Jindalee Resources Ltd (ASX:JRL) and joint venture partner Torque Metals Ltd (ASX:TOR) have received gravity geophysics data from SensOre Ltd highlighting the gold potential of the Maynard’s Dam Prospect.
Maynard’s Dam lies north of the Paris and HHH Gold Projects in the Coolgardie goldfields of WA.
Historical scout drilling records at Maynard’s Dam indicate drilling intercepts of up to 3 metres at 28 g/t gold.
A desktop review, compilation of historical exploration activity and reprocessed newly available gravity geophysics at 100 metres x 200 metres spacing undertaken by SensOre has provided enhanced information on the lithologies and structures controlling mineral potential in the area and will be used to assist identifying drill site locations on the DPT® 1 generated targets.
St Ives and Norseman style gold systems
According to SensOre, targets predicted by the DPT® system are interpreted as potentially analogues for both St Ives (Gold Fields) and Norseman (Norseman Gold & Pantoro JV) style gold systems consisting of intrusion-related and structurally controlled auriferous quartz veins.
A splay off the Boulder-Lefroy Fault, a regionally fertile structure in the Eastern Goldfields passes down the western side of the project area.
Torque executive chairman Ian Finch said: “This exploration work undertaken by SensOre at Maynard’s Dam bodes well for a potentially significant gold discovery at this prospect.
“Torque looks forward to further updates from SensOre as they progress exploring Maynard’s Dam as part of the joint venture agreement.”
SensOre earn-in
Torque signed an agreement in 2020 with Jindalee to earn an 80% interest in exploration licences on the eastern edge of the Widgiemooltha Project including Maynard’s Dam Prospect.
Subsequently, Torque reached an agreement with a SensOre Limited subsidiary which can earn up to 70% interest in Maynard’s Dam.
SensOre is earning a 51% stake in the prospect by expending $3 million over a three-year period with guaranteed minimum expenditures of $300,000 in year 1 and $700,000 in year 2.
Thereafter they may earn up to a 70% stake by completing a comprehensive mining feasibility study.
Torque may subsequently buy back 10% from Yilgarn for $500,000.