Final Report EL 29068 New Waterdrum

Abstract

IsMins Pty Ltd (IsMins) held EL 29068 (New Waterdrum) from April 13th 2012 until the anniversary date of 2020. IsMins explored the New Waterdrum tenement as part of their Compass Creek Project. The main metals sought were for gold, silver, copper and tin. IsMins is a wholly owned subsidiary of KNX Resources Limited; an unlisted public company (previously known as Island Minerals Limited and then Kidston North Pty Ltd). Over the period of tenure IsMins conducted significant research into prior exploration by earlier tenement holders over the New Waterdrum area. IsMins's research into the past exploration (Appendix 1) showed that the New Waterdrum area is highly prospective, with coincident AEM & Airborne Magnetic anomalies, along with favourable geology and gold anomalism. Both the airborne magnetics and AEM anomalies lie in the core of a north plunging anticline; as do some historic anomalous soil and rock sample assays. Phyllic alteration is also present in the Gerowie Tuff sediments in the core of the anticline. The anticline terminates against the Prices Springs Granite in the south. Both the Gerowie Tuff and Mount Bonnie Formations (of the Alligator River Group) are present in the north plunging anticline. Further north the sediments change to the Burrell Creek Formation (Finniss River Group), which is exposed beyond the north tenement boundary. The post mineral, NW trending Burrundie Dolerite is seen (in magnetics) to pass through the Waterdrum magnetic anomaly, and continue on to the Woolwonga Mine; where it is reported to destroy some of the gold mineralisation. This late dyke confirms a structural connection between Waterdrum and Woolwonga. The major NE-SW trending Hayes Creek Fault structure is projected to cut through the Waterdrum anticline within or close to EL 29068. Several kilometres to the SW of Waterdrum, the Hayes Creek Fault hosts multiple gold, base-metal mines and uranium prospects. The Woolwonga Mine (>0.25m ounces gold) lies about 5 km to the NW of Waterdrum, and is structurally trending in this direction. Recent drilling by Bacchus Resources Pty Ltd has discovered high grade gold intercepts on the SW extension of the mine veins. IsMins was planning to conduct ground IP/resistivity lines across the coincident geophysical and alteration area to try to find sulphide mineralisation at depth. Unfortunately, corporate decisions dictated that the tenement be relinquished.