Enterprise’s Murchison Project landholdings are centred 30km north of Cue and 35km north-east of the Big Bell Gold Mine and form a semi-contiguous landholding of approximately 750km2 over a buried greenstone belt. This portion of the greenstone belt has been under-explored due to the presence of regolith cover and lack of outcrop and represents an exciting exploration target for gold and copper/zinc.
The Project area sits within a well-endowed region, with major gold deposits such as Big Bell (5.3 Moz production, operated by Westgold Resources Ltd) and the nearby historic Day Dawn mine (2.6 Moz production). (refer Figure 1)
The Murchison Project contains two stratigraphic horizons with known volcanogenic massive sulphide (VMS) mineralisation, the Wattagee horizon, containing the AM14 prospect, where Esso discovered Zn/Pb/Cu mineralisation with a best intercept of 3m at 7.5% Zn, 0.53% Pb and 0.42% Cu from 228m in hole WP138, and the Emily Well horizon, with VMS mineralisation and gossans located at or near Emily Well. The Company controls approximately 50km of stratigraphy prospective for VMS style copper-zinc mineralisation.
Geochemical work by the GSWA indicates that the felsic volcanics in both the Wattagee horizon and the Emily Well horizon have geochemical characteristics consistent with VMS fertile packages across the Yilgarn and Canadian Abitibi Provinces.
Enterprise acquired the Murchison Project by purchasing all of the issued capital of Calypso Minerals Pty Ltd in 2017, along with Calypso’s exploration licence applications. The Calypso tenements were granted in May 2018. Enterprise initially compiled a detailed digital database containing previous explorers’ soil samples, drill holes and assays and geophysical data. Several priority gold targets were identified for follow up work, based on compilation of this historical data.
Following a due diligence period, Evolution Mining Limited (“Evolution”) announced on 1st April 2019 that it had entered into an earn-in joint venture agreement with Enterprise Metals over the Murchison Project, which incorporated the Calypso tenements. Evolution made an initial cash payment to Enterprise of $150,000 on signing of the agreement and can earn an 80% interest in the Murchison Project by spending A$6 million on exploration over a four-year period. Evolution will make an additional cash payment to Enterprise of $150,000 should the agreement remain in place after two years. Evolution will operate and wholly fund the project during the earn-in period.
Following the grant of the Murchison tenements in May 2018, the Company completed two detailed airborne magnetic and radiometric surveys, each with a line spacing of 50m and flying height of 30m. (refer Figure 2)
The first survey of 4,350 line km covered the southwest quadrant of the project area, including splays off the Big Bell Shear and Behring Shear Zones, where alluvial cover has traditionally impeded effective exploration. The second survey of 7,200 line km covered the eastern half of the project area, where significant transported overburden has traditionally hindered exploration of the stratigraphy with potential to host VMS style mineralisation.
The Company’s farm-in JV partner, Evolution Mining Ltd is currently interpreting the data to identify “buried” litho-structural targets for drill testing for gold, which is planned to commence in September/October 2019.