Golden Mile Resources Ironstone Well Gold Project (formerly known as 'Braemore') is composed of a granted mining lease and 13 active prospecting licences. These tenements host a number of historical gold workings as well as a number of more recently discovered prospects. The 'Natasha' prospect, on the western side of the project, is of particular interest due previous exploration highlighting its potential to host economic gold mineralisation.
IRONSTONE WELL GOLD PROJECT
The Ironstone Well Gold project is located 6 km to the north-northeast of Leonora and hosts a number of target areas, including the 'Natasha' and 'Sophie' prospects on western side of the tenements. The project is composed of a granted mining lease (M 37/1341) and 13 prospecting leases (P 37/8484, 8610-12, 8615, 8922, & 9047-9053) covering over 28 square kilometres and more than 5 kilometres of prospective strike.
The Company has recently acquired a key tenement (P 37/8615) that contains the most important known historical workings in the Ironstone Well area. According to historical reports, the “Pride of Leonora” gold mine produced 38 kg gold from 1,540 t ore at a grade of 24.6 g/t from 1899-1906.
The geology of the project is characterised by a deformed stratigraphy and contains numerous predominantly north-northwest‐trending subparallel shear zones. Most of the gold deposits in the Leonora area are located along these shear zones.
Targets within the tenement area include the Natasha, Sophie, Pig Well and Portia prospects, all of which have returned anomalous gold mineralisation in sampling.
The Ironstone Well region has a long history of exploration and mining, dating back to the 1900s when prospectors worked the quartz vein hosted gold deposits at Pride of Leonora and the nearby Fitzgeralds and Lady Smith deposits.
Modern exploration at Ironstone Well commenced in the late 1960s, however the most significant programs were conducted in the mid to late 1990s. Cambrian Resources NL conducted a significant program of drilling across the western tenement area and defined significant gold mineralisation in both the near surface environment and at depth, at Natasha and Sophie.
The Company's 'first pass' review of the project shows a significant number of anomalies at surface and in drilling that require investigation. The project lies close to both logistical and production orientated infrastructure in the region, including St Barbara's Gwalia gold plant, located 12 km to the south, making the gold mineralisation at Ironstone Well an exploration priority.