Red Gate Project (100% interest)
The Red Gate Project consists of the one granted Exploration Licence E31/1096 covering an area of 145.2 km². The Project is centred 10 km north of the Porphyry Gold Mine (0.9 Moz gold endowment) (Refer Figure One), 140 km northeast of Kalgoorlie. Here historical exploration work has mostly targeted the Porphyry North Prospect where shallow, out cropping mineralisation has been defined. There is the potential to discover further mineralisation at Porphyry North and several other prospects nearby.
Activities during the September Quarter 2017
During the quarter Blackstone continued to work on finalising priority targets for drill testing in the coming months.
Highlights of the Red Gate Project included:-
- Red Gate project already hosts porphyries with high grade gold mineralisation including 10 m @ 8.5 g/t from 9 m at Porphyry East, 14 m @ 3.7 g/t from 1 m at Porphyry North & 12 m @ 9.2 g/t from 8 m at Porphyry West (Refer to Figure Ten and Blackstone Minerals Limited – Prospectus, released 15 December 2016);
- The Porphyry North and Porphyry West prospects have shallow gold mineralisation coincidental with IP anomalies whilst the new porphyry zone at Porphyry South has a substantially larger IP anomaly that has yet to have been drill tested (Refer Figure Two);
- Red Gate Shear Zone already hosts mineralised porphyries at Porphyry North and Porphyry West and contains the recently identified Porphyry South Prospect which is a large untested IP anomaly (Refer Figure Two);
- The Reidy Prospect is interpreted to be within or immediately adjacent to the Claypan Shear Zone, host to recent significant gold discoveries such as Breaker Resources, Lake Roe Project (Refer Figure One);
- The new prospect is within the Red Gate Shear Zone and was identified through a recent reconnaissance surface sampling program that returned rock chips results of up to 79 g/t gold (Refer Figure Two);
- The Red Gate Shear Zone is less than 10 km north of the historic Porphyry Gold Mine that has a gold endowment of 900,000 ozs (Produced 1.33 Mt @ 3.4 g/t gold* and has a current Indicated JORC resources of 7.2 Mt @ 2.1 g/t gold** and Inferred JORC resources of 3.7 Mt @ 2.1 g/t gold**).
Riedel Resources Website
Saracen Mineral Holdings Limited Annual Report 2016
Figure One| Location of the Red Gate Project
Figure Two | Reconnaissance rock samples >1g/t gold from the new porphyry prospect within the Red Gate Shear Zone