Zuleika (ASX:ZAG) reach defining moment at Goongarrie
November 28, 2022Zuleika Gold hope to confirm gold potential by embarking on a 740-sample soil geochemistry program on two exploration licences at its highly prospective Goongarrie Project just 90 km north of Kalgoorlie.
The program will infill previous geochemical sampling completed by Zuleika and will extend the coverage over the Project’s prospective greenstone lithologies associated with the Wongi Hills Syncline and regional shearing.
Multi-element assays will test for anomalous metal concentrations and determine lithologies.
The Company said an extension of term for the key E29/1010 tenement earlier this month would help recommence exploration at this highly prospective yet under-explored greenstone belt.
“With potential for both gold and nickel mineralisation, the work will better define the extensive existing anomalies and define new ones over the 20km long greenstone package,” Managing Director Jonathon Lea said.
“Assuming positive results, we expect to have approval in place by mid-2023 to commence drill testing the priority anomalies.”
Price Action
The Company’s ASX-listed shares are 2.4c at Market Open.
Next Steps
Drilling is expected in 2023 following assay results likely to be received in the first quarter of next year.
Goongarrie Project Background
The Goongarrie Project tenements (E29/1051 and E29/1010) are located ~90km north of Kalgoorlie and 20km west of the Goldfields Highway. Access is via the highway and well-made secondary roads and station tracks. The tenements cover over 230 km2 of the northern section of the Wongi Hills Greenstone Belt, which extends 50 km north northwest from the mining centre in Siberia.
Zuleika is earning an 80% interest in both tenements with different parties.
The geology is dominated by a south-plunging synclinal structure of mafic and ultramafic rocks with minor felsic rocks and narrow bands of metasediments enclosed by granites. The sequence has been intruded by fine-grained felsic porphyry dykes and quartz veins. Structural interpretation suggests significant faulting parallel to the fold axes – being potential pathways for mineralising fluids. Existing soil geochemistry data coupled with favourable geology and structural preparation enhance the possibility of gold and nickel mineralisation.
Fundamental Data
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