Arc signs up for Queensland gold project
PERTH (miningweekly.com) – Junior Arc Exploration has exercised its option to farm-in to the Mount Garnet gold project, in Queensland.
The ASX-listed Arc said following the completion of a due diligence, the company had decided to proceed with its option to acquire an 80% interest in the project by paying owner Snowmist A$50 000 for a two-year option and agreeing to spend a minimum of A$150 000 during the option period.
Arc could earn an initial 51% in the project by sole funding A$500 000 within two years, and an 80% interest by sole funding a further A$580 000 within a further one year.
“The decision to proceed with Snowmist’s Mount Garnet project provides the opportunity for Arc to enter another major mineral province in eastern Australia,” said MD John Carlile.
He noted that this was the third Australian project in which Arc had acquired a stake this year, following on from the Junee and Oberon projects, announced in July this year.
The Mount Garnet mining lease covers some 150 ha and encompasses several gold-breccia prospects, including the Triple Crown gold deposit, which was estimated to contain a resource of some 69 000 oz.
Carlile noted that Triple Crown had possible linkages with larger mineralised intrusions and skarns in the Mount Garnet district.
“We see strong similarities with other gold-breccia pipes in the region, such as Mungana and Red Dome at Chillagoe, as well as Mount Wright and Welcome Breccia, at Ravenswood.”
Carlile added that Triple Crown had only been tested to a shallow depth of around 200 m, and Arc believed that there was potential to increase the gold resource with deeper drilling.
“We also aim to generate new targets elsewhere on the leases using the detailed geophysical and geological databases established by previous explorers.”
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