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Lennon’s Find

Western Australia (95%* Volcanic)

The licence area is located in the Pilbara and consists of mining lease 45/368 and exploration licence 45/4854, that together cover an area of 20.1km² and are collectively referred to as the Lennon’s Find Project. The Project contains a volcanogenic massive sulphide (VMS) occurrence which carries a Mineral Resource Estimate of 1.55Mt (inferred) @ 5.9% zinc, 1.6% lead, 0.2% copper, 84g/t silver, and 0.28g/t gold (Optiro, 2019), in accordance with the JORC 2012 Guidelines. A recent geophysical survey has highlighted a possible extension to the mineralisation that will be subject to drill testing.

 

Lennon’s Find Mineral Resource Estimate (Optiro, 2019).

mineralisation

Lennon’s find is a Zn-Pb-Cu VMS occurrence. Mineralisation generally consist of lenses of conformable spahlerite, chalcopyrite and galena within a barite-rich matrix.

At surface, the mineralisation consists of thin, discontinuous gossan pods and lenses with secondary copper-lead-zinc carbonates. The base metal mineralisation is mainly restricted to a 200 metre wide horizon that has been mapped over 4.4 kilometres of strike, with individual gossans outcropping over hundreds of metres.

 At depth, the upper mineralisation consists of massive to banded sulphides, predominantly sphalerite, with chalcopyrite occurring towards the base of the massive-banded mineralisation. Below this lies thinly-banded and disseminated mineralisation, with pyrite usually occurring as the predominant sulphide, which is underlain by a zone of disseminated pyrite mineralisation. The metal association is typically Zinc rich with lead, copper, silver, barium and gold.


geology

VMS deposits are predominantly stratiform accumulations of sulfide minerals that precipitate from hydrothermal fluids on or below the seafloor in a wide range of ancient and modern geological settings. In modern oceans they are synonymous with metal-rich plumes called black smokers.

VMS systems of the Pilbara are the oldest known deposits of this type in the world, with Lennon’s Find the oldest at ~3.47 billion years. The deposits are concentrated around the margins of the subvolcanic granitoid intrusions, which may be related to the host volcanic succession. Mineralisation occurs within and below a persistent chert unit at the top of a pile of tholeiitic to calc-alkaline intermediate to felsic volcanic rocks. Extensive hydrothermal alteration in the volcanic rocks below the deposits is interpreted as indicating interaction with seawater.

The Bronze Whaler, Hammerhead and Tiger prospects, which were used in the resource estimate, are located over ~3km of strike, and remain open down dip and along strike.

Geological map of the Lennon’s Find Project


3D image of Induced Polarisation (IP) survey result, and existing drill-holes

work to date and going forward

Preliminary metallurgical leach testing indicates that the project’s oxide ore is potentially amenable to commercial extraction via a two-stage process: Stage 1) Sulphuric acid leach to recover the bulk of the copper and zinc; and Stage 2) Cyanide leach to recover the bulk of the precious metals. The results support recoveries of 75% and 87% respectively for copper and zinc, followed by 87% and 94% respectively for gold and silver.

Approximately 150 drill-holes have been completed, with the majority collared on the Hammerhead Prospect.

A fixed loop transient electromagnetic (TEM) survey was conducted in 2002, and more recently in 2018 an induced polarisation (IP) survey. The IP surveys indicates a strong chargeability anomaly that extends along strike from the drilled Hammerhead Prospect, and will be the focus for follow up work with the intention of delineating additional mineralisation that can be combined with the existing resource estimation.


logistics

Lennon’s Find is located 50km southeast of Marble Bar, in the Pilbara of Western Australia. The project is accessed by Great Northern Highway which passes to the west and then by station tracks. The project area on average is about 280 metres above sea level, increasing to a maximum of about 400 metres.

*Subject to the terms of the Sale Agreement with Musketeer Mining Ltd.

Location map for the Lennon’s Find Project