EXPLORATION UPDATE - WOLLOGORANG PROJECT, NT
RC Drill Rig, Wollogorang Project, 2022
• Assays have been received from 3,152m of a planned 6,500m reverse circulation drilling program completed at the Wollogorang Project, Northern Territory in late 2022
• Drilling was fully funded by project partner, OZ Minerals (ASX: OZL), under an earn-in and JV agreement
• The onset of the wet season suspended drilling operations until the next dry season (May 2023)
• Of the ~50% targets tested, no significant copper mineralisation was encountered
• Prospective host rocks were intersected with selective assays reporting total organic carbon (TOC) content exceeding the important 1% TOC threshold to qualify as a potential “trap rock”
• OZL has until 13 March 2023 to elect to earn-in to a 51% interest by committing to spend a further $3m and paying Resolution $300,000 cash upfront or withdraw with no earned interest
• The results of the 2022 program will be used to improve the targeting for future drill programs
Figure 1. Wollogorang Project; 2022 completed RC holes (green), planned RC holes (blue)
and historical drill holes (black).
Drilling was funded by OZ Minerals as part of their Initial-Period commitments as outlined in the earn-in and joint venture agreement between the two companies (ASX Announcement 24/8/2021).
Only 3,152m of a planned 6,500m of drilling was completed before the onset of the wet season, with approximately 50% of the targets remaining untested (Figure 1). Sampling at 3m composites was completed, with selective total organic carbon (TOC) samples taken to validate reductive properties of the host rock.
Organic carbon analysis was completed on forty-five siltstone samples to confirm the presence of organic carbonaceous material. The average TOC value was 1.3%, with a maximum value of 3.5% TOC returned from the forty-five samples submitted. This is highly significant, given an “organic carbon content of 1% is the minimum amount of organic matter required in reduced stratigraphy for an effective chemical gradient along which metal may commence precipitation” (Jarrett et al, 2020).
Although no significant multi-element results were reported (all results <0.2% Cu, <0.3% Zn, <0.3% Pb and <10ppm Ag), confirmation of the right host rocks is very positive. Exploration implications have been derived for the remaining target areas, to be followed up post wet season, pending OZL’s decision to complete the planned second half of the drill targets and progress to the next stage of the earn-in agreement.