qs
* spacer *
*
compass resources nl
*
*
*
* Exploration > New South Wales
*
*
spacer spacer
*
  *  
*
icon
Australian Interests
*
*
*
spacer
spacer iconDisclaimer
new south wales

Compass’ exploration programme targets large copper gold deposits of the Cadia/Ridgeway type in the central west NSW portion of the Lachlan fold belt, and a conceptual look-a-like play to the Cobar mineral field. These deposit types are potentially large and profitable.

Tomingley West EL 6080, Oregon EL 6245

This prospect is located 25 kilometres to the northwest of Peak Hill, along a major lineament which is believed to be a control of the Peak Hill gold/copper deposit. It is also approximately 30 kilometres north of the major NorthParkes gold mine in the same prospective Ordovician Goonumbla volcanics, and only 15 kilometres west of the Wyoming gold deposit. The main target defined to date is the Bogan East gold prospect which comprises both a geophysical and geochemical target. RC drilling planned for this prospect in 2005 had to be rescheduled due to rain after which it proved impossible to obtain a drill rig. Drilling is planned in 2006 following cropping activity.

Trewilga Project EL 5675 (Compass Royalty Interest) Wyoming Gold Project

Alkane Exploration Limited reported a number of gold intersections from additional resource definition at the Wyoming prospect during the year. The highlight of the latest results was an intersection of 66 metres averaging 13.80 grams per tonne gold in drill hole WY831D. Also significantly screen fire assay of this interval increased the grade to 19.49 grams per tonne gold, indicating the presence of coarse gold.

The Wyoming resource now stand at 7.13 million tonnes grading 2.70 grams per tonne gold (606,400 ounces). The great majority of this resource is subject to a Compass royalty comprising “75 cents per dry tonne of ore treated for the first 500,000 tonnes, thence 3% of gross gold and other minerals recovered until 150,000 ounces are produced, thence 5% of gross gold and other minerals recovered.”

Compass anticipates a development decision by Alkane this year.

Drilling during the December quarter focussed on checking high grade zones within the porphyry and testing extensions to the newly discovered “831” structure to assist with the optimisation of the development model and included the following results:

 

Alkane Exploration Wyoming Gold Deposit Recent Drill Results
Hole Interval g/t Au From
WY837D 5 3.35 134
   including 3 5.11 136
   and 11 2.91 221
   including 6 4.16 224
WY838D 9 9.57 207
   including 5 15.60 208
WY839D 15 4.43 99
   including 9 6.08 99
   and 6 7.98 151

Extract from March 2006 ASX Update

Ironbark EL 6090

Following induced polarisation surveys at Croakers and Styles prospects a number of drill holes were planned to evaluate deeper gold targets. Again weather and rig availability delayed this programme until 2006.

batchelor depot
Above: IP Survey 2005 Ironbark, NSW

Alectown East EL 4752, Houston EL 5563

Newcrest (75% increasing) report no significant activity over the past 12 months.

Cuttaburra/Yancannia Projects

These EL’s cover a conceptual exploration play that interprets regional geophysics and isolated magnetic anomalies to represent a look-a-like of the Siluro Devonian Cobar basin and its base metal and gold deposits respectively.

Ground magnetic and EM surveys carried out in 2005 over a number of magnetic anomalies suggest a possible sulphide magnetite source similar to the Cobar field deposits. Once again weather conditions and rig availability prevented the anomalies being tested in 2005. Drilling has been rescheduled for 2006.

batchelor depot
Above: Drilling 2005 Tomingley West, NSW

back to top

* * *
Compass Resources NL  Level 5  384 Eastern Valley Way  Roseville  NSW  2069
tel: 02 9417 3588      fax: 02 9417 8750     email:
*
dotted line
spacer © Compass Resources NL Pty. Ltd. spacer
qs
bottom shadow