ASX ANNOUNCEMENT - 21 October 2016
Assets, Experience, Growth
Historical WMC Lag Sampling at Monument Gold Project
12km long gold‐in‐soil anomaly defined over priority Korong‐Waihi Trend
HIGHLIGHTS
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Syndicated completes review of historical WMC soil Lag sampling conducted between 1989 and 1992, with the data acquired as part of the purchase of the Monument Gold Project in WA.
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WMC defined a large, coherent soil geochemical anomaly over the Korong‐Waihi Trend, including the length of the interpreted Korong Ultramafic unit which contains the mineralised upper BIF unit.
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Limited follow‐up of the soil geochemistry has been undertaken to date.
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Recently commenced exploration program at the Monument Project progressing, with further updates on the progress of drilling to be provided in the coming days.
Syndicated Metals Limited (ASX: SMD - "Syndicated" or "the Company) is pleased to advise that it has completed a detailed review of historical soil geochemical results originally collected by WMC Exploration at its recently acquired Monument Gold Project in Western Australia. The data covers the priority Korong‐ Waihi Trend, which is the main initial focus of the Company's recently commenced exploration program.
WMC Exploration conducted the surveys between 1989 and 1992, when they were exploring the project and its surrounding prospects for gold and nickel mineralisation.
Syndicated Metals acquired the data as part of its recent purchase of Monument Exploration Pty Ltd. The results have not been reported under the JORC Code previously, but form part of Syndicated's ongoing exploration strategy at the project.
The Monument Gold project comprises a 210km2 tenement package located approximately 55km west of Laverton in the world‐class Laverton gold district of WA, which hosts numerous multi‐million ounce gold mines such as Sunrise Dam (+10Moz), Wallaby (+8Moz), Granny Smith (+2Moz) and Lancefield (+2Moz).
The Korong‐Waihi trend project covers a 16km strike length of the same BIF (banded iron formation)/porphyry sequence which hosts the key Westralia and Morgan's North deposits at Dacian Gold's Mount Morgan's Project (3.3Moz) (refer Dacian Gold announcement 25 July 2016)(see Figure 1).
Figure 1 - Location of the Monument Gold Project showing regional magnetics. Note the locations of historical RC and diamond drilling collars at Waihi, Anomaly 39 and Korong.
Soil Geochemical Survey - 1989‐1992
WMC Exploration undertook a significant soil geochemical survey over the Korong‐Waihi Trend between 1989 and 1992 as part of their West Laverton Joint Venture. The geochemistry survey consisted of several phases of work, namely:
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Phase 1: Sampling designed to assess the prospectivity of reported and previously drilled (by MIM) areas of gold mineralisation within the project area, in particular the Korong and Waihi prospects. The 200m by 40m grid sampling covered the Waihi and Korong prospects; the remainder of the outcropping Banded Iron Formation (Korong Upper BIF unit) was covered by 200m by 100m grid sampling and the outlying area was covered by a broad 400m by 100m sampling grid;
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Phase 2: Sampling on a 50m by 40m grid comprised the detailed follow up investigation over the Waihi and Korong Prospects;
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Phase 3: Sampling involved coverage of geochemical anomalies identified in Phase 1 and extension of the 200m by 40m grid south‐east of Korong.
In total, 7398 samples were collected. Samples were collected by Standard WMC Exploration methods which consisted of samples taken from between 5cm to 15cm below surface and sieved to ‐6mm to +2mm size fraction.
Samples underwent standard preparation of drying, sieving, crushing, splitting and pulverizing to 80 mesh (200 microns). Analytical procedures included:
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Ni Cu Co Cr Pb Zn Mn Fe Ag Mo As Bi - 20g sample, 3 acid digest and AAS finish;
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Au - 25g sample, solvent extraction with aqua regia, AAS finish.
All samples were assayed for gold with only minor samples undergoing additional element assays. QA and QC control was by standard WMC Exploration procedures at the WMC owned laboratory. All sample locations were grid controlled by survey of each grid line.
Survey Results
Survey results revealed a large, coherent soil geochemical gold anomaly which spanned the length of the Korong‐Waihi trend and stretched for approximately 12km (see Figure 2). Minor anomalies were also highlighted adjacent to the Korong‐Waihi trend.
Figure 2 - Korong‐Waihi Trend Gold (ppb): Soil geochemical results WMC Lag sampling program 1989‐1992.
The survey highlighted both the Korong and Waihi outcropping BIF‐hosted gold deposits, which had previously been identified and drilled at the outcrop locations by MIM. Several additional locations which warranted follow‐up by drilling between Korong and Waihi and south of Korong were also identified.
Only Anomaly 39 was subsequently followed up by WMC with shallow aircore and RC drilling. The drilling encountered a significant paleo‐channel below laterite. The laterite profile was rich in gold where it was preserved in and around the paleo‐channel. The drill results at Anomaly 39 did not penetrate the paleo‐ channel to fully test the underlying bedrock.
Other gold‐in‐soil anomalies identified in the original survey have not been followed up by drilling.
Syndicated RRS Investor Presentations
Syndicated Metals' Managing Director, Andrew Munckton, will be presenting next week at the RRS Investor Luncheon Series in Brisbane, Melbourne and Sydney, where he will be providing an update on the progress of exploration at the Monument Gold Project.
Details of the presentations are available at www.resourcesrisingstars.com.au.
ENDS
For further information:
Investors
Andrew Munckton - Syndicated Metals Mobile: 0435 635 598
Media
Nicholas Read - Read Corporate Mobile: 0419 929 046
Competent Person's Statement
The information in this report that relates to Exploration Results is based on and fairly represents information and supporting documentation compiled by Mr Andrew Munckton who is a Member of The Australasian Institute of Mining and Metallurgy (MAusIMM) and who has sufficient experience 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 (the "JORC Code"). Mr Munckton is a full‐time employee of Syndicated Metals Limited and consents to the inclusion in the report of the Exploration Results in the form and context in which they appear.
The Compilation of the results is based on open file data and reports sourced from the Mines Department of Western Australia and supplied by WMC Exploration.