Yarara Gold Project, NSW
The Yarara Gold Project is located 70 km east of Albury (a major regional centre) in NSW, within the highly prospective Lachlan Fold Belt
Latin Resources signs binding agreement for 75% interest in Yarara Gold Project, Lachlan Fold Belt, NSW
The project covers 50km strike of the Yarara Shear Zone which contains 20 dormant historic high-grade gold mines and numerous gold workings
Numerous metallic mineral occurrences recorded on the tenement block
Limited modern exploration undertaken in the past 40 years
Lachlan Fold Belt is a well-established mineral province hosting several world class mining operations such as Cadia, North Parkes, Tomingley, Cowal and Peak Hill gold mines
Latin Resources planning pre-drilling exploration activities including acquiring high resolution geophysics for data compilation and interpretation
This will lead to target definition and drill testing in the next 3-6 months.
In June 2020, Latin announced it had signed a binding farm-in terms sheet (“Terms Sheet”) with Mining and Energy Group Pty Ltd (“MEG”) to earn up to a 75% interest in a gold project (“Yarara”), situated within the highly prospective Lachlan Fold gold belt of NSW.
The Lachlan Fold Belt hosts many significant mineral projects including Junee, Boda, Woodlawn, Cadia Ridgeway, McPhillamys, Hill End, Copper Hill, Cowal, Commonwealth, Tomingley and North Parkes, and is currently experiencing significant renewed interest following a number of exploration successes over recent months.
There are three principle areas of interest to the Company within the Yarara Project:
1. Yarara Reefs (North): The Yarara area hosts structurally located gold mineralisation in sediments. A major shear zone provides the focus for mineralisation.
2. Carboona (Centre): At Carboona, known mineralisation includes a wide variety of metals, including lead, tin, tungsten, gold and silver which are spatially related to granite contact or to a major shear zone; and
3. Ournie (South): The Ournie goldfield contains historical workings for gold and silver hosted in granite.
Technical & Historical Overview
The Yarara Shear Zone was mined from 1877 to the 1930s and the production mostly came from four mines in the northern part of the Shear Zone (i.e. Billabong, Rangatira, Just-in-Time and Perseverance) and very high-grade sheeted gold mined in the southern Ournie area (i.e. Peep-O-Day, Discovery and Hidden Treasure). This gold was generally hosted in quartz veins with pyrite in chlorite-graphite shear zones and micro-shear zones in the metasedimentary host rocks. The gold has a high fineness and is associated with quartz and sulphides.
This is possibly analogous to the Bethanga gold workings in Victoria where the workings were taken to over 200 metres in mine development.
Historical records show an average ROM grade of more than an ounce per tonne (to a depth of less than 70m).
Table 1: Data taken from the Wagga Wagga 1:250,000 Metallogenic Map – Mine data and Metallogenic Study (Mine No. 195-200), Geological Survey of New South Wales 1982 as published in the JC Downes Report, October 2003. The information presented in the above table is open to the public via the Geological Survey of New South Wales, Mine data and Metallogenic Study (Mine No. 195-200) and this information is to be used to assist the company in its exploration efforts over the Yarara Gold Project. https://search.geoscience.nsw.gov.au/report/R00055625
Figure 1: EL8958 Exploration License tenement showing historical mines
The Carboona fluorite-silver-lead mine (also known as Coppabella) was mined by then BHP from 1905 to 1925 and produced a mine product of fluorite. Drill testing by BHP encountered disseminated mineralisation that was not assayed. There has been no exploration of the area since that time.
There has been very little exploration of this area in the past 40 years, with limited drilling undertaken in 1956 and 1969 at the Carboona mine and more recently some drilling undertaken at the Rangatira gold mine in 1980/81. More recent exploration activity has been limited with no meaningful comprehensive programs undertaken.
Latin Resources intends on carrying out pre-drilling exploration activities that would initially involve the acquisition of high-resolution geophysics, in particular low level closely spaced TEM type of surveys method in conjunction with detailed data compilation and interpretation followed by structural control studies/interpretations leading to drilling target definition. This approach will enable the prioritisation of high value targets and initial reconnaissance drill testing to be completed within 3-6 months.