Mitre Mining (ASX:MMC) has more than doubled its footprint in the renowned Lachlan Fold Belt of New South Wales by securing an important tenement in the region.
The 228 sq. km tenement is directly south of the high-grade Dargues Reef Gold mine, directly west of the historic Araluen Valley Gold field and adjacent to the Krawarree base metals prospects.
CEO, Clinton Carey, said permit ELA6286 gives Mitre Mining exposure to potential gold and base metal targets such as copper, as well as tin and tungsten.
Mr Carey said that although exploration plans at the existing EL9146 remain unchanged, the acquisition of ELA6286 will significantly boost the company’s presence in the region, as well as adding gold and base metals to our portfolio in the area region already known to host lithium and rare earth targets.
“We are pleased to announce that the company has secured an additional strategic tenement in the eastern Lachlan Fold Belt to complement its current holdings,” Mr Carey said.
“The tenement was acquired by way of application, as opposed to acquisition, and therefore for minimal cost to the company.
“This new tenement has the potential to bring additional gold and more base metal targets into our portfolio and positions us for greater exploration upside as we focus on delivering shareholder value.
“Importantly, the acquisition of ELA6286 does not change our exploration focus or strategy on EL9146, rather provides an increased footprint and potential to leverage any exploration success on EL9146 by way of a substantially increased footprint in the Lachlan Fold Belt”.
Overview of ELA6286:
• ELA6286 has been granted with minimum expenditure requirements of A$180,000 over the first two years which will be funded from existing working capital without affecting the existing exploration programme of the company.
• ELA6286 is located approximately 50Km from the company’s existing tenement.
• While the tenement remains a greenfields prospect and further work is required to identify exploration target area, regional geology indicates that potential targets may include:
- Gold ± molybdenum ± bismuth ± antimony within Intrusion Related Gold Systems (IRGS) associated with I-type granitoids (e.g. Braidwood Granodiorite) in an oxidised state;
- Gold within Reduced Intrusion Related Gold Systems (RIRGS) with a particular focus on the near-surface, sheeted arrays of parallel, low-sulphide, single-stage, high-grade, gold-bearing quartz veins;
- Copper ± gold ± tin ± tungsten ± telluride skarns proximal to the granitoid plutons;
- Lead-zinc-silver as distal mineralisation associated with the granitoid plutons; and,
- Lithium and possible rare earth elements (REE) are associated with local dyke swarms
For further information please visit: https://mitremining.com.au/