Geophysics and Drilling Collaborations GDC1500016 - Brownfields Diamond Drilling 2022 Golden Forty East - MLC 586

Abstract

Golden Forty East sits immediately adjacent to the Golden Forty Mine (existing Inferred JORC 2004 Resource of 48koz of gold) which produced at a head grade of 12g/t gold and ceased production in 1983 due to ground conditions. Golden Forty East has a small amount of historical surface mining (521oz gold), however the down-plunge extents of this remained untested prior to drilling carried out by Emmerson in 2022. The complexity of the structural setting in the area was realised once the historic Golden Forty Mine commenced, with folding apparent and a hematite-magnetite ironstone situated in the hinge of an anticline. The structural setting learnings from the Golden Forty Mine were never applied to nearby areas such as Golden Forty East. The 2022 program was the first drilling program at the Golden Forty East target in over 30 years. Having been successfully awarded round 15 2022-2023 co-funding grants through the Geophysics and Drilling Collaborations (GDC) program administered by the Northern Territory Geological Survey (NTGS) two diamond holes were planned to test for a) the presence of magnetite-hematite 'ironstones' and b) test for mineralisation down-plunge of known mineralisation. The holes were designed to test both a possible hinge zones within the Warramunga Formation, which provide ideal architecture for focussing hematite bearing fluids and associated gold mineralisation. The drilling also provided further learnings into district controls on mineralisation which has wider implications for targeting. Two diamond holes, GFDD058 and GFDD063, were drilled from surface and successfully intersected multiple ironstones bodies totalling 40 metres across both holes. The intersected ironstone bodies are believed to contain typical attributes of the shallow expressions of a Tennant Creek style gold system as seen elsewhere in the mineral field. Assay results suggest metal zonation and a down plunge vector from shallow low temperature lead and zinc to deeper and hotter copper and gold-bismuth. Noting the mineralisation remains open down dip and along strike towards Golden Forty South, with plunge extent yet to be explored. The geology, structural data and assay results warrant further work, with a follow-up program planned for Q4 2023. Data gained from Golden Forty East program has wider implications for exploration concepts in the immediate vicinity and in the greater field. Emmerson Resources-Tennant Consolidated Mining Group (TCMG) Joint Venture sees the Golden Forty Mine as a pivotal part of the mining schedule, with additional opportunities located in the brownfield environment sought to be easily processed by the newly acquired mill which is scheduled to come online in 2024.