Gawler Craton West Super Project
The Moodini tenement (E69/2628) was taken out to cover a section of a Company-interpreted continental-scale north trending Proterozoic basement fault evident on state-wide and Australia-wide aeromagnetic imagery. The fault, known as the Mundrabilla Fault is concealed beneath younger sediments of the Eucla Basin, and is interpreted by the Company to be the western boundary of the South Australian Craton. Australian Proterozoic orogenic belts (orogens) host a variety of world-class and giant ore deposits including Mt Isa (base metals), Olympic Dam (Iron Oxide-Copper-Gold-Uranium), Telfer (Gold) and Argyle (diamonds). The Company is selectively targeting concealed parts of Proterozoic orogens where cover is interpreted from geophysics to be relatively thin (<500m).
The following exploration work has been carried during the year 2011:
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Programme of Work approvals for 13 exploration holes covering both Moodini North and Moodini South targets.
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The reconnaissance drilling of two vertical holes MORCD 001 and MORCD 002 have been completed up to the depths of 609.65m and 690.3m respectively at Moodini project (E69/2628). The holes were successfully drilled using a combination of RC and diamond drilling.
Hole MORCD001 intersected altered granitic basement with weakly disseminated sulphide alteration from 375.5m down to 609.65m (EOH). Hole MORCD002 intersected altered and fractured granitic basement from 356m down to 690.35m (EOH). This includes a pyrite-pyrrhotite sulphide rich alteration zone from 356 to 476m (120m) carrying precious metal values in silver: 373 -374m 1m @ 8.4g/t Ag and 376-377m 1m @ 31.9g/t Ag (ASX Release on 18 April 2011).