On 12 February 2015, Enterprise announced that it had entered into a sale and joint venture agreement with Fraser Range Exploration Pty Ltd (FRE), a wholly owned subsidiary of ASX listed Apollo Minerals Ltd (ASX:AON), the terms of which include:
- FRE to purchase a 70% interest in 4 Fraser Range tenements, and free carry ENT at 30% interest to completion of any Bankable Feasibility Study on any Mining Area,
- The consideration is the payment of a $100,000 non-refundable deposit, and the payment of a further $100,000 on the Completion Date, and the issue of 20 million fully paid ordinary shares in the capital of AON to ENT on the Completion Date which is to occur within 14 days from the date of the Agreement,
- FRE to sole fund all JV activities on the tenements until the date when FRE delivers to ENT a Bankable Feasibility Study for a discovery in a defined Mining Area,
- The tenements outside the Mining Area will remain subject to the exploration agreement and FRE will remain responsible for sole funding all exploration, and if either party withdraws from any tenement or the joint venture area in total, then the remaining party retains a 100% interest in the tenement or total project area as appropriate.
Further information can be obtained from Enterprise’s ASX announcement on 12 February 2015.
The Fraser Range Project covering 594km2 is located approximately 100km east of Norseman and 650km east of Perth within the Albany-Fraser province. The Project is considered prospective for gold and copper/nickel/PGE mineralisation and is situated some 30km southwest of Sirius Resources NL’s Nova nickel-copper discovery.
The Albany-Fraser province extends along the southern and southwestern margin of the Yilgarn Craton. It consists mainly of orthogneiss and granite, but also includes large sheets of metagabbro (including the Fraser Complex), remnants of mafic dykes and widespread metasedimentary rocks.
The Company completed a detailed airborne magnetic/radiometric survey over the Project in early 2011 aimed at providing high quality data to assist with geological/structural interpretation and target generation. The survey has identified a number of major shear corridors and structural targets considered prospective for gold mineralisation.
In late 2011/early 2012, Enterprise completed first-pass regional calcrete (1,744 samples) and bulk soil sampling (1,853 samples) across the entire Fraser Range Project on a nominal 400m x 800m pattern. Five areas with anomalous coincident Ni-Cu-Co geochemistry (similar metal association as Nova) have been identified at the Plato, East Dam, EH1, EH2 and EH3 prospects, along with a gold target at Microwave, see Figure 2. (ENT:ASX Announcement 17 September 2012).
Second-pass infill soil sampling has been commissioned to further delineate the anomalies, and ground electrical geophysical surveys will be undertaken to define drill targets.