Annual Report
Perth, Oct 30, 2015 AEST (ABN Newswire) - The financial year ending 30 June 2015 marked a seminal period for Goldphyre Resources Limited (
ASX:GPH), with a new exploration focus and significant board and management changes. Your Board continued to manage the Company's project areas prudently and professionally, which saw the number of tenements owned by the Company being reduced. Cash reserves were bolstered with successful placements of shares in August 2014 and June 2015, with the later issue's pricing indicative of the support the Company received following its inaugural Lake Wells Potash Project announcements.
Goldphyre commenced the 2015 financial year with encouraging gold and base metal results from exploration at the Lake Wells project in July 2014. The Central Area prospect returned best RAB intercepts of 49 metres at 0.22% nickel, from 10m, and 2 metres at 441ppm copper from 8 metres. At the Axford prospect, best intercepts from the same program, including 2 metres at 440ppb gold and 4 metres at 200ppb, indicated a new, mineralised trend open along strike of previously recorded results.
In December 2014, the Company conducted a brief, 760 metre RC drill program at its 100% owned Laverton Downs project. This drill program similarly yielded very encouraging shallow gold and zinc results, including 4 metres at 1.99 grams per tonne gold and 8 metres at 0.21% zinc. However the new calendar year commenced with the Company shifting its exploration focus to the unusually high potassium levels recorded from a small, lake surface brine-sampling program at what has now become the Lake Wells Potash Project. I encourage you to follow the progress of that Project's development in more detail in the Operations Report.
Your board's composition changed quite markedly in July 2014, with Dean Goodwin, a geologist of some 30 years' experience, and I taking positions as Directors. I thank Dean and founding Director Brenton Siggs for their continued support and efforts. Your board now comprises significant and strong geological experience, complimented by my corporate and financial background.
The 2015 year was a very exciting time to be involved with your Company, and I know I speak for my fellow Directors when I say that I look forward to the balance of the 2016 year with much anticipation as we progress both the Lake Wells Potash Project and Goldphyre Resources Limited.
PROJECTS AND EXPLORATION ACTIVITIES
1. HIGHLIGHTS
LAKE WELLS
- Significant sulphate of potash (SOP) brine results from reconnaissance pit sampling and hole dipping with an average across all brine samples of 4.93 kg/m3 K, equivalent to 11.00 kg/m3 SOP
- Existing drilling combined with aquifer modelling work revealed an extensive palaeovalley aquifer volume of approximately 1.6 billion cubic metres, with strong groundwater inflow and the presence of a deep palaeochannel in the central part of the project
- Encouraging drill results were received in July 2014 from a reconnaissance RAB/AC drill program over 60 holes (1981m) on regional base metal and gold targets
- A second, shallow parallel gold trend was identified at the Axford Prospect with an intercept of 2 metres at 440 ppb Au from 25 metres from hole LGAC164
- Nickel-copper drill-hole gold anomalies were also recorded including 49 metres at 0.22% Ni from 10 metres from hole LGRB046
LAVERTON DOWNS
- An 8 hole RC drill program was completed during the quarter, with anomalous gold and zinc results reported including 4m at 1.99g/t Au from hole LDRC001, and 8m at 0.21% Zn from 28m in hole LDRC001
BERETTA
- A large, underexplored holding of approximately 350 km2 in the East Albany Fraser Range Belt has been applied for, and at the date of this report is awaiting grant
- The tenement area applied for includes the 'MI6' untested magnetic high feature
MAILMAN HILL
- An extensive 1200m long zinc-copper geochemistry anomaly has been identified with up to 165ppm Zn and 132ppm Cu, which is coincident with a previously reported down-hole RC zinc-copper anomaly of up to 1m at 0.51% Zn which itself remains untested at depth
- Historic and previous geochemistry sampling confirmed a dislocated 2000m long historic gold anomaly
2. OVERVIEW
Throughout the 2015 financial year, the Company explored priority potash and gold & base metal targets on 100% held tenure (Figure 1, Appendix 3) and also reviewed a number of local and overseas project opportunities. The Company has further divested or surrendered several low priority tenements and acquired new tenure with exploration upside.
As at 30 June 2015, the Company holds 100% of 10 granted tenements and 2 tenement applications in the Eastern Goldfields which form five exploration projects (Figure 1, Appendix 3). These projects are located in the Laverton/Leonora and Fraser Range regions of Western Australia.
The Company's primary exploration focus in the reporting period has been to evaluate the Lake Wells project predominately for potash, and other exploration properties for gold, copper, zinc, nickel and platinum group elements (PGEs).
The potash exploration effort has been rewarded with the identification of a significant potash brine exploration project via successful reconnaissance playa lake pit sampling, dipping of selected drill-holes and aquifer modelling using an extensive combination of historic & current Goldphyre drill hole data at Lake Wells.
Encouraging gold and zinc results were also recorded from the first reverse circulation (RC) drilling program at Laverton Downs.
A coincident zinc-copper soil anomaly and drill-hole zinc anomaly previously identified at the Venus Prospect at Mailman Hill Project requires further geophysical surveying to evaluate massive sulphide potential at depth.
To view the full report, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-GPH-740722.pdf
About Australian Potash Ltd
Australian Potash Limited (ASX:APC) is an ASX-listed Sulphate of Potash (SOP) developer. The Company holds a 100% interest in the Lake Wells Potash Project located approximately 500kms northeast of Kalgoorlie, in Western Australia's Eastern Goldfields.
Following the release of a Scoping Study in 2017, APC has been conducting a Definitive Feasibility Study (DFS) into the development of the Lake Wells Potash Project. The Company is aiming to release the findings of the DFS in H2 2019.
The Lake Wells Potash Project is a palaeochannel brine hosted sulphate of potash project. Palaeochannel bore fields supply large volumes of brine to many existing mining operations throughout Western Australia, and this technique is a well understood and proven method for extracting brine. APC will use this technically low-risk and commonly used brine extraction model to further develop a bore-field into the palaeochannel hosting the Lake Wells SOP resource.
A Scoping Study on the Lake Wells Potash Project was completed and released on 23 March 2017. The Scoping Study exceeded expectations and confirmed that the Project's economic and technical aspects are all exceptionally strong, and highlights APC's potential to become a significant long-life, low capital and high margin sulphate of potash (SOP) producer.
| ||
|
