ASX ANNOUNCMENT 28 October 2020
QUARTERLY ACTIVITIES REPORT - 30 SEPTEMBER 2020
Highlights
- Completion of high impact diamond drill programme at Mt Adrah
- Focus of drilling was high-grade and bulk tonnage gold targets
- The Company remains well-funded with $4.98M cash at hand
Wildcat Resources Limited (ASX: WC8) ("Wildcat" or "the Company") is pleased to present its Activities Report and Appendix 5B for the period ending 30 September 2020.
Exploration Activities
Mt Adrah Gold Project - NSW
During the period, the Company commenced its maiden drill programme at the 100% owned Mt Adrah Gold Project in the Lachlan Fold Belt of New South Wales ("NSW"). This programme was completed subsequent to the end of the quarter with core samples having been prepared and sent for assay in NSW with final results expected shortly.
Figure 1. Drill rig turning at high grade gold quartz reef Castor Reef
There are multiple prospects along the project's 18km strike on the Gilmore Suture where little systematic exploration has been completed since the 1980's. The system has a high gold metal budget and the company looks forward to further exploration efforts in the coming quarter. Of particular interest is the historical quartz reef mineralisation at White Deer and Castor Reef which appeared to be related to a number of historical adits at surface.
ASX ANNOUNCMENT 28 October 2020
The Company remodelled the Sovereign Metals Limited 2013 IP data (ASX release 9th October 2013) surrounding the Hobbs Pipe deposit. After a quality check on the data, specialist consultants Austhai Geophysical Consultants and Zion Geophysics Inc carried out a 3D Inversion of the data and interpretation, respectively in early 2020. There were topography discrepancies flagged and it was also noted that survey design issues led to gaps in 3D coverage through the survey area. The new inversion and interpretation confirmed that the IP survey detected Hobbs Pipe, and 6 other features of interest (chargeability anomalies of pipe-like geometry) were present in the survey area. The Hobbs Pipe chargeability response was strongest at about 50m depth in the data, but the response at depth may be hampered by the geometry of the survey design.
The other features of interest to drill were selected based on having an anomalous chargeability response at a range of depths through the model generated, with slices taken at 50m, 75m, 100m and 150m below surface.
These targets are generally more discrete than those in the initial modelling of the data, where broader larger target zones were outlined. The stratigraphic trends defined from detailed field mapping and have shown that some of the chargeability trends are at high angles to stratigraphy, and thus not likely to be stratigraphic responses. The company is encouraged by the results of the IP remodelling and soil sampling programs in 2020.
Another IP chargeability response is coincident with a portion of the Castor Reef prospect and was tested in this drill campaign. A second-high priority IP chargeability response is located immediately north of the Hobbs Pipe and a diamond drill-hole was designed to determine the nature of the chargeability anomaly. The technical team continues to plan and will garner a greater knowledge of the system from this latest drill program and is looking to complete an infill soil sampling program and further drilling in the next short to medium term.
Bolt Cutter Project - Mallina Province, Pilbara WA
Subsequent to the end of the quarter, the Company commenced exploration activities at the Bolt Cutter Project in the Mallina Province - Pilbara Western Australia. Wildcat Resources has a dominant land position with three applications (E45/5613, E45/5623, E45/5612) in the under-explored Mallina Province - WA. The Company continues to manage the process of these applications to an ultimate outcome of grant. We note that the Company was first in time lodging the applications and this right is not subject to a ballot. Once granted the Company will hold the mineral rights to these tenements 100%.
The Company has reviewed the historical data on the project and has identified that better magnetic resolution will allow for more efficient planning of the upcoming exploration campaigns.
The Mallina Basin is a large and highly prospective gold province and yet is grossly under explored. The exploration maturity of the Mallina Basin is lower than many other gold regions in WA, and recent exploration successes there may indicate that there is significant untested potential of the region.
ASX ANNOUNCMENT 28 October 2020
Figure 2 - Bolt Cutter Project in the Mallina Province - Pilbara WA
The recent discovery of the Hemi gold deposit by De Grey Mining Ltd (ASX:DEG) has uncovered a major new gold system in the Mallina Gold Province. Previous exploration primarily focussed on targeting structurally controlled gold mineralisation, though Hemi demonstrates that the Towerana gold deposit is not the only intrusion-hosted system in the belt. Gold occurrences in the region are commonly sediment- or intrusion- hosted and associated with anticlinal axes, particularly where they intersect major fault or shear structures. The highly prospective Berghaus Shear trends in a north-easterly direction and looks to have provided fluids for the formation of the Hemi Deposit. In addition to the Berghaus Shear, anticlinal axis trends in a parallel orientation with multiple splays off the Berghaus Shear intersecting the anticlinal axis provide areas of interest. Similar settings may be replicated in the Wildcat tenement package. Given the recent significant exploration success by De Grey Mining Ltd, the region could be viewed as having the potential to become a World Class Province.
Figure 3 - Figure Mallina Province in the Pilbara Western Australia
ASX ANNOUNCMENT 28 October 2020
Fraser Range
No field exploration was completed on the tenement package during the quarter.
Corporate Activities
Cashflows for the Quarter
Attached to this report is the Appendix 5B containing Company's cash flow statement for the quarter. The significant cashflows relating to the quarter included $216k spent on exploration and evaluation expenditure, which was primarily associated with the costs relating to the drilling programme Mt Adrah, $158K administration and corporate cost, of which $79k related to the payments made to related parties. These payments relate to the existing remuneration agreements for Executive and Non-Executive.
As of 30 September 2020, the Company had available cash of $4.98 million.
Change of Company Name
During the period and following shareholder approval, the Company received approval from Australian Securities and Investment Commission ("ASIC") for the name change to Wildcat Resources Limited and this in now in effect.
Activities for the Current Period
For the three months ending 31 December 2020, the Company plans on undertaking the following:
- Receive assay results from the diamond drilling programme at the Mt Adrah Project (NSW)
- Increase soil sampling and field work across the Mt Adrah Project area
- Complete an airborne magnetic geophysical survey with modelling on the Bolt Cutter Project in the Mallina Province, Pilbara (WA)
- Review historical high-resolution magnetics have also been sourced for application E45/5623 and a modelling process will be completed on the Bolt Cutter Project
- Continue to assess and evaluate new projects for possible acquisition, to be acquired and maintained in conjunction with the Company's current Projects
- ENDS -
This announcement has been authorised by the Board of Directors of the Company.
SEPTEMBER 2020 QUARTER - ASX ANNOUNCEMENTS
This Quarterly Activities Report contains information extracted from ASX market announcements reported in accordance with the 2012 edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves" (2012 JORC Code). Further details (including 2012 JORC Code reporting tables where applicable) of exploration results referred to in this Quarterly Activities Report can be found in the following announcements lodged on the ASX:
AIRBORNE MAGNETIC SURVEY AT BOLT CUTTER PROJECT - PILBARA WA | 15 October 2020 |
HIGH IMPACT DRILL PROGRAMME KICKS OFF - MT ADRAH GOLD PROJECT | 10 August 2020 |
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