Bynoe Gold (Far East) Final Report Round 14 GDC Program EL 29698

Abstract

Three diamond cored holes targeting gold mineralisation were drilled to test the greenfields Far East Gold Prospect located on EL 29698. The drilling was completed following a successful Round 14 GDC Program funding application by Core Lithium Ltd ('CXO'). The objective of the Far East GDC program was to test below strike extensive, high magnitude, surface gold geochemical anomalies evident in soil and rock chips collected in 2020, and below shallow RAB drilling which intersected gold mineralisation in the upper parts of the weathered basement in late 2020. The rationale for completing diamond cored holes from surface was that core delivers significantly more information than percussion methods in both weathered and fresh rock. Specific goals of the program were to study host rock lithology, hydrothermal alteration, mineralisation style, veining styles, and to collect valuable structural data to assist in determining the structural setting of the prospect. Drilling commenced on 7th August 2021 and was completed on 1st September 2021, with all on-site field related activities finalised on 29 November 2021 when rehabilitation of drill sites was completed. A total meterage of 722.7m was drilled. Short rotary mud precollars were completed (total of 22.0m across the three holes) before drilling PQ diameter core through the weathered zone (total meterage 256.4m), then reducing core diameter to HQTT in fresh rock (total meterage 444.3m). Collar surveys were done using 5-minute waypoint averaged handheld GPS pickups, with downhole surveys completed using a north-seeking gyroscopic instrument. Core recovery and RQD measurements were made on all cored intervals. pXRF analyses were completed on a nominal 0.5m downhole interval for the cored intervals of all three holes, and a total of 451 samples (inclusive of 22 QAQC standards and blanks) were assayed at North Australian Laboratories in Pine Creek. All core trays were photographed dry and wet. Core orientation was attempted at the end of each core run for HQTT diameter core, with most orientation attempts being successful. Numerous structural measurements of S0 and vein dip/dip-azimuths were made using the alpha-beta method, while rare fold axes were also measured. The very small variation in S0 strike evident at the prospect and confirmed by surface mapping and oriented HQTT measurements could allow semi-confident beta angles to be estimated when core orientation was not attempted (PQ core) or was unsuccessful. Weathering persists to depths ranging from 72m to 85m vertically below surface. Lithologies intersected in the drill holes are dominated by turbidite sequences of interbedded fine grained pelite to sandy greywacke. Minor intervals of both clast and matrix supported quartz pebble conglomerate are also present and form useful marker horizons. Many of the coarser grained sandy beds exhibit graded bedding and valuable younging information was able to be routinely collected. Quartz veins occur intermittently in each hole and range from narrow veins of several mm up to rare examples approaching approximately 1m in downhole width. Many veins contain minor chlorite while carbonate is very rarely present. In fresh rock, sulphide mineralisation is dominated by fine to coarse grained arsenopyrite, with rare sub-ordinate pyrite. Pyrrhotite and extremely rare chalcopyrite were also observed. Quartz veining is generally associated with sulphides, with sulphide present in some veins but more commonly in the host rock on vein margins. Examples of sulphide mineralisation without associated quartz veins were also observed. No native gold was seen in core samples however numerous grains were panned from the core saw sludge generated when the core was cut for assay. Hydrothermal alteration appears to be very limited in intensity and extent, with the confident interpretation of alteration phases confused by the fact that minerals which may be formed through alteration could also have a metamorphic origin. Possible hydrothermal alteration phases include chlorite (supported by its presence in quartz veins), very fine disseminated laths of probable amphibole, and zones of silicification. 'Bleached' intervals likely reflect the presence of very fine white mica, with elevated K in assays supporting this interpretation. The lack of significant hydrothermal alteration may be indicative of low fluid/rock ratios during the mineralising event, or alternatively that the ore fluid and host rocks were in thermal and chemical equilibrium. Structural analysis combining younging directions and bedding measurements confirms that the rocks are folded into very tight to isoclinal structures (interlimb angles <10 degrees) with some holes passing through several fold hinge zones. The fold limbs are planar, while the hinge zones are very narrow indicating the folds are of a chevron style. Many of the hinge zones have suffered failure and these, together with other structures, control the location of quartz veining and mineralisation. Veins show a range of orientations however they dominantly strike parallel to bedding. Laboratory assays of sawn 1/2 core confirm the widespread presence of anomalous gold, however no economic intersections were achieved. Results include 3m at 0.31g/t Au; 0.3m at 0.8g/t Au including 0.1m at 1.99g/t Au; 3.2m at 0.33g/t Au including 0.4m at 1.42g/t Au; 25m at 0.16g/t Au; and 8.37m at 0.15g/t Au. The gold anomalous zones usually coincide with quartz veins or mineralised vein selvages, while fold hinge zones can also exhibit gold anomalism. In fresh rock gold displays positive correlations with a suite of metals including As, Bi, Co, Mn, S, Sb, Te and W. The Bynoe Gold (Far East) GDC drilling program has met its objective of significantly increasing the geological understanding of the mineral system at Far East including the style of mineralisation, its association with quartz veining and hydrothermal alteration, its associated pathfinder metal geochemistry and the structural setting of the prospect. The association of turbidite hosted auriferous quartz veins and sulphide mineralisation controlled by fold structures, the lack of significant hydrothermal alteration, and the association of gold with a distinct pathfinder metal suite are characteristics the Far East Gold Prospect shares in common with many deposits in the Pine Creek Orogen. Far East is therefore interpreted to be a Pine Creek Orogen style deposit, suggesting that the boundary of the gold-prospective part of the Orogen can be significantly revised and extended to the northwest to incorporate areas with little previous focussed gold exploration, presenting 'first mover' opportunities for future explorers.