Australian Mines has announced it has withdrawn from its Western Australian farm-in and joint venture agreement with Lodestar Minerals, concluding there was limited potential to host a significant base metal deposit.
The Ned’s Creek tenements are located 150 kilometres north east of Meekatharra in Western Australia and have received limited previous exploration for base metals and gold.
Australian Mines, over the past six months, has completed a comprehensive assessment of the tenements, including thorough analysis of Lodestar’s historic drilling database, field reconnaissance programs and a drilling program across priority targets.
Based on the results, Australian Mines confirmed that the most prospective ground remains its core Doolgunna-Marymia tenements, which it holds in joint venture with Riedel Resources.
The company will focus on Doolgunna Marymia tenements, where its prospectivity was demonstrated through an RC hole into a conceptual gold target at Dixon intersecting high grade mineralisation.
Australian Mines’ forward exploration program for 2016 will initially focus on determining the strike and depth continuity of this gold mineralisation at Dixon with the view of ultimately delineating a resource for this emerging greenfield gold discovery as quickly as practicable.