In February 2020, Enterprise entered into Binding Terms Sheets which gave Enterprise an exclusive 3 month period to conduct due diligence on 50 strike kilometres of the Archaean Southern Cross greenstone belt. The tenement package stretches from Bullfinch in the south to Trough Well in the north and is prospective for orogenic gold deposits and massive nickel sulphide deposits.
Following due diligence, Enterprise entered into the 2 year “Option to Purchase” phase in May 2020, with tenement holders Kym McClaren, Nickgraph Pty Ltd, West Australian Prospectors Pty Ltd and Kevin Williams. A separate option agreement was also negotiated over the western margin of the greenstone belt and Lake Deborah with Peter Gianni.
The Southern Cross greenstone belt hosts more than 150 known gold deposits, which have collectively produced more than 10 million ounces of gold. The major gold deposits such as Frasers at Southern Cross, Marvel Loch, Nevoria, Great Victoria, Yilgarn Star and Copperhead (at Bullfinch) have produced the majority of these ounces.
By comparison, the northern part of the belt (ie. north of Bullfinch), although containing many high-grade gold occurrences, has received little modern effective exploration. Note: The “Spartacus” ELA 77/2652 was added later in June 2020 and is subject to a separate binding term sheet agreement.
Figure 1. Location of Bullfinch North Project Area