Enterprise holds a strategic and prospective tenement package over the southern Fraser Range area within the Albany-Fraser Orogen approximately 100km east of Norseman. The Project is considered prospective for copper/nickel and gold mineralisation and covers the core of the Fraser Range gravity feature, which defines the prospective nickel-copper belt containing Independence Group NL’s (ASX: IGO) nickel-copper massive sulphide Nova deposit.
In mid-2014, the Company’s maiden drilling program at Plato intersected disseminated and “blebby” nickel-copper sulphide mineralisation over significant widths within rocks which were originally cumulate mafic rocks. Subsequently, in the latter half of 2014, 33 high powered fixed loop EM surveys were undertaken over various anomalous areas identified from the Company’s earlier geochemical, geological and geophysical work.
Constellation Resources Limited Joint Venture
In February 2015 the Company entered into a sale and joint venture agreement with ASX listed Apollo Minerals Ltd (ASX: AON), whereby Apollo would purchase a 70% interest in several of Enterprise’s Fraser Range tenements for a consideration of $200,000, cash plus 20 million Apollo shares, and free carry Enterprise’s 30% interest to completion of bankable feasibility stage on any discovery. If a bankable feasibility is not completed and Apollo withdraws, it must return 100% ownership of the tenements to Enterprise.
For details of the terms of the Agreement please refer to ASX announcement: https://www.asx.com.au/asxpdf/20150213/pdf/42wl2wg6vqhp0n.pdf
Since the commencement of the joint venture, Apollo has completed ground geophysical surveys and soil sampling over several prospects and identified targets for drilling.
Apollo announced on 23 April 2018 that it will seek to list its wholly owned subsidiary Constellation Resources Limited (“Constellation”), which holds the Fraser Range nickel-copper and gold assets, via an initial public offering (“IPO”) on the Australian Securities Exchange (“ASX”).