International Goldfields Limited (“IGS”) is the 100% owner of the exciting Plumridge Project located in the emerging Albany-Fraser mobile zone on the eastern margin of the Yilgarn Craton of Western Australia.
IGS has executed a Farm-in/Joint Venture agreement with privately held Fraser Range Resource (FRR) in relation to the development of the Plumridge Project, located 250km east of Kalgoorlie in Western Australia. FRR is a wholly owned subsidiarry of Segue Resources (ASX:SEG). Under the terms of the farm-in agreement FRR will spend A$1 million dollars on the Plumridge Project over a period of 18 months (until 31 January 2015) to earn an interest in the Plumridge Project of 60% (IGS retaining 40% interest). IGS will retain a significant working interest in these tenements post the farm-in period, after which time it can contribute to a joint venture on a proportional basis.
The Plumridge Project is hosted in the Albany-Fraser Belt, a tectonic collision zone on the margin of the Yilgarn craton. This geological setting is host to both the +5Moz Tropicana gold deposit and the recent Nova deposit nickel-cobalt discovery by Sirius Resources. It remains a highly prospective and exciting region which is a vastly under-explored and has the potential to host a number of significant base and precious metal deposits.
Plumridge Gold Project
The Company holds a commanding land position within the Albany-Fraser mobile zone, with ongoing exploration continuing to develop a better understanding on 9km of significant anomalism in the Corvette Gold Anomaly, which has yielded several significant gold intercepts hosted in bedrock mineralisation.
The Corvette Gold Anomaly
The Corvette Gold Anomaly lies within a small proportion of the tenements which is not overlain by late, Permian sediments in the region. An estimated 60 to 70% of the IGS tenement position is overlain by this post-gold sediment cover, where standard surface geochemical teqhniques ineffective. Through an advanced understanding of the lithology and structure of the mobile zone from continuing exploration of the Corvette Gold Anomaly, IGS has developed several highly prospective regional targets for initial aircore drill testing to be completed in early 2011. With such a small proportion of the current tenement position with substantial exploration work completed, the Company is very excited to be testing these refined targets in a rapidly emerging new gold province.