Drilling collaboration report - Daly Waters Project

Abstract

The Daly Waters Project is located within the centre of the mapped unmetamorphosed, intracratonic, Mesozoic Carpenteria Basin. Regional geophysics appears to indicate the project area overlies a structural basement high known as the Daly Waters Arch. Target mineralisation within NRE's Daly Waters Project is MVT Pb-Zn within the Georgina Basin carbonate units beneath the Carpentaria Basin, and stratiform sediment hosted Pb-Zn-Ag within the Proterozoic sediments of the McArthur Basin beneath the Georgina Basin. NRE completed one vertical diamond HQ core drillhole to a total depth of 317.2 metres. Downhole EM and IP were also conducted and completed on the available portion of the hole. The hole intersected sallow marine fine sands to clay sediments of likely Late Miocene-Early Pliocene age to 38.8 metres, overlying Devonian limestone. Sediments of the Carpenteria Basin were absent from the drillhole. The limestone angular unconformably overlies shallow dipping likely McArthur Basin laminated shales with contact at around 139.2 metres depth. Minor sulphides including pyrite and chalcopyrite have been confirmed within the Proterozoic sediments along fractures. Due to limited access to the hole, downhole EM and IP was limited to the top 150 metres of the hole. Results show the region should be favourable to the surface EM exploration method due to the transparent nature of the upper sequences. The Induced Polarisation results recorded Self potential Apparent Changeability and Potential value anomalies around the drill hole NDW12-01. The SP anomalies appear sinuous reminiscent of channels and it is believed that these are caused by variations in the relatively shallow sediments, probably the top 50 metres. A locus of high values 80 metres east of the drill hole could warrant follow up which will form part of NRE's future exploration programs.