- Jindalee Resources Limited (ASX:JRL) has shared an exploration update regarding new gravity geophysics conducted at the Maynard’s Dam Prospect.
- The Maynard’s Dam Prospect forms part of Jindalee’s JV agreement with Torque.
- The exploration work undertaken at Maynard’s Dam augurs well for a potentially significant gold discovery at the prospect.
Mineral explorer Jindalee Resources Limited (ASX:JRL) has recently shared an exploration update from Torque Metals Limited (ASX:TOR) on the Maynard’s Dam Prospect (EL15/1752). Maynard’s Dam forms part of Torque’s joint venture agreement with Jindalee.
Torque has released an update regarding new gravity geophysics conducted at the Maynard’s Dam Prospect by SensOre Limited. The new gravity geophysics has highlighted the gold potential of the Maynard’s Dam, which lies north of the Paris and HHH Gold Projects.
Findings from gravity geophysics
SensOre undertook the compilation of historical exploration activity, a desktop review and reprocessed newly available gravity geophysics at 100m x 200m spacing on the Maynard’s Dam Prospect. These activities have provided enhanced information on the lithologies and structures controlling mineral potential in the area and will be utilised to help identifying drill site locations on the DPT® generated targets.
As per SensOre, targets projected by the DPT® system are interpreted as potential analogues for both Norseman (Norseman Gold & Pantoro JV) and St Ives (Gold Fields) style gold systems consisting of structurally controlled and intrusion-related auriferous quartz veins. Torque informed that a splay off the Boulder-Lefroy Fault, which is a regionally fertile structure in the Eastern Goldfields, passes down the western edge of the project area.
Background to Jindalee-Torque agreement
In mid-April 2020, Jindalee reached an agreement with Torque, whereby Torque can earn an 80 per cent interest in three Exploration Licences located on the eastern side of the Company’s Widgiemooltha Project. One of these Exploration Licences is E15/1752, Maynard’s Dam. Historical scout drilling records at Maynard’s Dam Prospect suggest drilling intercepts of up to 3m at 28 grams per ton gold.
Later in 2020, Torque also reached an agreement with a wholly owned subsidiary of SensOre Limited, Yilgarn Exploration Ventures, whereby Yilgarn can earn up to 70 per cent interest in Maynard’s Dam, as outlined in the below figure:
SensOre is earning a 51 per cent interest in the Maynard’s Dam Prospect by spending AU$3 million over a 3-year period with guaranteed minimum expenditures of AU$300,000 in year 1 and AU$700,000 in year 2. Afterwards, they may earn up to a 70 per cent stake by finalising a comprehensive mining feasibility study. Torque may subsequently buy back 10 per cent from Yilgarn for $500,000.
Jindalee shares are trading at AU$2.420 as of 1:40 PM AEST.