Marindi begins quest to unearth Pilbara gold
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Marindi Metals has started its hunt for conglomerate gold in the Pilbara.
Field activities are now underway at the Bellary Dome project, news that received investor approval with Marindi’s (ASX:MZN) shares up 22.2 per cent at 1.1c on Tuesday morning.
The project covers about 25km of the prospective Mt Roe Basalt and underlying Bellary Formation that has been the focus of much of the attention of exploration by Canada’s Novo Resources and others in the West Pilbara.
The Bellary Formation is the lowermost unit of the Fortescue Group. Mt Roe Basalt is a volcanic rock formation in the Pilbara’s Fortescue Basin which is known to host conglomerate gold and lithium.
Novo and Australian partner Artemis Resources (ASX:ARV) were responsible for the initial discovery of conglomerate-hosted gold in July last year.
Marindi has started a program of reconnaissance and follow up creek sediment sampling.
Recent sampling has returned coarse gold from creeks draining the area, and rock chip sampling of conglomerate outcrop up to 5km from Edneys Find also returned anomalous gold.
This initial phase of exploration is expected to take about a month, Marindi told investors.
Marindi acquired the exploration licence near Paraburdoo on the Pilbara Basin’s southern edge in November last year following the discovery of 63 gold pieces and flattened nuggets or coarse gold, from the panning of a creek close to old workings.