The 100%-owned Basin Creek Project is located 60km south-east of the Company’s Junee Project, further strengthening DevEx’s sizeable ground-holding in the Lachlan Fold Belt (LFB), host to several of Australia’s largest copper-gold mines.
The LFB is a major geological province and is known for world-class copper-gold deposits such as Cadia-Ridgeway (Newcrest Mining) and Northparkes (China Molybdenum Co Ltd), as well as several large-scale Silurian age deposits including the McPhillamys Gold Mine (Regis Resources Limited), a +2Moz gold deposit.
Despite its strategic location, no drilling had been conducted on the Basin Creek ground in recent times, representing a fresh exploration opportunity.
DevEx has commenced an exploration campaign at the northern end of the Main Ridge Prospect which returned an extensive, near surface zone of gold in rock chips.
The compilation of Company exploration with historic data has defined a +4km long gold system at the Main Ridge Gold Prospect, located within the Basin Creek Project.
Figure 1: Location of the Basin Creek Project, in close proximity to the Junee Project, within the Lachlan Fold Belt of New South Wales.
Multiple new gold anomalies were identified by soil geochemical sampling within the +3.5km long gold system at the Main Ridge Gold Prospect, part of the Basin Creek Project.
These anomalies are closely associated with several areas where previous Company rock chip samples, recording grades of up to 8.0g/t Au, were identified in strongly altered felsic to intermediate volcanic rocks.
To test these anomalies, a reconnaissance drilling program at Basin Creek was designed as a broad first-pass test of the Main Ridge Prospect. Fourteen (14) broad-spaced Reverse Circulation (RC)/diamond drill holes were designed to test for the primary controls to the gold mineralisation beneath the extensive +3.5km long gold system mapped by surface geochemistry and alteration mapping (see Figure 2).
Broad-spaced drilling results have highlighted the presence of gold mineralisation proximal to the western margin of an extensive zone of silica-sericite-pyrite alteration in the centre of the Main Ridge Prospect, with assays including 4m @ 2.1g/t Au from 174m and 1m @ 6.2g/t Au from 12m in a quartz stock work veined/breccia.
This western margin, interpreted to be a gold-bearing structure, has only been tested on broad drill-hole spacings, and remains open to the south for +400m.
Figure 2: Location of RC and diamond drill holes testing beneath the recently identified gold-in-soil anomalies.