E2 Metals Ltd owns 100% of the Neavesville Epithermal Gold Project immediately north of the OceanaGold owned Martha-Favona Mine, Hauraki, New Zealand.
The Neavesville Project is within a short distance from some of the largest producers within the Hauraki Goldfield. The Neavesville Project is surrounded by many significant present and past major producing epithermal goldmines. The Company’s Neavesville Project is located approximately:
- 15 km south-east of the historic Thames Mine, which had past bonanza style production of approximately 1,441,864 oz Au.
- 25 Kilometres North west of Waihi township and the Martha Mine (including Waihi, Favona and Correnso deposits), a giant epithermal gold deposit and major current producer which accounts for most past production of gold and silver from the Hauraki Goldfield.
- 12 kilometres northwest of the Wharekirauponga Project , which is an epithermal quartz vein gold-silver system where an Inferred Mineral Resource (within the meaning of the Canadian NI 43-101 Code* for reporting mineral resources) of 1.3 million tonnes at an average grade of 6.2 g/t gold and 9.3 g/t silver for a total of 260,000 ounces of gold and 390,000 ounces of silver has been previously announced by Newmont.
- 20 kilometres northwest of Golden Cross, which was the fourth largest gold producer the Hauraki Goldfield with production, from 1991 to 1998, of a total of 662, 000 oz of gold produced from 5,136,300 tonnes of ore.
- Potential for significant additional near-surface, bulk tonnage, lower grade gold-silver mineralization occurring in association with stringer quartz veins cutting silicified breccias and volcanic rocks that form prominent bluffs
- Potential for the discovery of bonanza grade quartz veins at depth
- At Trig’s Bluff, an inferred mineral resource based on review and modification of historic existing lithological and mineralization wireframes was estimated by Mr D Coventry, Member AusIMM and AIG, following industry standard procedures in accordance with JORC Code 2012.
- The Inferred Mineral resource comprises 1,489,500 tonnes ore at a grade of 2.58 g/t Au (123,600 oz Au) and 9.69 g/t Ag (509,100 oz Ag) at a gold cut off grade of 0.7 g/t. In addition to, and exclusive of, the Inferred Mineral Resource, an Exploration Target ranging from 2.5 – 4.2 million tonnes at 1.1 – 1.8 g/t Au (84,200 – 233,000 oz Au) and 3.8 – 6.4 g/t Ag (447,000 – 744,000 oz Ag) has been defined.
The Neavesville project is located in the North Island of New Zealand 25 km NNW of the 2.0 Moz Martha gold mine.
Positioned within a World Class Gold Trend of highly prospective ground within the Hauraki Goldfield, the project area consists of two licenses 52-759 and 51-767. The project lies just 25 Km NNW of Oceanagold’s Martha / Favona Mine.
Work conducted at Neavesville includes:
- 63 diamond holes totalling over 8,900 meters of drilling
- More than 1,400 rock samples
- Soil sampling grids
- And numerous geophysical surveys such as CSAMT which was successfully applied at the neighbouring Martha epithermal gold mine.
The largest of the gold systems defined by drilling and surface geochemistry is centred on Trig Bluffs.
Epithermal gold mineralisation is developed in a large multiphase breccia complex that cuts faulted volcanic and minor sedimentary sequences
- Gold/silver mineralisation is developed along steeply dipping low sulphidation quartz-adularia veins, and as pervasive and stockworks in breccia and dacite porphyry
- Other highlights of the Project are :
- 33 meters averaging 3.24 g/t Au (NDDH16, 146.5-179.5m)* and
- 43.5 meters averaging 1.93 g/t Au and 10.14 g/t Ag (NDDH30, 163.5-232.5m)*
*True widths interpreted as 90-100% of actual width.
The main identified targets of the Neavesville Project are:
- Historic rock chips up to 1600 g/t Au
- Untested feeder structure to epithermal system
- 3000m drill program fully permitted and ready for immediate start.
- Multi-gram Au outcropping rock chips (n>10%). 200m x 400m (>0.1 Au in oil) anomaly
- No drilling
- Oxide Au drill intercepts, from surface
- Several targets have been defined east of the Trigg Bluff resource
Competent Persons Statement – JORC Code: The information in this report that relates to Mineral Resources and Exploration Targets has been compiled by Mr David Coventry BSc (Hons). Mr Coventry is a full time employee of Mining Plus Pty Ltd and has acted as an independent consultant during the estimation of the Trig’s Bluff mineral resources and exploration target. Mr Coventry is a member is the Australiam Insitiute of geoscientists and has sufficient experience, which is relevant to the style of mineralization and type of deposit under consideration and to the activity, which they are undertaking to qualify as an Expert and Competent Person as defined under the VALMIN Code and in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Coventry consents to the inclusion in this report of the matters based on the information in the form and context in which they appear.
The Neavesville project is a significantly advanced gold /silver project, with an already established resource, with the immediate objective to update and improve the potential of the existing resource by targeting well defined feeder structures.
The geology of the Neavesville project considered as Low-Sulfidation Epithermal Mineralisation:
- Stacked sub-horizontal replacements in shales & volcanics.
- Mineralized breccias.
- Quartz-adularia veins
The Host rock consists of andesite and rhyolite flows, dacite porphyry, phreatic breccia, pyroclastics, volcanoclastics and pyritic black shales.