The Fraser Range Project includes 6 granted exploration licences in five areas: Red Bull, Bindii, Big Bullocks, Similkameen and Big Bang, and four active exploration licence applications Willow, Bullpen, Python and Shackleton in the Fraser Range region of Western Australia.
The project is considered highly prospective for magmatic nickel-sulphide deposits such as IGO Ltd’s (ASX:IGO, “IGO”) Nova nickel-copper-cobalt operation, with a number of recent significant discoveries being made in the Central Fraser region in particular, e.g. Legend Mining's (ASX:LEG) Mawson Prospect.
Carawine has a joint venture with IGO over the Red Bull, Bindii, Big Bullocks and Similkameen tenements (the “Fraser Range Joint Venture” or “FRJV”). IGO is managing and operating the joint venture, and currently hold a 51% interest it acquired in November 2016. IGO can earn an additional 19% interest in the tenements by spending $5 million in the five year period to November 2021.
Fraser Range and Tropicana North Project tenements
Big Bang (Carawine 100%)
Carawine's Big Bang tenement is located in the Central Fraser Range region, and is not subject to the Fraser Range JV with IGO. The Central Fraser Range is an active exploration area and Big Bang borders tenements with recent gold and nickel-copper discoveries made by IGO and Galileo Mining Ltd (“Galileo”) (ASX:GAL) respectively, and is just 50km south of Legend Mining Ltd’s (ASX:LEG) Mawson nickel-copper discovery (refer Rumble Resources Ltd (ASX:RTR) ASX announcement 6 May 2020 and Galileo Mining Ltd (ASX:GAL) ASX announcement 9 September 2020).
To date the Company has completed a systematic review of historic exploration data, including analysis and interpretation of open file geophysical data and limited historic drilling within the tenement. This work has demonstrated the excellent potential for the discovery of magmatic nickel-copper deposits analogous to IGO’s Nova nickel-copper-cobalt deposit within the tenement, along with placer and primary gold deposit styles.
Nine new prospects targeting nickel-copper, gold and iron oxide copper gold (“IOCG”) deposits have been identified and prioritised (refer ASX announcement 15 September 2020). Further work required to advance these prospects is expected to comprise a combination of regional and targeted air core drilling and ground geophysical surveys as the first phase of exploration, expected to commence during Q2 2021 (refer ASX announcement 15 September 2020).
Big Bang Fraser Range Metamorphics, western targets on magnetic image (RTP)
Big Bang Fraser Range Metamorphics, eastern targets on magnetic image (RTP)
Big Bang tenement geology and targets.
Tenement Applications (Carawine 100%)
The Company has also been actively growing its Fraser Range tenement holdings with exploration licence applications in the central and northern Fraser Range regions named “Bullpen” and “Shackleton”. These applications are part of the Company’s ongoing strategy to build additional highly prospective gold, nickel and copper exploration tenure in regions with significant exploration potential and active exploration discoveries. Work has begun on reviewing historic data for target generation whilst these applications are progressed towards grant.
Fraser Range Joint Venture (IGO 51%, earning to 70%)
IGO continue to explore the FRJV with drilling and ground geophysical surveys completed across the tenements.
The most significant results to date are from the Big Bullock 1 prospect on E39/1733 (“Big Bullocks”), with several air core drill holes returning anomalous assay values ranging from 236ppm Ni to 808ppm Ni and 44ppm Cu to 728ppm Cu, with elevated MgO values indicating the potential for magmatic nickel-copper sulphides. The anomalous values are all from drill holes within dilation zones and proximal to faults/shear zones. Further analysis highlighted a number of the AC samples from Big Bullock 1 as having moderate to very strong prospectivity index scores, including the highest prospectivity score of very strong from drill hole 19AFAC10344, which returned a peak value of 808ppm Ni, 728ppm Cu, 1110ppm Cr, 1.5% S and 13.5% MgO from 45-46m (refer ASX announcement 31 October 2019).
Please note: these pages include information that relates to Exploration Results prepared and first disclosed under the JORC Code (2012). The information was extracted from the Company’s previous ASX Announcements which can be viewed in the Investor Information & News section of this website by clicking here.