Following Sandfire Resources Ltd's discovery of the DeGrussa Cu-Au deposit in 2009,
This led to the discovery of the Vulcan gold prospect on E52/2049 in 2012, and the subsequent Farm - In JV by Sandfire in
Sandfire was focused on discovery of another DeGrussa and utilised Moving Loop Electromagnetic (MLEM) surveys followed by air core and reverse circulation (RC) drilling to test the Karalundi Fm. which hosted DeGrussa. Enterprise considers that the Vulcan gold prospect has not yet been adequately explored, as the majority of the drilling consisted of vertical AC holes in the regolith, and it is likely this drilling has missed the steeply dipping and narrow high grade quartz veins that permeate the Vulcan area.
BACKGROUND
Between 2010 and 2011 Enterprise collected 782 soil samples on E52/2049 which identified a discrete and co-incident silver (max 350ppb), arsenic (max 57ppm), tin (max 4.6ppm), gold (max 30ppb) and tellurium (max 510ppb) anomaly (later named 'Vulcan') over an area of approximately 2km2 within the Narracoota Formation volcanics adjacent to the Goodin Fault. [Ref.1 & 2] In 2012 a surface rock chip sample with visible gold in the general vicinity of the Vulcan soil anomaly returned 810g/t Au, 0.1% Cu, 18.3g/t Ag, 1.0% Bi, 132ppm Mo and 2.7ppm Sb, which supported the gold and base metal prospectivity of the area. [Ref. 5] [Location: 727,772E, 7162,054N] In
A small ironstone outcrop shedding gold nuggets was also discovered within the area and a 1.5m deep pit was excavated by prospector
This ASX Announcement has no new exploration results. Historical exploration results in this release are available on
This ASX Announcement has been approved in accordance with the Company's published continuous disclosure policy and authorised for release by the Company's Board of Directors.
Contact:
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Email: admin@enterprisemetals.com.au
Forward Looking Statements
Information included in this release constitutes forward-looking statements. Often, but not always, forward looking statements can generally be identified by the use of forward-looking words such as 'may', 'will', 'expect', 'intend', 'plan', 'estimate', 'anticipate', 'continue', and 'guidance', or other similar words and may include, without limitation, statements regarding plans, strategies and objectives of management. Forward looking statements inherently involve known and unknown risks, uncertainties and other factors that may cause the Company's actual results, performance and achievements to differ materially from any future results, performance or achievements. Forward looking statements are based on the Company and its management's good faith assumptions relating to the financial, market, regulatory and other relevant environments that will exist and affect the Company's business and operations in the future.
Competent Person Statement
The information in this report that relates to Exploration Activities and Results is based on information compiled by Mr
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