Reedy Lagoon has stamped out two compelling gold targets within its Shear Luck and Zebra prospects after soil sampling at its Burracoppin project in Western Australia’s Wheatbelt region.
The company collected 387 samples designed to infill anomalism identified from reconnaissance sampling at the project late last year. The samples were sent to Intertek Genalysis laboratory in Perth for low-level gold and multi-element analysis, which can detect subtle geochemical trends and delineate low-level anomalies.
Gold anomalism of more than 5 parts per billion, peaking at 47ppb, highlighted a trend at the Shear Luck prospect of at least 1000m and management believes it is coincident with a magnetic anomaly.
The company says the anomaly could outline a buried metamorphosed banded iron-formation along the major regional Yandina structural corridor. It believes it presents a favourable structural setting for gold mineralisation and offers a high-priority target for further exploration.
A 1400m-long gold-in-soil anomaly, with peak values of 21.6ppb gold, has been carved out at the Zebra prospect. Located about 5km south of the Shear Luck prospect, the anomaly sits 4km to the east of and runs parallel with the Yandina structural corridor.
Reedy has its foot on a 30km strike within the Yandina structural corridor that is known to host gold mineralisation, with Moho Resources’ Crossroad gold deposit about 15km to the north. Interestingly, Moho and joint venture partner mega-miner IGO recently wrapped up an air-core (AC) drilling program at its Burracoppin project to chase up the potential source of iconic clay rare earths accumulations.
Shear Luck and Zebra add into a mixed pot of emerging gold prospects in the company’s underexplored tenure that is a stone’s throw from Ramelius Resources’ 990,000-ounce Edna May gold mine and 60km north of that company’s recently-commissioned 280,000-ounce Tampia gold mine.
Burracoppin is proving to be more than a one-trick pony, with Reedy deep in the throes of evaluating a magnetite iron ore deposit at the project, garnering support from the CSIRO to develop a low-cost process, known as “MagResource”, for measuring the iron content of magnetite deposits. The company is looking to establish an indicated resource of between 20 and 30 million tonnes of iron concentrate product to feed a planned high-purity pig iron plant.
Further afield, the company has upped the ante at its Nevada-based lithium project, pegging out an additional 1312 hectares to add to its Alkali Lake North lithium project. where it is chasing low-cost, shallow clay-based lithium.
Recent market jitters are making capital raising somewhat of a fine art for the junior arm of the resources sector. It means companies are required to show they are making every exploration dollar count towards highlighting valuable targets for further investigation.
Reedy appears to have finessed that technique, etching out a smorgasbord of potentially valuable gold targets at its Burracoppin project to complement its evolving magnetite iron ore deposit. while also eyeing its shallow clay-based lithium prospects in the United States.
It seems a clever strategy that could deliver big rewards for the junior explorer.
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