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Title: Combined Annual Report for EL 25399 Compass Creek, EL 25436 Mavis, EL 29068 New Waterdrum 28 February 2014 to 27 February 2015
Title Holder / Company: Ismins
Spundaily
Report id: CR2015-0054
Tenure: EL25399;  EL25436;  EL29068
Year: 2015
Author: McGregor-Dawson, J
Abstract: IsMins Pty Ltd (IsMins) holds three exploration licences collectively known as the Compass Creek Project in the central-northern part of the Pine Creek Goldfield in the Northern Territory. The three tenements total 19 sub-blocks and cover an area of 60.8 km2. The Compass Creek Project is located about 130 km south-east of Darwin, 55 km NNW of Pine Creek, and about 15 km east of Ban Ban Springs Station. The results from the 2011 geophysical (IP and Res) and mapping - sampling program were considered very encouraging, and IsMins had planned to conduct a drilling program on the above mentioned targets during 2012. Unfortunately funding was severely impacted by the downturn in the equity markets, which resulted in Island Minerals withdrawing its planned IPO. This in turn meant and IsMins had to delay the drill program. Unfortunately the ability to raise funds for 'grass roots' exploration has remained very poor for the past three years, and has resulted in the delay of the proposed drilling program over this period. In lieu of expensive field programs, we have continued to review and refine our existing data and any new data, so as to better understand the target concepts. It is hoped this will be helpful for future funding opportunities when the market improves. A field visit was made to EL 29068 (New Waterdrum) in September 2014. Several days were spent examining the terrane and looking for previously reported gold mineralisation. In addition, a field visit was made to the Kamas Cauldron and Jason Peak breccia pipes with a senior NTGS geologist (Andrew Wygralak). Andrew is the geologist in charge of geological studies concerning gold deposits in the Pine Creek Mining District (PCMD). Breccia pipes such as Kamas Cauldron and Jason's Peak are considered to be a rarity in the PCMD, and it was important to have Andrew examine these occurrences. Andrew agreed with the breccia pipe designation of these sites, and felt they would qualify for a government drilling grant when we are capable of funding most of the program. IsMins has continued to work hard to arrange funding for the project, but various funding negotiations have not progressed; largely due to the 'grass roots' nature of the project. To further progress a JV opportunity, Ismins has been working with the NT DME Business Development Department (Fiona Park and Cindy McIntyre) in trying to secure an investor from China, Japan or South Korea. This may be 'bearing fruit' as we have just begun discussions with a representative for a Chinese company that has indicated interest in our Compass Creek project.
Date Added: 8-Feb-2021
Appears in Collections:Minerals Exploration Reports (MEX)

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