NickelX expands gold footprint along strike from neighbour Tropicana
NickelX has lodged 5 exploration licence applications (ELA’s) covering 42km2 at its Biranup project, expanding its gold footprint along strike from the Tropicana gold mine.
The new applications adjoin the company’s existing Exploration Licenses (EL’s) and brings the total project area to 216km2 within the Northern Albany Fraser Orogen gold corridor.
It’s a region which hosts AngloGold Ashanti (ASX:AGG) and Regis Resources’ (ASX:RRL) Tropicana gold operations (10.3Moz gold at 1.7g/t) which was recently valued at ~A$3 billion, along with the Voodoo Child prospect and the recent Hercules and Atlantis gold discoveries.
NickelX’s (ASX:NKL) existing Black Dragon and Red Dragon gold targets, along with the new ELA’s, are underlain by a >250km-long structural feature in gravity data – which the company says could be a possible control on the formation of major gold deposits such as Tropicana.
“The new ELA’s expand our gold footprint and consolidate our land position at the Biranup Project and in particular, the adjoining Black Dragon and Red Dragon gold targets, which are spatially coincident with the Black Dragon shear zone, as well as a >250km-structural feature in gravity data that also passes through Tropicana,” MD Matt Gauci says.
“The new ELA’s have only been the subject of limited exploration and the company will progress data compilation and grant of these ELA’s to build on our high priority gold targets at Black Dragon and Red Dragon.”
At the Black Dragon gold target, individual veins are 0.3 to 5.0m-wide and can be traced at surface for 10 to 30m along strike.
While multiple mineralised veins have been recorded, their dips are unknown and the limited historical drilling has thus far failed to explain the surface gold-silver-tellurium anomalism or provide information about the orientation, structural controls on, genesis, or source for the mineralisation.
NickelX is now progressing geophysical, geochemical and geological data compilation as well as granting of the new ELA’s as soon as possible.
This article was developed in collaboration with NickelX Limited, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.