SUMMARY
Steam Engine Gold Project
• A Scoping Study on the viability of a toll treatment as well as a standalone processing operation was completed and reported. The study indicated robust economics for both scenarios and also identified significant scalability upsides in the event that modest additional tonnages of open-pittable Resources are identified by further drilling.
• As a result of the robust Scoping Study outcomes, a Feasibility Study was commenced during the reporting period.
• Results from Stage 1 of the 2024 Resource expansion and exploration drilling program were reported during the period.
• New zones of gold mineralisation were identified at the northern ends of the Steam Engine and Eastern Ridge lodes.
• Re-examination of data from a sub-audio magnetic (SAM) geophysical survey commissioned by the Company highlighted a potential southern extension of the main Steam Engine Lode, including several other previously unknown potential lode zones.
• Advanced 3D modelling of the SAM geophysical data was partially completed. Analysis of preliminary models are being progressed.
• A Phase 2 drilling program commenced on 18 October 2024, comprising 40 RC holes for a total of approximately 3,000 metres of
drilling.
Bottletree Copper Prospect (Greenvale)
• 3D inversion modelling of a high-resolution ground gravity survey highlighted two large prominent gravity anomalies located 400m south of 2022 to 2023 drilling.
• The gravity anomalies are potentially caused by the core of the Bottletree porphyry Cu-Au system.
• A central gravity anomaly is coincident with the porphyry core target that was modelled in 2023 from drill core observations.
• The Company was awarded a $300,000 Collaborative Exploration Initiative (CEI) critical minerals grant for the drilling of two deep holes targeting a modelled porphyry core during the 2024 field season. The government has extended the timeframes for completion of drilling of the CEI holes.
Read the report via this link