Malcolm Gold Project

The extensive tenement holding has been divided into nine major prospect areas.

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Image depicting the division of prospects within the Malcolm Gold Project

The nine (100% owned) highly prospective prospect areas have been consolidated from 151 tenements being 122 Prospecting Licences (PL), 21 Prospecting Licence Applications (PLA), 2 Mining Leases (ML), 3 Mining Leases Applications (MLA) and 3 Exploration Licences (EL).

The Company principally intends to conduct exploration for gold however nickel and base metal mineralisation is also of interest.

The holdings cover an extensive land area straddling the Leonora-Laverton Road and extending NW to the Leonora-Nambi Road. Road access to and within the Mt Malcolm Project is excellent.

The tenement portfolio overlies a 30 km strike segment of the Keith-Kilkenny Tectonic Zone (“KKTZ”) surrounded by both the highly prospective Malcolm and Minerie Greenstone Belts and abutting the late Archean Melita Complex to the west and southwest with the Pig Well Graben epiclastic basin sediments to the north east.

The KKTZ is regarded as a deep seated, mantle tapping mega structure that is the focus for intrusive mineralised metasomatic fluids. Lithological and structural trends are subordinate and sub-parallel to the feature and a series of NW-NNW, NE-ENE and N-S shear zones and faults truncate the holding.

The Malcolm region is structurally complex displaying fold styles ranging from open to tight to isoclinal and several mineralisation types including BIF, shear zone, quartz lode and porphyry styles.

Regional greenstone/granite geological setting displaying local gold occurrences and the Malcolm Gold Project footprint
Image Reference Sources same as Figure 1

Structural controlled shears and fault related mineralisation together with suitable lithological contacts accompanied by quartz veining ± carbonate alteration is the local mineralisation style and the Project areas geological orogenic target model.

The inter-graben shear zones and related fault controlled sub-parallel structures/faults/shear zones and sheared lithological contacts are the exploration focus. There is evidence of related shear-controlled quartz veining sub parallel to the general regional lithological trend within the felsic/sediment and dolerite/gabbroic mafic sequences immediately adjacent to the graben contact.

The sheared veining systems present as exploration targets, especially when compatible with low order gold-in-soil anomalies and projected extensions of existing small workings. Deeper drilling is required to determine the size and geometry of identified mineralised halos, particularly when associated with structural intersections and old workings.

Past exploration activities have focused on areas in and around the old workings having intersected strong gold mineralisation close to surface from several drilling programs by numerous exploration companies. However, wholistic exploration has been hampered and divided in the past by disjointed tenement ownership. For the first time ever this tenement group has been consolidated by a single owner into a large Project holding that is regarded as underexplored with excellent potential for the discovery of one or more significant gold deposits based on production history, previous sample and drill results, a complex structural regime and the correct rock types of a suitable age.

Overview of Mt Malcolm selected target areas on GSWA geological interpretation

The Company believe the Malcolm Gold Project has the potential for the discovery of economic gold deposits as the historical workings are numerous and relatively shallow in depth. Potential exists for the definition of additional resources below the current level of the old workings and along the strike surrounds. Mineralisation has been partially defined at Calypso, Dumbartons and Dover Castle South. Potential to advance and expand these projects at depth and along strike via exploration drilling are viewed as highly likely.

The Prospect areas are located in close proximity to operating mines and historic mining centres in the Leonora-Laverton region. Some of the tenements have not previously undergone systematic, modern day exploration and hence their mineralisation potential has never been fully evaluated.

Mt George

The geology of the Mt George area, P37/8314, 8662, 8648, 8862-63, 8982 and PLA37/9479-81, 5km north of Leonora, consists of a sequence of mafic intrusive dolerites and gabbros to the west and felsic sediments to the east. Several old workings occur within intrusive quartz rich porphyries within the sheared mafic sequence. Although outcrop is generally good the area has been subject to limited exploration activity.

Only two sets of old working shave been drilled. The holes were shallow and limited to <200m in total advance. The peak drill result (Randwick NL 1988) on P37/8863 returned:

·       1.0m @ 1.25 g/t (8-9m) and 1.0m @ 2.35 g/t Au (13-14m) in 87MTG1.

The results have not been followed up.

The TMI magnetic images over the contiguous tenement group display two unusual NNW becoming north easterly curved linier features at a completely different orientation to the regional NNW lithological and structural trend and may represent the southern end of a regional “kink” or dilation zone. The unusual structural features are confirmed by GSWA state mapping as faults or shear zones.

The structural extensions of the magnetic lineation’s and the line of old workings present as drill targets.

Structural controlled shears/fault related mineralisation together with suitable lithological contacts accompanied by quartz veining is the local mineralisation style and the Project areas geological target model.

Emu Egg

At Emu Egg, P37/8568, 8890-8900,9239, 8649, 8651, 8659-61 and 8664-65, gold mineralisation is associated with quartz veining and ferruginous alteration, probably after sulphides within sheared NW-NNW trending Archean basalt. Areas of extensive dry blowing overlie minor quartz veining either side of the basalt/gabbro contact. The holding covers a section of the Malcolm Anticline that displays NW shear zones positioned along felsic volcaniclastic and metasedimentary phyllitic contacts.

Anomalous gold-in-soil values appear to be spatially associated with aero magnetically prominent sills of gabbro/dolerite. The close proximity to the KKTZ provides a favourable stratigraphic-structural setting for gold mineralisation.

Old workings tested drill by Ashton Gold WA (1991) returned

·      2m @ 14.7g/t Au (16-18m) in EEGRC7 and

·      2m @ 8.6g/t Au (22-24m) in EEGRC16

More recent RAB drilling at Emu Egg by Gilt Edge Mining Pty Ltd (2000-01) returned:

·      14m @ 2.47g/t Au (40-54m) including 4m @ 7.02g/t Au (47-51m)

The mineralised areas complement the regional magnetic high signature within the mafic sequence immediately adjacent to the KKTZ which includes associated interpreted NW shear zones that transect the project area. The findings are confirmed by the magnetic images.

The system remains open to the NW and at depth. Gold mineralisation also remains open along strike. Follow up drill assessment is required to test for the possibility of down plunge repetition of the boudin like lodes at Emu Egg.

Germatong and Rabbit Warren

The non-contiguous Germatong and Rabbit Warren Prospects P37/8652-53, 8650 and 8683 host several old workings that have produced gold however not all historical production records are available. Early battery crushing records from the area confirm very rich grades from quartz-sericite-pyrite-silica altered dacite to and esite fragmentals that are coincidental with north plunging quartz or chert boudins.

The area was initially tested by Esso Exploration Ltd (1979-87) targeting Teutonic Bore style Zn-Cu-Ag VHMS mineralisation however base metal assay results from shallow RAB drilling were sub-economic.

The holding is west of the NNW-NW orientated KKTZ, a major faulted structural dislocation that hosts many auriferous shear hosted deposits in the Kurnalpi Terrain and the Leonora region. The project area is dominated by large scale fault events and regional scale folding of the Benalla and Malcolm Anticlines and the Kilkenny Syncline.

Germatong and Rabbit Warren South prospects with significant drill intersections, historical drill collars over GSWA interpreted geology

The Germatong area hosts several historical past high-grade producers. The area is regarded as under explored for gold mineralisation. A project review and data compilation together with geological mapping and structural evaluations are required prior to drill investigation.

Pig Well

The Pig Well area was a noteworthy gold producer prior to 1910. The nearby but excised Gambier Lass workings group produced 8,075oz at a rich grade (28.75g/t Au) (Kelly 1954) from under formed quartz veining systems in brittle host rocks adjacent to shear zones within reworked epiclastic and conglomeratic rocks of the sediment filled Pig Well Graben. The tenements are regarded as prospective for high grade gold mineralisation. The internal faults and sub-parallel graben structures are regarded as under explored and considered highly prospective for high grade structurally controlled gold mineralisation.

The vast majority of the tenement holding covers the Pig Well Graben and the western KKTZ contact, outcrop is sparse however the same lithological sequence and related veining evident at Gambier Lass underlie the holding. The bedding has been folded around the grabens NNW axis and the basin cuts across faults and folds and internal granitic intrusions suggesting late syn-tectonic sedimentary deposition.

Geological interpretation suggests gold mineralisation is most likely related to late-stage movement on the major faults bounding the Pig Well Domain, and hence may be of a different generation from the gold deposits at Leonora (Williams 1988).

High grade shoot controlled veining systems are the preferred target. Mineralisation and lodes mined by the “old timers” were generally short and disjointed however the gold yield was almost one ounce per ton. The larger more continuous structural lineation’s and areas surrounding the old workings, such as the Ada Crossley and Ada Crossley North on P37/8608, present as drill targets.

Sunday to Picnic Shear Zone

The prospective Sunday-Picnic Shear Zone is located in the centre of the Mt Malcolm Project area comprising P37/8871-74, 8876-79, 9071-77, 9361-62 and 9366. The holding is located east of and contiguous with the Pig Well Prospect. Geology comprises an elongate NNW highly sheared greenstone mafic wedge sandwiched between the magnetically low KKTZ and the Pig Well Graben sedimentary sequence. Mineralised structures identified todate that parallel the KKTZ are interpreted as prospective splays emanating from the megastructure. The regional structural trend is disrupted by cross faulting that has assisted in localising gold mineralisation. Countless historical workings occur throughout the Project area.

The KKTZ and surrounds present as a disjointed region displaying a high degree of structural deformation and suitable host green stone assemblages that have been mineralised by a late-stage gold event.

Sunday and Picnic together with their NW and SE strike extensions are the two primary target areas. Local lithologies include sheared basalt, quartz rich clastic sediments, ultramafic rocks, intrusive porphyries and reworked felsic tuffs. Gold mineralisation at the shallowly mined (8m) excised Sunday open pit occurs in quartz stockworks, oxidised sediments and quartz/carbonate flooded breccia. Mineralisation has been identified along the length of the shear associated with anomalous arsenic, sericitic alteration and bleaching which is associated with shearing sub-parallel to the regional foliation and lithological trend.

The prospects most significant drill intersection on P37/9074, Pacrim Energy Ltd (2006) returned:

·      2m @ 35.35 g/t Au (89-91m) and 8m @ 0.37 g/t(91-99m) in PNRC002

The high-grade vein is directly along strike south of the historic Picnic workings. The mineralised corridor presents the southern strike extension and a follow up drill ready target.

Drill targets include the sediment contacts along the Picnic Shear Zone and the dolerite/sediment contacts along the Sunday Shear Zone including the Orphan prospect (P37/8873) further north. Strike extensions and additional occurrences of this type of mineralisation are the preferred target in this particular environment.

Geological Interpretation of the Sunday-Picnic Prospect area with historical drilling, geology and on striketarget areas

Malcolm Dam including Golden Crown and Malcolm King

The Malcolm Dam Prospect is prospective for gold and base metals, it hosts several old workings including the Golden Crown/Midas and Malcolm King that have historically produced gold. E37/1367, and P37/8730-31, 8733, 8745-47, 8864, 8866, 8748, 8754, 9204-07,85232-24, 8865, 9208 and M37/475.

Significant drill intersections returned from Golden Crown, Jubilee Mines NL (1993) and Melita Mining NL (1988) include:

·      4m @ 10.40 g/t Au (32-36m) in MSR344

·      16m @ 1.63 g/t Au (8-24m) in MDRC004

At Golden Crown gold mineralisation is associated with sericite-quartz-pyrite alteration within sheared and esite fragmentals adjacent to competent lava flows and localised high-grade ore shoots (quartz boudins) within the carbonated basalt, that plunge shallowly to the north.

The calc-alkaline volcanic complex setting of the Malcolm Dam-Golden Crown area is indicative of potential Volcanic hosted Massive Sulphide (VHMS) mineralisation. Layered gabbro immediately SE may provide the intrusives necessary for VHMS mineralisation.

RC drilling by Jubilee (1995) at Malcolm King returned a peak assay result of:

·      8m @ 5.69 g/t Au (42-50m) including 2m @ 15.90g/t Au (44-46m).

Holes were shallow with a maximum depth of 60m. The Malcolm King workings have not been fully drill tested and the untested workings and the chert horizon at depth and along strike present as drill ready targets.

Another prospective area within the prospect includes interbedded mafic/felsic volcanics at Malcolm King. Old workings display zones of intense carbonate alteration that are related to areas of high structural deformation. Primary gold mineralisation is associated with quartz veining in gossanous chert horizons at Malcolm King and in highly sheared mafics at the nearby Golden Valley. The cherts display intense folding and faulting.

The project area extends south into relatively unexplored E37/1367 and E37/1419 where geochemical results and geophysical anomalies returned a similar signature to the nearby Calypso prospect require further examination. The gold-in-soil results reflect the local structural trend and are interpreted as the southern extensions of the eastern side of the Black Cap Shear Zone.

The prospective Sunset Well Shear Zone, which is traceable over 10km truncates the prospect area with a NW orientation. Other shears include the NW extensions of the nearby Black Cap Shear Zone, which extends further south into the Malcolm Mining Centre are considered to be the primary target structures.

Malcolm Mining Centre including Dover Castle, Dumbarton and The Black Cap Shear Zone

The Malcolm Mining Centre prospect P37/8820-26, 8732, 8905, 9369, 9495, 9497 and E37/1331 E37/1419 hosts several old mines that historically produced gold including Dover Castle, Dumbartons, Golden Valley, Nicks Knob and Dover Castle South where most of the historic miners targeted the high-grade portions of the quartz veining system.

Target areas are focused along the auriferous extensive Black Cap Shear Zone that truncates the area in a northerly to NW direction. The shear is an intensely sheared mafic schist with carbonate-chlorite alteration and quartz veining. Exploration has historically focused in and around many of the old workings and neglected the potential strike extensions. The entire shear zone length including the old partially tested old workings presents as an exploration target.

At Dover Castle greenstones comprise sheared basalts, dolerite, porphyritic feldspar dolerite, black shale, siltstones, grits and medium grained greywacke. Gold mineralisation is hosted by NW, NNW and EW shears typically associated with quartz veining, epidote and chlorite alteration with pyrite and arsenopyrite mineralisation. Gold mineralisation is hosted within a bifurcation of the NNW trending Black Cap Shear Zone which is variably mineralised for at least 2km and only tested with shallow RAB. Mineralisation displays a preference, like elsewhere in the district, for lithological contacts or close to lithological contacts.

RAB drilling by Asarco (Aust) Ltd (1989) returned a peak assay result of:

·      4m @ 7.0g/t Au (44-48m) in MSR282.

Locally shears and fault zones persist for hundreds of metres in strike and range from 5m to 150m in width. At nearby Dover Castle South Previous drilling by North Ltd (1995) returned a peak result of:

·      16m @ 2.34 g/t Au (4-20m) in MSR185.

Dover Castle South was also RC drill tested by Torian (2017) returning a peak intersection of:

·      24m @ 2.48g/t Au (10-34) including 5m @ 7.37 g/t Au (18-23m).

Drilling beneath the intersection failed to replicate the mineralisation however numerous +1g/t Au intersection shave been returned along 500m of strike. The system remains open both at depth and along strike, the mineralised horizon has only been superficially tested with drill sections comprised of two holes or a single isolated hole at 50m or80m spacing.

At Golden Valley mineralisation is identified along the eastern margin of the intensely sheared mafic schists of the Black Cap Shear Zone. Gold is hosted within ferruginous quartz veins within felsic, chlorite-sericite carbonated mafic shists, the veining appears to be associated with the core of a local synclinal structure.

The Black Cap Shear Zone target areas with historical drilling on interpreted GSWSA geology

Further south at Dumbartons the geology comprises up to three zones of shearing and quartz veining hosted in sheared basalts. Historical drilling has intersected anomalous values of 1-7g/tAu over a strike length of approximately 400m, the untested structure continues beyond the current shallow drill pattern for at least 700m and is up to 50mwide in places. Target zones around the old Dumbartons workings have not been adequately tested and drilling consists of shallow RAB.

Within the southern portion of the Black Cap Shear at Nicks Knob gold mineralisation is located within narrow steeply plunging quartz/chert boudins. The structure consists of NW trending anastomosing shear zones typically occurring along intensely sheared lithological contacts associated with quartz, iron carbonate, iron chlorite and sericitic alteration with variable pyrite and lesser arsenopyrite

Jubilee (1993) tested Nicks Knob with RC drilling returning peak values of:

·      6m @ 4.55 g/t Au (28-34m) in MCRC065 and

·      8m @ 3.16 g/t Au (29-37m) in MCR067.

The Black Cap Shear Zone mineralisation is hosted in intensely sheared mafic schist with carbonate-chlorite alteration and sporadic quartz veins and the structure is traceable over 7.5km and up to 1km wide. The structure presents as an exploration target worthy of follow up drill investigation.

Mt Stewart including Paleochannel

At Mt Stewart the geological contact between the felsic and ultramafic-shale-mafic succession presents as a favourable structural and lithological position for gold concentration.

The Paleochannel prospect covers sheared mafic dominated volcanic and volcaniclastic stratigraphy with minor ultramafic and felsic stratigraphy. The area has been drilled

Aircore drilling by Hannans Reward (2003-08) returned a peak intersection of:

·      4m @ 7.59 g/t Au (65-69m) including 1m @ 26.33g/t Au (65-66m) in MSAC299

With follow up RC drilling the following year by Triton Gold Ltd (2009) returning

·      1m @ 78.97 g/t Au (108-109m) in MSRCH021

In an albite-sericite-carbonate alteration zone on the felsic porphyry mafic schist sheared contact, gold mineralization is specifically associated with ankerite-quartz-pyrite veining. The zone of anomalous gold is sub-parallel to the main structural fabric and steeply dipping. The high-grade gold appears to be related to northly trending faults and associated veins. This relationship is similar to mineralisation controls observed in the Sunday pit.

The NW striking greenstone lithologies also host the southern extensions of the extensive Sunday Shear Zone. The structure has been subject to limited exploration in the past and the strike extensions of the structural feature present as potential drill targets.

Calypso

Calypso is a shallow dipping deposit with mineralisation associated with a variety of NNW trending sedimentary rock types, mainly an intensely altered iron carbonate-pyrite-quartz within a magnetite siltstone and intense carbonate alteration in a relatively unaltered siltstone. Gold mineralisation occurs along a sheared BIF/conglomerate contact and other sedimentary facies within a complexly folded sedimentary greenstone sequence displaying both EW and NS fold axial traces, E-SW and NW trending fault zones truncate the fold pair.

Higher grades are generally associated with zones of higher pyrite abundance.

Calypso was originally discovered by BHP in the mid-1980s and has been explored by several exploration companies since. Previous resource calculations are not acceptable under current JORC2012 classification.

The area is covered with recent soil and outcrop is non-existent. The structural complexity and styles of mineralisation have not been adequately addressed in the past and the prospect presents as a mature but underexplored exploration target zone. Geophysical interpretation combined with past exploration results will assist with “fine tuning” target areas.

Initial diamond drilling is planned following data validation.

Calypso prospect area with TM Imagnetic image over air photo displaying historical drilling and significant drill intersections