0 g/t lower cut off. The Inferred component of the Spring Hill resource is located down dip in areas of sparse drilling (>= 40 x 40m spaced sampling).

Centenary Gold Prospect, Parker Range Project (Gondwana 100%)

Gondwana’s previous drilling at the Centenary prospect has identified high-grade gold mineralisation in narrow quartz veins at the base of a BIF unit, including 3m @ 167.26g/t Au from 40m and 4m @ 34.28g/t Au from 51m. September 2009 drilling into the Centenary area intersected numerous high grade intersects, including 1m @ 60.61 g/t Au (32.43 g/t by screen fire) from 50m, 1m @ 45.01 g/t Au (34.19 g/t by screen fire) from 54m and 1m @ 13.25 g/t Au from 57m. Significant intersects 150m east of the Centenary high grade lode have delineated a new area of mineralisation on the Eastern BIF unit. The Phase 1 program intersects from shallow depth include 3m @ 7.57 g/t Au from 7m in hole 09CTRC009 and 7m @ 13.91 g/t from 29m including 2m @ 36.8 g/t Au in hole 09CTRC010. Shallow drilling around this lode had been sparse to date and significant mineralization had been intersected either side of the tenement boundary along the line of lode, this new discovery warranted additional drilling. A two-stage Phase 2 RC drilling program was therefore designed to infill between the existing 2009 drill holes and to extend drilling north and south along strike of the eastern BIFs.

The second phase drilling program was successful, with gold mineralisation intersected in 19 of 24 drill holes. The quartz vein carrying the high grade gold in hole 09CTRC010 was not duplicated along strike but remains open at depth. Using a 0.5 g/t lower cut off, drill hole 09CTRC036 intersected two gold bearing lodes being 2m @ 5.62 g/t Au from 18m and 3m @ 1.59 g/t Au from 24m. Hole 09CTRC038, 20m south, also intersected two gold bearing lodes being 3m @ 1.66 g/t Au from 24m and 3m @ 4.89 g/t Au from 28m. These results may alternatively be expressed as 9m @ 1.89g/t in hole 09CTRC036 (including 3m of <0.5g/t waste) and 7m @ 2.82 g/t in hole 09CTRC038 (including 1m of <0.5g/t waste). This program confirmed west-dipping gold mineralisation associated with oxidised BIF. Drilling south of 09CTRC010 increased in grade, mostly within the deeper holes, indicating possible near-surface depletion. With mineralisation open to the south and down plunge, the southern area will be the focus of the third phase RC program, tracking the near-surface gold past 30m depth later in 2010.

White Horseshoe Gold Prospect, Parker Range Project (Gondwana 100%)

The White Horseshoe historic deposit consists of a modern head frame and two vertical dewatering bores which were utilised in the last underground operation in 1984. Underground mine plans show the underground was stoped to approximately 35m depth and is shallowly plunging to the south west. The in-fill resource drilling program was aimed as locating remnant ore beyond 35m depth off the base of the underground stope and to test for a second plunging mineralised shoot off the base of the northern open cut pit. The northern pit area was drill tested with 4 holes, and showed only one significant intersections being 1m @ 9.27 g/t from drill hole 09WHRC002 which is still open at depth. The area south of the plunging ore shoot was drilled with 4 holes which intersected 3m @ 2.89 g/t from 59m in hole 09WHRC005, 3m @ 4.61 g/t from 66m in hole 09WHRC006, 3m @ 3.73 g/t from 71m in hole 09WHRC007 plus 1m @ 26.55 g/t from 45m and 2m @ 4.04 g/t from 56m in hole 09WHRC008. A preliminary 3D wireframe indicates both 1m high grade intersects in the north and the south are open down plunge to the north west, and will be followed-up later in 2010 with additional drilling.

Zeus Gold Prospect, Parker Range Project (Gondwana 100%)

Gold mineralisation at the Zeus prospect was identified in the late 1980’s, south of the Bronco and Great Victoria open cut gold mines. Drilling along the geological contact south of Bronco intersected gold mineralisation in a vertical structure, above an oxidised massive sulphide unit on a contact between metasediments and mafic volcanics.

High grade gold intersects in the historic drilling database were identified by Gondwana geologists and the Company’s first in-fill drill program testing for supergene enrichment above this structure intersected 8m @ 14.8 g/t from 6m depth in hole 09ZERC003. This high grade shallow intersect provided encouragement to further infill drill along strike and at depth.

Results from the second infill drill program at Zeus included 5m @ 4.2 g/t from 39m in hole 10ZERC012 and 6m @ 4.8 g/t from 34m in hole 10ZERC010 to the north of 09ZERC003. Near-surface intersects were sporadic along strike because of a gold depletion zone apparent to 30m depth. Reviewing the deeper intersects in light of a near-surface depletion zone, a paleochannel has been interpreted to cross the centre of the mineralisation, effectively removing most of the supergene gold mineralisation deposited above the massive sulphide. High grade supergene mineralisation still exists on the margin on the channel such as was intersected with 09ZERC003.

Results from the third infill drill program include 6m @ 4.59 g/t from 12m depth in hole 10ZERC023 and 10m @ 2.2 g/t from 33m depth in hole 10ZERC025. Drill hole 09ZERC004 in the centre of the interpreted mineralisation, which failed to reach target depth in the first drilling program, was re-entered and extended to 130m depth to intersect the fresh massive sulphide zone. The massive sulphide zone at Zeus was intersected at 122m and high grade gold was located on the margins of the massive sulphide being 1m @ 10.98g/t from 121m and 1m @ 8.01g/t from 130m. The drill hole ended in mineralisation of 0.78 g/t at 132m depth because of no additional drill rods.

The massive sulphide in 09ZERC004 contains abundant marcasite with minor pyrite and pyrrhotite. The presence of marcasites indicates alteration of primary pyrrhotite and possible re-mobilization of gold. Similar marcasites zones are present near the water table in the Great Victoria gold mine located 2.8km to the NNE, where mineralisation continues in the fresh massive sulphide to at least 500m below surface. Drill hole 09ZERC004 is the deepest hole in the area and still has not intersected fresh massive sulphide. Additional deeper drilling is warranted to test for high grade mineralisation in the fresh massive sulphide within the Zeus project area. Deeper holes being planned (+170m) will test mineralisation at depth and provide samples for preliminary metallurgical testwork to assess gold liberation and recoveries in the fresh zone. Wireframing is currently in progress for the Zeus mineralised zone to assist in current planning for infill drilling on the near surface supergene areas, along with the deeper drill holes into the un-weathered primary massive sulphide.

Rokeby Gold Prospect, Parker Range Project (Gondwana 100%)

The 2009 RC drill program at Rokeby gold exploration prospect, Parker Range, drill tested an MMI in-soil gold geochemical anomaly, with the best intersection of 6m @ 1.92 g/t from 50m depth in hole 09RKB014. The MMI gold anomaly was discovered to be a surface laterite scavenging gold 300m downstream from the location of buried gold mineralisation. Drill hole 09RKB014 was the only hole which intersected the primary sulphide mineralised that hosts similar gold mineralisation at Buffalo and Spring Hill. Assessment of the detailed airborne magnetic data identified a marginally more magnetic eastern BIF unit, which trends south west from hole 09RKB014.

A 9 hole in-fill drilling program focusing on the eastern BIF unit has since been completed and intersected gold in 7 holes. A lack of sulphide enrichment in the drill chips corresponded to lower gold values than was encountered in the first program, downgrading the prospectivity of this southern target area. The drilling results (see table) include intersects 4m @ 1.43 g/t from 27m in hole 10RKRC001 and 5m @ 1.07 g/t from 20m in hole 10RKRC005. An infill program around the 6m @ 1.92 g/t intersect has been planned for later in the year.

Lindsay Nickel Prospect, Jilbadji (Gondwana 100%)

A V-TEM airborne electromagnetic survey was flown over 3 areas south of Marvel Loch, at Jilbadji. The data is still being assessed and additional targets will be released in due course. Survey area 3 was flown over interpreted ultramafic rocks 75km north of Forrestania, and a number of conductive targets have been identified along linear aeromagnetic units. Using electromagnetic profile data, the strongest AEM (airborne electromagnetic) anomaly in this tenement has been named the Lindsay conductor. The Lindsay conductor is measured across 3 flight lines, 200m apart with a strike length of approximately 300m.

This target is located within the Jilbadji nature reserve. Once the target has been outlined and the drill holes have been designed, a vegetation survey will be required so the company can apply for a clearing permit, which is required for clearing of drill lines and pads in nature reserves. If the clearing permit application is approved, the drill program should be permitted by December 2010.

Corunna Downs Iron Project, Pilbara Project (Gondwana 100%)

The Corunna Downs Iron Project is located within the south western portion of the Marble Bar 1:250,000 map sheet, centred approximately 30km south of Marble Bar and 180km south of Port Hedland, WA. The project lies within E45/2585 and contains a Jaspilitic BIF ridge trending north to south approximately 5km. The Company also holds a 90% interest in two exploration licence applications (E45/3320 & E45/332) that contain ~8km untested extensions along the BIF ridge.

Cyclops Nickel Prospect, Pilbara Project (Gondwana 90%)

A significant nickel prospect within ELA 45/3326 was identified in late 2009. This prospect is an outcropping serpentinised metaperidotite mapped on the 100K geology map and plunges to the north under Mt Roe Basalt. The ultramafic intrusive has now been named Cyclops Nickel Prospect after the mythical one eyed giant due to its magnetic signature.

Red Rock Bore Uranium Prospect (100% Gondwana)

The Red Rock Bore exploration licence application E08/1968 is located on Maroonah station, 320 kilometres south of the port of Dampier. The principal feature of Red Rock is an inselberg or exfoliating granite dome that stands 35 metres above the surrounding sand plain. In August 2009, field investigations including footborne scintillometry and rock chip sampling were carried out by the Company’s uranium-specialist geologist, Syd Morete. The strongest ground radiometric anomaly was located on top of the rock. Four samples were collected and submitted to Genalysis Laboratory Services for assay using a 4-acid digest and analysis via ICPMS for uranium and certain other elements. Rock chip sample 09RRRK003 returned 946ppm uranium and 15ppm thorium (U:Th=63), located at 361153mE-7408776mN (MGA Zone 50). This result suggests the presence of uraninite. No secondary uranium minerals were observed. Three other rock chips within the radiometric anomaly returned less than 37ppm uranium.

International Projects

During 2008, Gondwana entered into an agreement to form a joint venture with Hong Kong-based partners to identify and acquire mining interests in China and elsewhere. It is proposed that Gondwana will hold a 70% interest in the joint venture. To date, Gondwana has examined a wide range of opportunities in China, including Inner Mongolia, which may be suitable for acquisition by the proposed joint venture. A field trip was conducted in May 2008 to investigate a copper-lead-zinc-silver prospect in China. Unfortunately results were disappointing for this project. Preliminary investigation is continuing on prospects in other parts of China.

Mine For

nickel, iron ore, uranium, gold

Location of operation(s)

Western Australia, Mongolia

Address

Se 4, 16 Nicholson Rd
SUBIACO, WA, AUSTRALIA

Phone

(08) 9388 9697

Email

Website


Last Updated

6/4/2011

 

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.