The Mt Hope Project

The Mt Hope project is located in the central west of New South Wales within the world class Cobar Basin and comprises four prospects striking North – South called Mt Solitary , Little Mt Solitary, Powerline Hill and Mt Solar. The underlying geology is the early Devonian Broken Range Group comprised of laminated sandstone with minor imbedded siltstone. These rocks form part of a turbidite sequence deposited in the Mt Hope/Rast Trough and are part of the Cobar Super Group of the central Lachlan Fold Belt. Recent work ( RC drilling) undertaken by Land & Mineral has confirmed that the Mt Hope gold mineralization is considered to be analogous to other Cobar style deposits such as Peak and Perserverance. High grade mineralisation extends from surface to 220 meters below surface in a NNW trending series of lenses and remains open.

The Mt Solitary prospect shows gold mineralisation occurs in a NNW trending shear zone of strongly iron stained, silicified, sericite altered, complexly folded sediments hosting sulphides (mainly pyrite) ± quartz veining which are associated with the gold (as are zones of chlorite and silica alteration). 63 holes totaling approximately 7000m have been drilled and numerous high grade drill assays (up to 53.4g/t Au) have been obtained .– see Table below, which lists some intervals using a 2.5g/t cutoff.

Hole No. Interval (m) Width* (m) Gold (g/t)
2 66- EOH 9 7.57
3 63-69 6 4.58
11 144-152 8 5.15
23 54-68 14 5.99
33 102-108 6 4.79
35 180-190 10 6.37
48 16-23 7 6.75
49 1-9 8 15.14
56 70-77 7 5.72
58 16-24 8 6.69
61 111-121 10 4.44

Downhole widths reported due to preliminary nature of interpretation
EOH = end of hole

Oxidation extends to depths of around 50m, where it passes into a mixed oxidised/primary environment; note that significant primary gold has been intersected at depths of up to 220m below surface.

NSW Mt Hope

Mt Hope Project – Prospects striking North to South.

The Little Mt Solitary prospect lies 1,100m further south along the same ridge as Mt Solitary.

The Powerline Hill prospect is located a further 2,260m south. Both prospects remain to be sufficiently drill tested.

The Mt Solar prospect lies 7km south of Mt Solitary. To date 27 holes have been drilled at Mt Solar and this has defined an area of mineralisation extending north-south over a distance of 800m and is 150m wide. There are north-south trending, sub vertical to steep westerly dipping zones of copper-gold mineralisation which is a unique feature of the Mt Solar prospect.

The Main Road prospect is located 2.5km west of the Mt Solar prospect. In this area there is a northeasterly trending zone of iron oxide and altered Devonian sediments containing quartz veining. Rock chip samples have returned high grade results with grades ranging between 17 to 120g/t Au.