The Company’s Paterson Project is located in the Paterson Province of Western Australia, host to the world-class Telfer gold and copper deposit (Newcrest Mining Ltd) and the Nifty copper and Maroochydore copper-cobalt deposits (Metals X Ltd). Recent discoveries in the region include Rio Tinto’s Winu copper-gold deposit and Ngapakarra gold prospect (Rio Tinto (ASX:RIO) ASX announcement “Rio Tinto reveals maiden Resource at Winu and new discovery” 28 July 2020); and Havieron, an intrusion-related gold and copper deposit discovered by AIM-listed Greatland Gold PLC (“Greatland”) and now being advanced in joint venture with Newcrest Mining Ltd.
The project comprises nine granted exploration licences and four active exploration licence applications (two subject to ballot) across ten tenement groups. These are named Red Dog and Baton (West Paterson JV tenements); Lamil Hills, Trotman South, Eider and Sunday (Coolbro JV tenements), and; Cable, Puffer, Magnus and Three Iron (Carawine 100%). These tenements are known to contain host formations and structures common to the major mineral deposits in the area and were selected on the basis of proximity to known mineralisation, shallow depth to basement, hosting prospective stratigraphy and geophysical anomalies.
Carawine’s Paterson Project tenements
The Company has a farm-in and joint venture agreement with Rio Tinto Exploration Pty Ltd (“Rio Tinto Exploration” or “RTX”), a wholly owned subsidiary of Rio Tinto Limited (ASX:RIO), whereby RTX have the right to earn up to 80% interest in the Baton and Red Dog tenements by spending $5.5 million in six years from November 2019 to earn 70% interest and then sole funding to a prescribed milestone (the “West Paterson JV”) (refer ASX announcement 28 October 2019).
Carawine also has a farm-in and joint venture agreement with FMG Resources Pty Ltd, a wholly owned subsidiary of Fortescue Metals Group Ltd (“Fortescue”) (ASX:FMG), whereby Fortescue have the right to earn up to 75% interest in the Lamil Hills, Trotman South, Sunday and Eider tenements by spending $6.1 million in seven years from November 2019 (the “Coolbro JV”) (refer ASX announcements 13 November 2019 and 18 September 2020).
Carawine Tenements (100%)
Carawine holds two granted exploration licences (Puffer and Magnus) and two exploration licence applications (Cable and Three Iron) in the Paterson region which are not subject to ballot, farm-in or joint venture agreements. Evaluation and target generation work will continue on these tenements, with the results used to enable the Company to assess whether it should explore these tenements in its own right, or seek partners as it has done for its other Paterson tenements.
West Paterson JV (Rio Tinto Exploration, earn-in right up to 80%)
RTX have identified and prioritised key targets and target areas for drilling or other fieldwork across the West Paterson JV tenements, including data and following from earlier target generation and geophysical programs completed by Carawine.
The Baton tenements are located about 100km north of the Nifty copper deposit, with historic workers identifying copper, lead and zinc mineralisation hosted by dolomitic breccia in a sequence of dolomite, carbonaceous siltstone and carbonaceous shale of the Broadhurst Formation (host to the Nifty deposit). Several early-stage but compelling magnetic and gravity anomalies have been identified from detailed airborne and ground geophysical surveys at Baton, similar to those observed at the Winu and Havieron discoveries (refer ASX announcements 8 July & 27 August 2019)
Prior to entering the West Paterson JV, the Company completed detailed ground gravity surveys over the Wheeler, Javelin and Discus prospects on the Baton tenements. The gravity survey following a detailed airborne magnetic survey completed in June 2019 and was successful in identifying several gravity high anomalies coincident with magnetic high anomalies, as follows (refer ASX announcement 27 August 2019):
Gravity and magnetic anomalies at Javelin, Wheeler and Discus.
Coincident magnetic-gravity anomalies are considered to increase the potential of a target to host certain types and styles of mineralisation, compared to targets based on magnetic anomalies alone. An example of this is Greatland’s Havieron gold and copper prospect, where magnetic and gravity anomalies associated with the mineralisation were used to target the discovery drill holes. Magnetic high anomalies are also spatially associated with Rio Tinto’s Winu and Ngapakarra discoveries.
RTX’s review of the Baton tenements has confirmed Javelin, Discus and Wheeler as priority targets for drill testing. In December 2019 RTX completed an airborne gravity gradiometer (AGG) survey over the Baton tenements to further resolve prospective stratigraphy and structure, and add to the understanding of mineralising systems in the project area, as an input to review and targeting of exploration programs.
The Red Dog tenement is located approximately 16km northeast of the Nifty copper mine in moderately deformed, low grade metasedimentary rocks along the NW margin of the Yeneena Basin. The tenement is considered prospective for stratiform Cu-Co deposits e.g. Nifty and Maroochydore, sediment-hosted Pb-Zn deposits e.g. Warrabarty within the upper Broadhurst and Isdell Formations and intrusion-related gold and copper mineralisation (e.g. Havieron, Telfer).
In addition to targets generated from the work of previous explorers, Carawine completed a detailed VTEM™ Max helicopter-borne electromagnetic (EM) survey with the aim of delineating discrete conductive anomalies associated with sulphide mineralisation (e.g. Rio Tinto’s Winu discovery) or resistive zones associated with alteration (e.g. silica-dolomite alteration associated with the Nifty copper deposit).
The VTEM survey completed prior to the West Paterson JV was successful in identifying twelve conductive and four resistive anomalies in new areas and at previously identified prospects.
After entering the West Paterson JV, RTX’s review of the Red Dog tenement has confirmed multiple high priority potential targets at prospects defined by Carawine, and the potential for new targets to be identified. Magnetic and electromagnetic (“EM”) anomalies located proximal to interpreted intrusives and/or favourable structural locations in the Earl, Duke, Bravo and Leatherneck areas were confirmed as warranting further screening and testing. A new target named “Marquess”, located immediately south of the Duke prospect was also defined by RTX as a prominent circular conductivity high feature, with a central resistivity response identifiable from Tempest AEM data and VTEM imagery (refer ASX announcement 30 July 2020).
Preparations to advance the Earl, Duke and Marquess targets have commenced, with induced polarization (IP) or ground electromagnetic (EM) surveys expected to further screen these and other targets within the tenement.
Red Dog conductivity image and targets, including newly identified Marquess prospect (late time Ch 48BZ image)
Coolbro JV (Fortescue earning to 51%)
Trotman South and Sunday are located 27km south of the Telfer gold mine and immediately west of the Maroochydore Cu-Co deposit. Trotman South has many of the structural elements normally associated with gold deposits in the Telfer region, i.e. domes/anticlines and WNW to NW-striking faults. Interpreted demagnetised zones in otherwise strongly magnetic layers in gabbro-monzonite sills, could represent discrete alteration halos to gold mineralisation, with anomalous bedrock intersections in Rotary Air Blast (“RAB”) drilling occurring adjacent to one such zone. Base metal (Zn, Co) anomalism in historic drilling also occurs within the tenement, associated with a variety of dolomitic sediments and intrusive bodies, indicating the potential for both sediment-hosted and intrusion related (skarn) styles of gold and base metal mineralisation. Sunday contains mapped occurrences of the Broadhurst Formation, host to the Nifty copper and Maroochydore copper-cobalt deposits.
Eider is located 35km southwest of Newcrest’s Telfer gold operations and 35km southeast of Metals X’s Nifty copper operations near the edge of the Waukarlycarly Embayment, with geology most similar to that hosting the Nifty and Maroochydore copper-cobalt deposits.
Lamil Hills, approximately 25km northwest of the Telfer gold mine, is considered prospective for intrusion-related, Telfer-style gold and copper mineralisation with similar host stratigraphy and the presence of domal structures on the tenement, and identified gold-copper mineralisation on adjacent tenure. Anomalous gold lag samples in outcrop on Carawine’s tenement have been reported by previous explorers.
Following execution of the Coolbro JV agreement, Fortescue commenced a program of data compilation and review for the tenements, aimed at developing work areas for the 2020 field season, including reprocessing of historical geophysical surveys by Fortescue’s geophysics team to aid geological interpretations.
Fortescue’s first planned program is an airborne electromagnetic (AEM) survey using the heliborne Versatile Time Domain Electromagnetic (VTEM) system over the majority of the JV tenements, expected to commence during the first half of 2021.
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.