Si6 Metals (ASX:SI6) is set to commence in November 2024 to test the Fred’s Well prospect, a priority target identified at the company’s Monument Gold Project, which is adjacent to and along strike of Genesis Minerals Limited’s (ASX:GMD) 3.3Moz Mt Morgan’s Gold Project in the world class Laverton Gold District.
The Fred’s Well prospect lies along strike from the company’s JORC-Inferred Resource of 3.1Mt @ 1.4g/t Au for 154koz gold (in between Korong 3Mt @ 1.4g/t Au and Waihi 0.2Mt @ 2.1g/t Au) and sits along a ~20km structural trend with multiple additional untested gold targets.
Fred’s Well geology is complex, comprising a mixed package of mafic, ultramafic, shale, chert and felsic porphyry intrusive lithologies. The northern portion of the Fred’s Well gold mineralisation occurs along sheared lithological contacts, predominantly associated with sediments and ultramafics. The best intersections from drill holes MOAC262 and MOAC374 are associated with a sediment-ultramafic contact. Historic workings suggest this gold occurrence is located on the intersection of 360o trending lithological sediment-ultramafic contact and a cross-cutting 300o north-west trending shear zone.
Drill hole MOAC374 was abandoned at 75m depth due to the rods becoming bogged in weathered ultramafic and the hole ended in mineralisation (Figure 1). In the southern portion of Fred’s Well, the occurrence of felsic porphyry increases. Hole MOAC277 intersected significant mineralisation associated with a 200m strike length of historic workings, which are located along the eastern contact of sediments and an interpreted 40m wide porphyry unit.
These drilling results indicate the presence of multiple mineralised contacts associated with a ~100m wide stratigraphic sequence, consisting of ultramafics, felsic porphyry, mafic volcanics and sediments, which extend for a strike length of >400m. Elevated Ag, As, Ba, Bi, Cu and Mn with >20ppm As and >100ppm Cu associated with the anomalous gold mineralisation are indicative of hydrothermal mineralisation associated with high level intrusives.
Kalgoorlie based Prospect Drilling will undertake a 27-hole (25 aircore and 2 RC) drill program for approximately 1,700 meters at Fred’s Well which is planned to:
(a) infill test 350m out of 770m identified mineralised strike; (b) test the depth of previously drilled high grade areas; and (c) test for extension of the 770m mineralised strike.
The results from this drill program at Fred’s Well may form part of an upgraded Resource calculations.
