Barclay Pearce Capital & Resources & Energy Group Limited (ASX: REZ) would like to provide interim assay results from its first stage aggressive drilling campaign at the East Menzies Gold Project (EMGP) in Western Australia.
Regional drilling has confirmed a 100ppb gold anomality highlighting a significant gold trend over 1.1km2 extending over 2,500m of strike, up to 450m wide, open north and south.
- At Demeter prospect, recent regional RAB and Air Core drilling to an average depth of 47 metres has confirmed a significant >100ppb gold anomaly (figure 1) extending from Kore Prospect and covering over 2,500m of strike (open to the north and south) and up to 450m wide. The mineralised envelope has a peak bottom-of-hole gold assay of 531ppb.
- REZ Group notes that 40ppb gold anomalism has historically been a strong indicator for economic gold grades at the EMGP and combined with the historical high-grade results at the adjacent Kore Prospect which include 21m @ 7.1gpt from 36m and 5m @ 29.2gpt from 52m indicate economic grades are present.
The initial results will be further analysed, and a second stage drill program developed to continue to advance the prospect area.
- A third area of anomalous gold mineralisation, known as the Rhea Prospect approximately 300m south of the Demeter prospect, appears to be another offset from the mineralised package. Rhea has yet to be drill tested and will be prioritised when regional drilling recommences in coming weeks.
- Close-spaced magnetic data sets have been less effective for mapping out the sub-surface structural architecture where deep transported cover is present over the basement stratigraphy; however detailed logging from the 2020 regional drilling programme has assisted in building the geological understanding of the area.
- Analysis of the data sets indicate a possible relationship between the gold anomalism, magnetic lows and very fine pyrite identified in the logging, which is consistent with the targeted deposit style.
Further fieldwork was initiated to ascertain the presence of very fine pyrite at base-of-hole within the gold trend and mark out additional drilling.
- Gold mineralisation is associated with pyritic quartz veins, with vein density the dominant control over gold grade. At Golden Cities, several plunging high-grade shoots were defined within the broader lower grade mineralised envelope which drove the economics of the project.
- Applying the steep plunging-shoot theory, REZ Group believes the above historical drilling results have not been adequately tested to date.
Regional drilling is planned to recommence in coming weeks.
- REZ wishes to ensure all its employees and contractors remain safe and wherever possible work from home and maintain appropriate distancing. This has necessitated the temporary suspension of the current drilling campaign at its East Menzies Gold Project. It is expected that regional drilling will recommence in the coming weeks.
- Further investigative work on the recent drill cuttings, relogging and panning selective intervals within the 100ppb anomaly for very fine pyrite which may have been initially overlooked.
- Extend the drill coverage to ascertain the northern extents of the gold anomalism within granted tenements as a priority. Prioritise Rhea as the next target to test when drilling operations recommence.
- Design a cost-effective slim-line RC (utilising the air core rig plus booster to drill depths up to 150m) programme to follow up historical RC drilling and the granodiorite contact which has a higher concentration of gold anomalism.
- Expand the regional programme to other prospective zones within the EMGP as new tenements are granted.
Competent Persons Statement and Consent
The information in this report that relates to Exploration Results is based on information compiled by Mr. Nicholas Jolly, Chief Geologist for REZ Group. Mr Jolly is a member of the Australasian Institute of Mining and Metallurgy and has sufficient experience that is relevant to the reporting of Exploration Results to quantify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Jolly consents to the inclusion in this report of the matters based on their information in the form and context in which it appears.