Willaura Project
This project is located near the town of Lake Bolac, 50 km south of the regional city of Ararat. Lake Bolac is between Ballarat and Hamilton.The lack of outcrop in the vicinity of the Willaura Project compels reliance on indirect data for the interpretation of the underlying geology. Geophysical evidence indicates that units of the Mt Stavely Volcanic Complex form much of the basement under the thin veneer of Tertiary basalt.
The Mt Stavely volcanic complex is one of the least explored volcanic belts in Australia and the Company’s target is potential for the discovery of intrusion related porphyry copper gold deposits. Historic exploration in the region outlined large gold anomalies and returned encouraging drill results at Thursday’s Gossan located in an adjacent tenement that included 229m at 0.22% copper.
Recent drilling at adjacent tenements returned significant gold results over broad
intervals associated with elevated levels of zinc. This association is observed in central NSW in deposits such as Lake Cowal which has a well defined porphyry Cu Au relationship. The targets in the Lake Bolac area are supported by coincident strong geophysical and geochemical responses.
These features and minimal recent exploration activity focussed on intrusive related mineralisation typical of porphyry style form the basis for directing the Company’s exploration activities in this project area.
Exploration by GBM Resources
GBM Resources commissioned a review of previous exploration data including previous geophysical data. The study highlighted areas for further work including the pronounced magnetic highs within each licence.
The structure hosting the Thursday’s Gossan and Junction porphyry gold copper deposits can be traced on aeromagnetic imagery as trending through the Willaura project area. Along that structure and within EL 4631 there are a series of strong, discrete magnetic anomalies similar to the anomaly associated with Thursday’s Gossan intrusive deposit.
The review highlighted that previous modelling of aeromagnetic anomalies A and B above was carried out and the main goal of the modelling was to establish an approximate depth to the top of the magnetic sources for follow up drill testing. A body with an undulating unconformity was used to model anomaly A. The average depth to the top of the magnetic source is approximately 53 meters.
Geochemical sampling by previous explorers has been compiled and highlights the Thursday’s Gossan, Junction and Wickliffe prospects as well as outlining a clear discrete Au anomaly and to a lesser degree Cu anomaly in the western portion of EL 4631, coincident with aeromagnetic anomaly A.
Proposed Exploration Programme
The Willaura Project area has been poorly explored to date, possibly because of the difficulties associated with penetrating the thin basalt and alluvial cover masking the bedrock geology or possibly a lack of understanding of the potential of the Stavely Volcanics. The discovery of porphyry copper gold mineralisation at Thursday’s Gossan demonstrates the prospectivity of the Mount Stavely Volcanic Complex in the district.
The structures hosting the Thursday’s Gossan and Junction deposits continue SE into EL 4631 and host unexplained discrete aeromagnetic anomalies with coincident anomalous copper-gold geochemistry. These anomalies require further exploration using RC and diamond core drilling.
Proposed Budget – Willaura Project
The budgets for the first and second years’ exploration, assuming full subscription
of the Offer, are as follows:
| Activity | Year 1 $ | Year 2 $ | Total $ |
| Geological data acquisition | 5,000 | 5,000 | 10,000 |
| Geochemical data acquisition | 14,000 | 10,000 | 24,000 |
| Drilling | 317,000 | 285,000 | 602,000 |
| Subtotals | 336,000 | 300,000 | 636,000 |