Golden Mile Resources Minara Nickel-Cobalt Project (formerly known as the 'Kaikoura Project') is composed of 3 granted Prospecting Leases (P 37/8755-8757), with mineralised stratigraphy striking into the adjacent Benalla tenure, including E 37/1215. The Minara prospects lie along strike from the established Waite Kauri Ni-Co resources (non-Golden Mile assets) and have the potential to be rapidly converted into resources.
MINARA NICKEL-COBALT PROJECT
Figure M1 - Minara Ni-Co Location
The Minara Nickel-Cobalt Project is composed of three granted prospecting leases (P37/8755-57) covering more than 5 square kilometres, and over 6 km of strike. The project is located 43 kilometres to the northeast of Leonora. It is accessed via the Leonora-Laverton road, and then via pastoral station tracks and mining haul roads.
The Minara leases cover a mineralised nickel-cobalt ultramafic unit, situated to the northwest of the 'Tier One' Murrin Murrin lateritic nickel mining operations owned by Glencore, in the North Eastern Goldfields of Western Australia (Figure M1).
Exploration at Minara dates back to the 1960s in the search for gold, however it has only been since 2000 that the nickel potential of the project area has been recognised, with the majority of the significant field work having been completed by Eagle Eye Metals Ltd between 2006 and 2010.
The Minara Project covers more than 6 kilometres of the Waite Kauri nickel-cobalt Trend, with a number of recognised targets having been delineated through surface sampling, with limited drill testing. These targets include the Wanaka, Taranaki, Ruapehu and Kaikoura prospects (Figure M2).
Initial exploration of the Minara Project will focus on the compilation and evaluation of the recent exploration data. In particular, these studies will examine the following:
The relationship between nickel and cobalt in both surface and subsurface environments,
The effectiveness of the drilling to date in testing the known geochemical anomalies, in particular the cobalt components of these anomalies,
Identify extensions to the known nickel-cobalt mineralisation and initiate drilling to test these targets and bring the established subsurface mineralisation at Minara into compliance with JORC 2012.
In addition, it was recently recognised that the Waite Kauri stratigraphy extends to the south of the Minara tenure and is folded & extends into Golden Mile's adjacent Welcome Well tenement (E 37/1215). The Welcome Well ultramafic trend covers over 6 km of strike and appears to be largely untested by historical exploration.
Golden Mile looks forward to updating shareholders on the exploration at Minara develops in the coming months.
Figure M2 - Minara Ni-Co Geology & Prospects