Monkey Gully Prospect is considered to be an under-explored IRGS with significant evidence of Tungsten and Molybdenum mineralisation representing the upper levels of an IRGS system.
In April 2018 a Binding Terms Sheet was signed with Kennington Global Limited (KGL), a Hong Kong registered company. Under the terms of the agreement, KGL has the right to acquire up to 80% of the Project by spending A$600,000 with GBM retaining a 20% free carried interest to completion of a Bankable Feasibility Study.
A two day field trip to Monkey Gully was completed during September 2018 by NEDEX Pty Ltd (Nedex) on behalf of Kennington Global Limited (KGL). During the visit the geological setting and style of mineralisation was reviewed with the objective to design a preliminary drilling programme to test the zone of tungsten/molybdenum mineralization. A subsequent data review was undertaken during the December Quarter and an initial drill programme proposed.
Previous drilling by GBM intersected 17 metres averaging 0.19% W2O3 and 262 ppm Mo from 101 metres downhole, including 8 metres averaging 0.34% W2O3 and 493ppm Mo. Review of previous exploration data has also highlighted a number of significant geochemical and geophysical anomalies which represent targets for future exploration.
Two target styles have been proposed at Monkey Gully; a near surface target of multiple close-spaced dykes and dyke contacts and a deeper mineralised carapace over the tonalite source intrusion. Given the size of the central magnetic high (2 kilometre x 0.8 kilometre) and the modelled association with a mineralised tonalite carapace, the deep target has significant exploration potential for a large-tonnage W-Mo +- Au IRGS deposit.