Overview

Goongarrie is located in the northeastern goldfields, 90km north of Kalgoorlie, and is easily accessible via the Goldfields Highway that runs along the western boundary of the project area. The Project consists of 70km2 of greenstone sequence within the Kalgoorlie Terrain.

Importantly the Project covers twelve kilometers of the Bardoc Tectonic Zone (BTZ), which is the northern extension of the Boulder-Lefroy Shear Zone (BLSZ) to the south, one of the richest gold mineralised structures in the Yilgarn Craton. Subsequent exploration activities have identified two additional subparallel N-S structures that also have the potential to host significant gold deposits.

Material Terms of Joint Venture Agreement

The terms of the earn-in joint venture agreement for the Goongarrie Project, subject to Cazaly completing due diligence, are:

• Cazaly to expend an initial $1m on exploration to earn a 25% interest;
• Expend further funds of $1m to earn a 51% interest;
• Expend further funds of $1m to earn to an 80% interest.

Project History

The Goongarrie Project was acquired by Kingwest Resources Ltd (KWR) in 2019. In May 2023 KWR merged with Brightstar Resources Limited whose focus has now shifted away from the Goongarrie project following their recent merger with Alto Metals Ltd (ASX: AME).

Prior to KWR acquiring the Project, very little exploration activity had been completed across the project as work was focused at Menzies and Kalgoorlie. Historic work included soil sampling, trenching, auger drilling, shallow aircore drilling, and limited RC drilling. This work targeted oxide gold mineralisation at surface associated with the Bardoc Tectonic Zone-Boulder Lefroy Shear Zone (BTZ). Two gold deposits along the BTZ were initially mined in the late 1980s at Jennys Reward, and Goongarrie Lady which was recently re-commissioned by a private group. There is potential for the discovery of new gold deposits undercover along the 12km strike length of the BTZ and along largely untested parallel mineralised structures that run N-S through the length of the project.

KWR completed aeromagnetic and passive seismic surveys in addition to AC, RC and diamond drilling, which largely focused on targets beneath thick clay sediments on Lake Goongarrie, along a N-S structure parallel to the BTZ. Several other gold prospects were also identified along the BTZ that require further drilling and will be the initial focus for Cazaly.

Significant gold prospects 

Hastings – formerly the Area 9 prospect, bedrock gold mineralisation over 1km strike, including the anomalous gold intersection in KGA038, 38m@ 3.1g/t Au, that extends from 62m to the end of hole at 100m depth. The prospect lies under cover along the BTZ shear zone which hosts the recent +1Moz Aphrodite gold discovery located 9km to the south.

Duke of York – bedrock gold mineralisation along the BTZ shear extending from the open pit mines at Goongarrie Lady to Jennys Reward. Anomalous gold intercepts include 13m @ 3.5g/t Au from 36-49m in JRRC008, and 8m @ 10.7g/t Au from 75-83m in JRRC024, and remains to be tested up dip and along strike.

Sir Laurence – widespread gold mineralisation over 2km strike within channel sands and gravels (eg KGA0409 3m @ 6.5g/t Au from 86-89m) at the base of Goongarrie Lake sediments. Mineralisation was also discovered in the underlying bedrock within the Black Flag Group with anomalous intercepts including 5m @ 4.8g/t Au from 113.3m in KDG004.

Great Eastern – formerly the East Lake prospect, bedrock gold mineralisation within ultramafic and clastic sediments associated with a significant N-S trending fault and NW splays at the greenstone/granite margin.

Next Steps

All available historical data has been sourced and is being reformatted, validated, and compiled for review. Following the conclusion of due diligence and Cazaly’s decision to proceed with the JV earn in agreement, all gold targets will be ranked in order of prospectivity and an exploration program designed to progressively test prioritised gold drill targets. Drilling will commence once all appropriate stakeholder approvals are in place, including heritage, environment, and drilling.