Eidsvold Project

The Eidsvold Project presents a first mover advantage for bulk tonnage intrusion-related Au (IRG)mineralisation below shallow cover adjacent the historical Eidsvold Goldfield (circa 100koz Au produced). Mineralisation is hosted in the Permo-Triassic multiphase Eidsvold Intrusive Complex between the Cracow (3Moz Au) and Mt Rawdon (2Moz Au) gold mines in the Northern New England Orogen.

A number of Au targets have been identified at Eidsvold including:

• • Great Eastern Target
  • Mt Brady
  • Mt Jones
  • Forty Horse
  • Tower Hill
  • Eidsvold Goldfield extensions

Great Eastern Target 

In 2019 MBK modelled a 7 km² alteration system interpreted as a very large IRG system beneath surface geochemical anomalies at the Great Eastern Target overlain by 50 – 100 m of sediment.

The target was produced from a combination of data including a 1000 line km airborne survey flown by MBK, open file airborne magnetic data and ultra-trace soil geochemistry combined with pH analysis to produce a coincidence of sulphide weathering and elevated pathfinder geochemistry directly over the geophysical anomaly.

The geophysical responses are of the same scale and very similar to those at the 3 Moz Mt Leyshon gold deposit. At both Mt Leyshon and the Great Eastern Target, broad resistivity lows occur on top of and at the sides of a deep reverse polarised magnetic core. At Mt Leyshon, the low resistivity reflects gold mineralisation within overprinting alteration surrounding the early hot intrusive phase defined by the deep reversely magnetised core.

It is interpreted a similar process has occurred at the Great Eastern Target where significant surface geochemistry results are coincident with the low resistivity response around the core.

The Great Eastern Target is currently considered to be the likely source of gold mineralising fluids 6 km to the southwest at the historical Eidsvold goldfield and the Mt Brady historical workings 5 km to the northwest, where MBK intersected up to 1m @ 17.4 g/t Au in scout drilling.

Initial drilling in 2020 supported by the Queensland Government’s Collaborative Exploration Initiative identified Au and Cu-bearing veining and disseminated mineralisation to within broad strong alteration zones at depth consistent with IRG mineralisation below thicker than expected cover sequence. Importantly, work indicated at least two hydrothermal systems are present.

Follow-up drilling in 2021 intersected further alteration over significant distances to the west within basement intrusives including narrow and higher grade sulphidic veinlets with up to 0.25g/t Au, 139g/t Ag, 0.12% Cu and 5.2% Pb+Zn and other supporting geochemistry below a thinner cover sequence. With size, alteration, geochemical and geophysical support, exploration for the causative intrusive/s continues.

Further information is available by clicking the following MBK ASX releases:

31/05/2021 – Drilling at Eidsvold intersected strong alteration and mineralisation at Great Eastern Target

02/02/2021 – Drilling confirms Large Hydrothermal System at Great Eastern Target – Eidsvold Project

05/05/2020 – Significant Gold Target Defined at Eidsvold Project

18/09/2017 – old Mineralisation Intersected – Eidsvold Project

15/04/2014 – Eidsvold Gold Project – SE Queensland – Drilling Update

Competent Persons Statement

The information on this web page that relates to Exploration Results, Mineral Resources and Exploration Target statements is based on information compiled or reviewed by Mr Trevor Wright as set out in the Company’s ASX Releases dated 7 Nov 2019, 23 April 2020 and 6 July 2020 (8 Mile) and 5 May 2020 (Eidsvold).  The Company is not aware of any new information or data that materially affects the information included in these ASX Releases and in the case of reported Mineral Resources, all material assumptions and technical parameters underpinning the estimates continue to apply and have not materially changed. Mr Wright is a Member of The Australasian Institute of Geoscientists and is a contractor to the Company. Mr Wright has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Wright consents to the inclusion on this web page of the matters based on his information in the form and context in which it applies.  The Exploration Targets described on this web page are conceptual in nature and there is insufficient information to establish whether further exploration will result in the determination of Mineral Resources.