Exploration Licence E47/3886, the Sherlock River Property, is located within the northwest Pilbara Craton and is in the Central Pilbara Tectonic Zone. The lease is predominantly underlain by rocks of the Sisters Supersuite and portions of the lease cover the sediments and intrusives of the Mallina Formation belonging to the De Grey Group. To the north, the geology is bounded by the Wohler Fault, which runs parallel to a package of sediments and greenstones that host numerous gold and base metal occurrences.
Sherlock River (Ridge Street Investments)
While relatively under-explored, historic work included some geochemical sampling and mapping. Gold anomalies adjacent to the southern border lie in close proximity to the Mallina Basin sediments and intrusives. The Sherlock River Property lies approximately 15 km to the west of Novo Resources Corp.’s (“Novo”) Station Creek Gold Project and 17 km to the west of Novo’s Edgina Gold Project. To the east of the project, Pacton Gold, Novo and Pioneer Resources all hold significant tenure packages focusing on the gold-bearing conglomerates.
The company has signed seven highly prospective tenements in the Pilbara Basin covering 525 square kilometres Highlights of the tenement package included in the LOI are detailed below:
- CTTR Mining’s tenement E47/3891, comprising roughly 155 sq.km., is adjacent to Novo Resources / Pioneer Resources Egina Project and directly to the northeast of Kairos Mineral’s Croydon Project, where Kairos has discovered over 390 nuggets in conglomerates over the last six months (see Kairos Mineral’s press release Nov. 20, 2018).
- CTTR Mining’s tenement E45/5056, comprising approximately 20 sq.km., is surrounded by De Grey Mining Ltd.’s (“DeGreey”) Pilbara Gold and Turner River Base Metals Projects. The lease is within the Central Pilbara Tectonic Zone, situated between the Indee Fault to the north and the Tabba Tabba Shear Zone to the south. Adjacent to the property is De Grey’s Wingina Mining Centre (ASX: DEG Investor Presentation October 3rd 2018).
- CTTR Mining’s tenement E45/5063, comprising roughly 85 sq.km., lies 4 km to the north of the Tabba Tabba Shear Zone and directly south of the Indee Fault, which transects part of the tenement. The property is adjacent to and immediately northeast of the Pacton Gold – Arrow Minerals Joint Venture, and a 5km to the north of De Grey Mining’s Pilbara Gold Project along the Tabba Tabba Thrust.
- CTTR Mining’s tenements E45/5064 and E45/5065 collectively cover over 245 sq.km. about 20 km to the west of Port Hedland. The property is underlain by granitoids of the Sisters Supersuite and the Split Rock Supersuite as well as sediments of the Mallina Basin, which form part of the De Grey Superbasin within the Pilbara Craton. There are notable occurrences of the Constantine Sandstone Formation, which forms part of the Croyden Group. Novo Resources hold an extensive group of tenements immediately to the west, while Arrow Minerals holds a large land position to the immediate south.
- E47/3958 and E47/3959, covering 218 km2, abut Pacton Gold to the west and are just north of Novo Resources. Locally, E47/3958 is 7 km to the north of De Grey Mining’s Withnell Mining Centre that hosts over 445,000 ounces (“ozs”) of Au (Measured & Indicated) with 429,000 ozs of Au (Indicated).
- E47/3960, covering 64 km2, abuts Kairos Minerals’ Croyden project, which hosts gold with conglomerates, and is just northwest of Pacton Gold’s tenement E47/3905. The Hardy Formation outcrops within 1 km of the western boundary of the lease. The conglomerates of the Hardy Formation have been targeted historically for gold and uranium mineralization.
- E45/5180, covering 6 km2, abuts a Novo Resources tenement to the northwest and is adjacent to Novo Resources’ Talga Talga Mining Centre. The historic workings at Talga Talga were mined until 1940 with 1,614 ozs of gold mined from 1,432 tonnes of ore for an average grade of 35.1 grams per tonne of Au (ASX:TLG – Talga Gold Limited Prospectus).
- E46/1243, covering 3 km2, sits within the Middle Creek mineralized corridor of the Mosquito Creek Formation. The Middle Creek mineralized corridor is known to host over 745,000 ozs of gold (Measured and Indicated) with another 410,000 ozs (Inferred) in numerous deposits currently being mined by Millennium Minerals, who are targeting 2019 gold production of 90,000 ozs to 100,000 ozs.
The technical information in this press release has been reviewed and approved by Martin Dormer, a consultant to the Company, who is a Qualified Person as defined by NI 43-101. Martin is a member of the Australian Institute of Mining and Metallurgy and is a West Australian geologist with over 22 years’ experience. He also has sufficient experience of relevance to the styles of mineralization and types of deposits under consideration to qualify as a Competent Person as defined by the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australian Code for Reporting of Exploration Results, Mineral Resources, and Ore Reserves.