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, host to several of Australia’s largest copper-gold mines.
The major geological province 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 has been conducted on the Basin Creek ground since the mid-1980’s, representing a fresh exploration opportunity.
In March 2020, DevEx commenced an exploration campaign at the northern part of 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 have been identified by soil geochemical sampling within the +4km 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.
The anomalies lie on the northern and southern margins of an elongate felsic porphyry/dome and show a close association with an extensive area of quartz stockwork veins, strong silicification and sericite, clay and potassium feldspar (adularia) alteration. Anomalous gold-in-rock chip and soil samples are also closely associated with other elevated pathfinder metals including silver, molybdenum, bismuth and antimony, suggesting the presence of an epithermal or high-level porphyry gold system.
The compilation of exploration data has resulted in the definition of a group of large 400m to 1,000m long priority drill targets within the more extensive gold system (Figure 2).
Figure 2: Main Ridge Prospect showing the newly identified gold-in-soil anomalies relative to previous rock chip gold results. Soil geochemistry has defined several extensive gold anomalies.
The Company is now preparing a drill program to test these priority gold anomalies within the +4km long gold system defined at the Main Ridge Prospect.
DevEx has also recently gained access to the central portion of the Main Ridge Prospect (see Figure 1) where historical Shell Company of Australia Limited (“Shell”) rock chips returned grades of up to 3.2g/t Au from silicified breccia and strong quartz stockwork vein development on the eastern margin of the felsic dome/porphyry. Field activities, including rock chip sampling and soil geochemistry, are planned for July, and any positive results will be incorporated into the upcoming drilling program.
For the further project information, please view our latest Investor Presentation.
The Main Ridge Prospect was originally explored for base metals between 1973 to 1982 following the definition of an extensive lead-in-soil anomaly, together with other base metal occurrences within the tenement area. While extensive soil sampling was undertaken for copper, lead and zinc, no gold was analysed.
Regional mapping by AAA along this lead anomaly noted that the rocks were mixed argillic altered felsic volcanic and meta sediments with numerous quartz “gossan” veins (some chalcedonic) and overprinted by extensive silica, sericite and potassic alteration. Minor rock chip sampling for gold by AAA in the southern part of Prospect returned a peak gold assay of 2.75g/t Au.
Between 1985-1987, Shell Company of Australia Limited (Shell) explored the Main Ridge Prospect for gold. In 1986, Shell drilled eight shallow scout AirTrack holes designed to test limited parts of the 4km strike length where gold was encountered from their previous rock chip sampling.
Although broad spaced and reconnaissance by design, drilling intersected anomalous gold mineralisation on several traverses, encountering 33m @ 0.5g/t Au (including 6m @ 1.4g/t Au) from 19 metres within an altered felsic porphyry with fine quartz stockworks.
No further drilling has been conducted on the Project for decades.