ICENI GOLD LIMITED onlyASX RELEASE 1 June 2022
COMPANY5
ASX: ICL useACN: 639 626 949
CAPITAL STRUCTURE
Shares: 208,571,428
Options: 19,706,857
BOARD
Brian Rodan personalExecutive-Chairman
D vid Nixon Technical Director
Hayley McNamara
Non-Executive Director
Keith Murray
N n-Executive Director
Seba tian Andre
Company Secretary
REGISTERED OFFICE
Level 2, 41 Ord Street
W st Perth WA 6005
t: +61 08 6458 4200
e: admin@icenigold.com.au
w: www.icenigold.com.au For
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ICENI GOLD EXPLORATION UPDATE
Drilling Underway at North 1 Target
Background
Iceni Gold Limited (Iceni or the Company) has 7 key high priority target areas within the 14 Mile Well Project area. Iceni is actively exploring the target areas using geophysics, Ultrafine (UFF+) soil sampling, air core (AC) drilling and diamond drilling (DD). The ~600km2 14 Mile Well tenement package is situated on the western shores of Lake Carey, ~ 50km from Laverton WA.
Highlights:
- DD is underway at Recon 1 within the North 1 target area
- DD is testing an inversion modelled bulls-eye magnetic body
- First DD hole FMDD0030 has been completed
- Sulphides and porphyries have been intersected
North 1 Target - Recon1
The North 1 target area was previously identified as a potential target by SGC1 who described it as an "interpreted late (magnetic) intrusive proximal to a major structural intersection and a granite-greenstone contact".
Surface rock chip sampling returned elevated Ba/V, Au, Ag, Te and Bi results. This geochemical association suggests a syenitic relationship. The anomaly is located immediately adjacent to the Castlemaine Fault, which is known to be associated with gold mineralisation.
The magnetic bulls-eye anomaly at North 1 has been modelled using 3D magnetic inversion techniques to better define the drill target. The magnetic signature is similar to syenite related deposits in the district (Jupiter, Cameron Well, Wallaby).
First DD Completed
The first DD hole at North 1 FMDD0030 has been completed to a depth of 417.8m. The geology in the hole was dominated by pillowed andesitic lavas.
Figure 1: FMDD0030 ~80m, chalcopyrite veining in brecciated andesite.
1Refer to Independent Geologist Report in IPO prospectus dated 3 March 2021.
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Figure 2: Location of the ~600km² 14 Mile Well tenement package, situated on the western shores of Lake Carey, ~ 50km from Laverton in Western Australia. The red trace marks the position of the Celia Fault, a major crustal scale structure that cuts across the Yilgarn Craton. The 14 Mile Well Project is situated on the Celia Fault and its associated splays. There is a strong association between crustal scale structures and major gold deposits.
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Figure 3: 14 Mile Well project area, showing the seven key target areas. The first hole has been completed into the target Recon1 within the North 1 target area. Image is Total Magnetic Intensity (TMI) Reduced to Pole (RTP).
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Figure 4: Surface rock chip results at North 1 are anomalous in Ba/V, Au, Ag, Te and Bi. This geochemical association suggests that a potential syenite intrusion at depth is the source.
Figure 5: Recon1 magnetic anomaly and magnetic inversion model.
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Sulphides observed in FMDD0030 were associated with zones of increased brecciation and veining. The sulphide assemblage is dominated by pyrrhotite and also includes pyrite, chalcopyrite and lesser arsenopyrite.
A drill core study was completed by Dr Walter Witt, specifically to identify vectors to ore. The predominance of biotite in the pillow margins may be an expression of syenite associated potassic alteration but the expected syenite and associated magnetite alteration were not observed in the core.
The interpreted syenite or a synvolcanic massive sulphide deposit may be deeper in the section, beneath FMDD0030. Measurements of petrophysical properties will be taken along the drill core. These measurements will be fed back into the geophysical model to refine it and better predict the location of the modelled body.
Figure 6: FMDD0030 ~159m Biotite dominated alteration assemblage around andesite pillow margins
Figure 7: FMDD0030 ~93m Possible gold related alteration with several % pyrrhotite in biotite-chlorite altered andesite.
The presence of sulphides and potassic alteration (biotite) in the drill core is very promising. Additional holes have been planned to test for the magnetic body beneath FMDD0030.
Authorised by the Board of Iceni Gold Limited.
For further information, please contact:
Brian Rodan | David Nixon |
Executive Chairman | Technical Director |
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Iceni Gold Ltd. published this content on 14 June 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 June 2022 23:32:02 UTC.
