Westar Resources Ltd (ASX:WSR) has completed negotiations to facilitate 100% ownership of the Carbine Bore leases encompassed by the company's Gidgee South Gold project, consolidating tenure and underpinning its belief in this district.
Nugget and alluvial gold have been previously extracted from the Carbine Bore tenure, which hosts prospective geology and structures.
Westar has completed the outright purchase of Carbine Bore from a private prospector for A$10,000 with no ongoing obligations or royalty payments. The prospecting leases are unencumbered.
Shares higher
The company's shares are up more than 8% in early trade to 20 cents.
The vendor noted that: “After extensive loaming the source of this gold is believed to be deeper and is thought to have come to the surface in a series of feeders.
“Due to the stratigraphy of the country, it is possible that there are multiple sources to the original nuggets found at surface and further geochemical sampling and ground surveys may pinpoint the origin to delineate drill targets.”
“Exciting advancement for Westar”
The acquisition of Carbine Bore provides contiguous tenure across Gidgee South, with planning underway to begin exploration immediately.
Westar managing director Karl Jupp said: “The consolidation of the Gidgee South project with the acquisition of the proven gold-bearing Carbine Bore tenure is an exciting advancement for Westar, especially given our previously defined adjacent priority drill targets.
“Westar thanks the vendors for providing this opportunity.”
Gidgee South Project, approximately 60 kilometres NNE of Sandstone.
Carbine Bore
Carbine Bore comprises two prospecting leases, P57/1368 and P57/1363, which are encompassed by Westar’s Gidgee South Project (E57/1055), and around 60 kilometres NNE of the township of Sandstone, Western Australia.
The tenure lies at the confluence of several regional structures, that form a gold mineralisation corridor hosting more than 40 historic workings.
Structurally, the Carbine Bore area is interpreted to be a part of a large fault block from a D2, N-S shortening event, that has generated E-W striking thrust faults.
It also potentially hosts D3 ESE-WNW transpressional and strike-slip faulting, related to the primary gold mineralisation event.
Importantly, the Carbine Bore is adjacent to previously identified priority drilling targets planned for reverse circulation (RC) drilling in the current quarter.
Future exploration
Carbine Bore is an inclusion within the 100% Westar owned Gidgee South project and is prospective for shear hosted and quartz lode hosted gold mineralisation within a greenstone terrane.
No modern exploration beyond prospecting has been undertaken at Carbine Bore.
Westar is investigating various methodologies to quickly advance exploration at Carbine Bore including extending the upcoming RC drilling planned for Gidgee South.