The Joyners Find and Brilliant Shear Zones exhibit a major structural control on the known gold mineralisation with the Wiluna project area. Mineralisation is most intense where shearing is adjacent to Banded Iron Formations producing both quartz reef and quartz stockwork style mineralisation.
Gold exploration undertaken recently successfully increased the resource at the Iron Monarch prospect and has identified a new resource at Eagle East. Nine gold deposits have now been identified for a combined Indicated and Measured resource of 788,000 tonnes at 3.5 g/t gold for 87,000 ounces of gold as summarised in table below.
| Prospect | Resource Type | Tonnage | Grade g/t Au | Ounces Au |
|---|---|---|---|---|
| Iron Monarch | Indicated | 140,000 | 3.0 | 13,500 |
| Eagle East | Indicated | 102,000 | 3.7 | 12,000 |
| Hawk | Indicated | 42,000 | 2.5 | 3,400 |
| Iron King | Indicated | 163,000 | 3.3 | 17,300 |
| Iron Duke | Indicated | 143,000 | 2.6 | 12,000 |
| Goldfinch | Indicated | 72,000 | 3.0 | 6,900 |
| Bottom Camp | Measured | 21,000 | 7.6 | 5,100 |
| Indicated | 16,000 | 5.5 | 2,800 | |
| Brilliant North | Indicated | 59,000 | 4.6 | 8,700 |
| TOTAL | 788,000 | 3.5 | 87,000 |
No exploration has been carried out on the gold targets since the Company’s primary focus concentrated on iron ore. The gold resources will remain an asset of the Company and will possibly be commercialised in due course when mined in conjunction with iron ore mining.