BUNGONIA, NSW (100% CAZ)
In New South Wales the Bungonia Project, held under Exploration Licence EL8483, covers approximately 240 square kilometres on the eastern edge of the Lachlan Fold Belt. Previous exploration defined several areas of significant cobalt and nickel mineralisation some of which have been historically mined as early as the 1890’s. Cobalt mineralisation occurs as flat lying residual on hills extending for several hundred metres associated with manganiferous deposits over intense deeply weathered mafic or other metal rich rocks. The deposits typically contain relatively rich cobalt values, with minor nickel and copper credits, and have been worked historically with high cobalt recoveries.
The areal extent and assay results from historic work point to significant potential to extend known deposits as well as make new discoveries within the project area. The potential is highlighted by rock chip grades of up to 1.8% cobalt along with historic mining from several locations.
Metallurgical test work previously undertaken was also positive with excellent recoveries of 83.2% cobalt, 79.5% copper and 85.9% nickel returned from acid leaching of a 80 kilogram sample containing 1.15% cobalt, 0.39% copper and 0.26% nickel.
Drilling of the Main Deposit in 1970, along with drilling by others over other localities at Minalinka, Angel Myst, Osiers, Jacqua Creek, Dogleg, Hillydale and Yarralaw, has produced results that indicate the area is highly prospective for small to modest sized individual cobalt ore bodies. Preliminary assessment indicates that there is potential for further extensions to these bodies as well as the discovery of new cobalt sources, including blind ore bodies beneath Tertiary cover, basement primary cobalt mineralisation as well as new discoveries at surface.