Gibb River Diamonds Limited reported the following Iroquois Zinc-Lead Project update as reported by the company's Joint Venture partner Strickland Metals Limited. The Iroquois Prospect is a Joint Venture between STK (80%) and GIB (20% free-carried to Bankable Feasibility Study). The information below is from the STK release dated 27 July 2022, with minor modifications: Iroquois Project Key Points: Drilling program to commence subject to approvals and heritage clearances. Native title heritage survey to be requested for August 2022. Initial 5,000m of drilling in follow up to the highly successful 2021 program. A further 5,000m of drilling will be planned subject to the success of the initial program. Soil sampling and geophysical programs planned across broader project area to locate further `feeder structures' where highest grade Zn-Pb mineralisation is likely to occur. Formal Joint Venture Agreement complete. Program: Strickland and Gibb River Diamonds have now entered a formal Joint Venture Agreement which supersedes a historical Option Agreement of September 2012. Strickland is the Manager of the Joint Venture.
Further geological mapping and rock chip sampling will be undertaken with a focus on expanding known
mineralised zones and locating elevated copper geochemical anomalies (please refer to ASX announcement
28th February 2022). In addition, a trial IP survey will be undertaken to understand the effectiveness across
known mineralised zones.
Previous drilling has been constrained by historic native title heritage clearance surveys. These historically
cleared holes are denoted by the small green circles in Figure 3. Drilling closer to the interpreted zone (i.e.
drilling to the east) has not been historically possible hence further clearance surveying is required.
The Company will request a heritage survey for August 2022 over the Iroquois prospect and surrounding areas.
Upon receipt of the Heritage Clearance report, the Company is planning for follow-up drilling to commence
shortly thereafter. The Company envisages initially completing at least 5,000m of RC and diamond drilling within
12 months from approvals and clearances. As part of this program, initial metallurgical testwork will also be
undertaken. A further 5,000m of drilling will also be planned subject to the success of the previous program.
GIB Conclusion: Gibb River Diamonds Limited welcomes this update on the Iroquois Zinc-Lead Project and looks forward to drilling re-commencing as soon as is practicable. The signing of the full-form Joint Venture Agreement between STK and GIB also provides more certainty moving the Project forward to the next phase.