First Annual report on EL 4927 Mount Bundey year ending 16-06-1987

Abstract

The licence was acquired to search for gold, on the basis that the geology was favourable and that fine-grained and/or low grade stratiform or stockwork gold mineralisation missed by previous explorers might be found by a systematic stream sediment geochemical survey. This was done, together with some reconnaissance rock sampling. A gold anomaly in the north eastern corner of the Licence was located, and follow up work revealed gold-bearing outcrops of a southerly dipping siliceous horizon in the Wildman Siltstone extending along a strike length of some 200m, and two metres thick at the largest exposure. The first 15 chip samples averaged 13.3 g/t Au. The prospect was named 'Tom's Gully'. Two short percussion drilling programmes were carried out in April and May 1987 which showed that significant gold mineralisation was continuous along an east-west strike length of some 400m. Four 20-hectare mineral claims were pegged over the prospect in May 1987, A further drilling programme is planned to start in early July 1987, to investigate the down-dip extension and the east and west ends of the target horizon.