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888 Resources (ASX:EGM) is an Australian based exploration company established primarily to explore, acquire, evaluate and exploit mineral resources projects primarily gold at the Beaufort Gold Project located in the Victorian Gold Province.
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Beaufort Gold Project
The Beaufort goldfield has produced over one million ounces of alluvial gold, its primary source
• Innovative geological concept.
• Located in the southern area of the Stawell zone of the Victorian Gold Province.
• Extension of the Beaufort goldfield which has produced 1,100,000 oz Au historically.
• North-south structural trend found at other gold deposits in Victoria.
• Cross-cutting structures resulting in ENE-WSW gullies that drain either side of dome to Feiry and Trawalla creeks.
• Major alluvial gold workings located on these drainage creeks.
• All indications are the source of the alluvial gold is the erosion of bed rock that forms the dome.
• The program is to drill identified targets.
• The program will be managed by 888 Resources Limited.
• 888 Resources will earn 70% through a farmin with Oroya Mining Limited.
• The initial drilling program is planned to commence within 4 months following listing on the ASX.
• Location: Beaufort town is 150km west of Melbourne between Ballarat and Ararat on the Western Highway. EL4935 covers
approximately 125 sq. km within the Victorian Gold Province, and is predominantly north of the Western Highway.
The exploration target at Beaufort is a (multi-) million ounce goldfield. To date, the immediate area has yielded 1.1 Moz of gold from alluvial workings at Fiery Creek, Raglan, Chute, Yam Holes and the Trawalla creek valley. The primary source of this alluvial gold has not been identified and is the target for 888 Resources exploration. Potential source regions are limited in area by the local geomorphology and are likely to be within the Cambrian-Ordovician age metasedimentary rocks that also host many of Victoria’s largest gold deposits. In areas of outcrop north of Beaufort, there is evidence of quartz veining, carbonate alteration and pyrite, all common associates of gold mineralisation.
Gold production & recent exploration
The magnitude of the all-time gold production from the Beaufort district has only become evident from recent compilations. Until this new work, the total published figure had been nearer 0.2 Moz, the new compilations represent a major re-rating. Placer Dome Inc conducted the most recent exploration of the target area. This involved a 105 inclined RAB/Open Hole Percussion drilling program in 2000. The drilling program failed to penetrate the weathered zone. Placer Dome recommended the drilling of deeper holes to test for sediment-hosted gold mineralisation near an apparent fold hinge.
The 888 Resources’s exploration strategy was developed with Oroya’s Senior Exploration Consultant Dr Martin Hughes who has extensive experience in researching and exploring for gold in Victoria. The likely source for alluvial gold is constrained to a 10km (east-west) by 15km (north-south) area mostly north of the Beaufort township. Within this focus area of initial exploration, the type of deposit being sought is likely to have a small surface footprint and be continuous to considerable depth. The Company is aware that the primary source for the alluvial gold may be completely removed, but the extent of erosion indicated by the rocks outcropping today does not indicate this, and instead, potential at Beaufort for another multi-million ounce gold deposit in this rich province is considerable. Reconnaissance work has suggested that much of the area of interest may be deeply weathered, and hence 100-150m deep drill holes will be drilled to penetrate any depletion zone.
The target area is a mix of private land holdings and forest.
To download Prospectus please go to:
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Level 4, The Read Buildings
16 Milligan Street
PERTH WA 6000
Crowe Horwath Perth
256 St Georges Terrace
PERTH WA 6000
Security Transfer Registrars
770 Canning Highway
APPLECROSS WA 6153
Telephone: +61 8 9315 2333
Facsimile: +61 8 9315 2233