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Graphite Energy to buy large Pilbara Gold District land package in WA and change name to Australian Goldfields

The proposed acquisition of five under-explored, distinct projects offers a sizeable prospective gold footprint across the Pilbara region.

Novo Resources Corp - Graphite Energy to buy large Pilbara Gold District Land package in WA; changes name to Australian Goldfields Ltd
The assets are all located in the Pilbara Gold District and close to well-known global peers that have already proven up sizeable mineral resources

Graphite Energy Corp (CNSX:GRE.X) (OTCMKTS:GRXXF) (FRA:G0A1) is proposing to buy a highly prospective large land package comprising five distinct projects within the Pilbara Gold District in Western Australia and change its name to Australian Goldfields Ltd.

The proposed acquisition of five under-explored, distinct projects offers a sizeable prospective gold footprint across the Pilbara region, which has a history of significant iron ore production.

However recent high-profile gold discoveries have focused new attention on the region which has highly developed supportive mining infrastructure, with excellent transport networks to key ports.

The company’s geology team in WA is planning an inaugural site visit to begin formulating a comprehensive exploration and priority development campaign to complement ongoing desk-top work to aid fine-tuning which areas to focus exploration efforts.

It added that a National Instrument 43-101 Technical Report on the Beatons River Gold Project is now underway and will be released in due course.

The five projects are:

➢Beatons River;

➢Cuprite West & East;

➢Tyche;

➢Fortuna; and

➢Nortia

President and chief executive officer Adrian Hobkirk said: “The agreement allows the company to secure an excellent package of highly prospective West Australian gold assets that deliver significant exploration upside.

"Notably, the assets are all located in the Pilbara Gold District and close to well-known global peers that have already proven up sizeable mineral resources.

“We are looking forward to working with our colleagues in Western Australia to commence development work on the projects as soon as practical.”

Beatons River Project

Covering 335 square kilometres, the project is contiguous to Novo Resources Corp’s (TSX-V:NVO) Beatons Creek Gold Deposit, which hosts 903,000 ounces gold grading 2.53 g/t gold. Novo’s Beatons Creek Gold Deposit is hosted within gold-bearing conglomerates of the Hardey Formation that outcrop on the eastern edge of a Fortescue Group Plateau that accumulated in the Nullagine sub-basin.

The Western Australia Geological Survey has mapped the area and interpreted the Hardey Formation extends onto the Australian Goldfields tenements 2 kilometres north of the Beatons Creek Gold Deposit.

The project’s target is gold-bearing conglomerates within the Hardey Sandstone Formation, part of the Fortescue Group, a sequence of sedimentary and volcanic rocks.

Minimal exploration has been conducted on the Australian Goldfields properties, and the first stage of exploration will comprise mapping and outcrop sampling.

Cuprite West & East Project

The Cuprite West & East Project comprises two tenements covering 109 square kilometres, around 50 kilometres north-west of Marble Bar, that are deemed highly prospective for gold and base metal mineralization.

Historic work includes a rock chip sample program by Kalamazoo Resources Pty Ltd, which returned gold values ranging from 15.5 g/t gold to 57.5 g/t gold, all within the Gorge Creek Area and drilling by Atlas Gold Limited with one-meter intercepts ranging from 1.9 g/t gold to 6.7 g/pt gold and four-meter intercepts ranging from 1.86 g/t gold to 5.85 g/t gold at the Farrel Well area.

The project has the potential to host significant epigenetic gold and syngenetic massive sulphide mineralization.

Tyche and Fortuna Projects

The Tyche Project sits over the two stratigraphic units of the Fortescue Group which comprise the Hardey and Kylena Formations.

The Kylena Formation, which is present on the eastern boundary, has been known to host elevated gold in quartz veins within basalt. Within the Fortuna Project, the Hardey Formation is present across 22% of the tenure, which is the first priority target.

Nortia Project

Shear-hosted gold mineralisation is the target as the tenure contains ancient greenstone/granite assemblages, intersected by multiple faults and shears.

Specifically, the Dalton Suite ultramafic unit is present in the centre of the tenure, with several faults and shear zones apparent at the main focus area.

Regionally, there are significant shear-hosted gold occurrences related to ultramafic units, fault and shear zones, it added.

Quick facts: Graphite Energy Corp.

Price: 0.61 CAD

CSE:GRE.X
Market: CSE
Market Cap: $5.38 m
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