Ministerial Consent Received For Transfer Of Gold Project Tenements
Avenira Limited (ASX:AEV) has identified a number of gold exploration opportunities at its newly acquired Jundee South Gold Project in Western Australia.
The company is planning to drill eight of the highest priority targets it has identified since acquiring the project in April 2020.
Avenira has been reviewing and assessing the existing exploration information while progressing the transfer of the tenements to its control.
The Avenira project area is located in the Yandal Greenstone Belt immediately south of the Jundee Gold Mine.
Executive Chairman, Brett Clark, said that while the project area has been the subject of several exploration programs over time, the majority of historical drilling took place in the mid 1990’s when gold prices were generally between US$300-400/oz.
Mr Clark said the exploration targeting model at the time focused on geochemical sampling, with wide spaced (predominantly) RAB drilling to follow up on anomalous areas.
Given the level of cover over the project area and that a significant portion of the historical work involved surface sampling and shallow drilling Avenira considers that a new exploration strategy is required for the project area.
The understanding of the structural setting of the project area has evolved from that of a simple synform in which basal mafic rocks are overlain by younger felsic volcanics (a model which persisted through to the late 2000’s), to a model of complex thrusts and lithology repetition exhibiting structural controls.
Despite this advancement in understanding, previous explorers appear to have relied predominantly on the former model, with limited geophysical exploration or RC drilling to specifically target the structural controls that are evident in the district’s gold mines.
Avenira has used the more recent geological model to revisit the potential for litho structural targets and is specifically identifying prospects that represent possible analogues to the large gold mines elsewhere in the Yandal Greenstone Belt.
“This review has resulted in a considerable number of attractive drilling targets for us to explore.
“We have identified that most of the previous exploration was undertaken when gold prices were materially lower than today and based on an overly simplistic view of the geology of the area.
“This places us in a position where we have secured a large portion of the Yandal gold belt with a number of walk-up prospective drill targets.
“We intend to immediately commence more detailed work ahead of a drilling program at this stage targeting the September quarter. “Avenira’s Board has strong credentials in the Western Australian gold industry and the Board considers that it has identified a project that can potentially deliver value to its shareholders.”