The Fraser Range Nickel Project comprises 23 granted exploration licences, one of which is subject to the Fraser Range Joint Venture ("FRJV"), and five exploration licence applications located in the Fraser Range region of Western Australia. The project is considered highly prospective for magmatic nickel-sulphide deposits such as IGO's Nova nickel-copper-cobalt operation, with the Company primarily targeting this style of mineralisation throughout its tenement package.
Fraser Range Nickel Project tenements.
Carawine (100%)
The Company has a number of nickel prospects within the Fraser Range project, identified from geophysical and/or geochemical data indicating the potential for magmatic nickel-copper sulphide formation in mafic-ultramafic intrusive complexes. These include the BB3 & BB7 targets at Big Bang, and the RBS_A target on the southern Red Bull tenement. Carawine also has identified targets with potential for gold mineralisation on the Aries tenement, and at the BB8 target on the Big Bang tenement, as well as the BB9 IOCG target at Big Bang (refer ASX announcements 15 September 2020, 29 January 2024 and 19 June 2024).
At Red Bull, one moderate strength MLEM anomaly has been identified in the northern part of the HW-1 target area on the southern Red Bull tenement. The source of the anomaly, named “RBS_A”, has been modelled as a large (~800m x 1,200m in area), moderate strength bedrock conductor with weak to moderate conductivity of 125 to 225 Siemens. The modelled source has a relatively shallow depth to top of approximately 100m, with a moderate to steep westerly dip, and moderate NW-NNW plunge. Further work is required to assess the potential source of RBS-A (refer ASX announcement 19 June 2024).
Red Bull South RBS-A target MLEM relative conductivity on greyscale magnetic image.
At Aries, a new gold target has been identified from previous exploration data, comprising a 3.5km-long northeast-trending linear magnetic high feature and associated anomalous drill hole gold intervals, including:
(downhole widths, refer ASX announcements 24 October 2022 and 29 January 2024)
With only limited drilling to date, there is the potential that further drilling may discover significant gold mineralisation associated with the magnetic high trend and its immediate along-strike extents.
Aries tenement linear magnetic high gold target.
Target Generation
Target generation work continues across the project, including prospectivity assessment of recently granted tenements and the design and prioritisation of follow-up exploration programs for targets at Aries, Red Bull and Big Bang. Work is also ongoing to investigate the potential any for clay-hosted rare-earth element (“REE”) targets within the Fraser Range project tenements.
Fraser Range Joint Venture (IGO 76%, Carawine 24%)
The FRJV is a joint venture between IGO Limited (“IGO”) (ASX: IGO) (76% interest) and Carawine (24% interest) in the Big Bullocks exploration licence (E39/1733). Both parties are contributing to exploration expenditure according to their respective interests, with IGO managing the joint venture and conducting exploration programs.
For FY2025 a work program and budget of approximately $0.1 million has been approved, comprising mostly of a follow-up moving-loop electromagnetic ("MLEM") survey at the Centennial nickel-copper prospect (refer ASX announcement 29 January 2024).
This page was last updated on 24 July 2024.
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.
