Cool­gar­die’s new the­ory tested at Bul­lab­ulling

Kalgoorlie Miner - - NEWS - Josh Chiat

Cool­gar­die Min­er­als boss Bradd Granville is hope­ful a new ge­o­log­i­cal the­ory has helped the ASX-listed ju­nior un­ravel the se­crets of the Bul­lab­ulling gold­field.

A rar­ity for a ju­nior list­ing on the Aus­tralian mar­ket, the com­pany al­ready op­er­ates the new Geko gold mine, about 25km west of Cool­gar­die in the WA Gold­fields.

But it sees room to grow the project fur­ther be­cause the firm be­lieves pre­vi­ous drilling has been aimed at the wrong struc­tures.

Tar­get­ing ul­tra­mafic con­tacts near the Geko mine, rather than the his­tor­i­cally tested Bul­lab­ulling shear, Cool­gar­die Min­er­als be­lieves higher grade drill re­sults out­side the Geko pit de­sign have given sup­port to its new ex­plo­ration the­sis.

Mr Granville said the early suc­cess, which in­cluded an in­ter­sec­tion of 10m at 2.62 grams per tonne from 136m down hole, will give the com­pany con­fi­dence to test the the­ory across its ex­pan­sive 550sqkm land­hold­ing.

“Typ­i­cally the ex­plo­ration in the re­gion has been done on what has been known to be the Bul­lab­ulling shear but our new in­ter­pre­ta­tion sug­gests the min­er­al­i­sa­tion is more about the con­tact with the ul­tra­mafic which sits in most places well east of the in­ter­preted Bul­lab­ulling shear,” he said. “That’s the the­ory that we’re work­ing on, this first ini­tial ex­plo­ration pro­gram we’ve re­ally de­signed to test that the­ory and we’ll ex­trap­o­late that to our other tar­gets on that 550sqkm of ground we have.

“It’s only a four-hole pro­gram at the mo­ment to test some struc­tures but it cer­tainly looks promis­ing at this point.”

Cool­gar­die Min­er­als’ im­me­di­ate aim is to add more ounces and value to the Geko open pit, where min­ing be­gan in Oc­to­ber with an es­ti­mated ore re­serve of 91,900 ounces at 1.8 grams per tonne.

It will be mined through­out 2019, with the com­pany’s first rev­enue from an ore sales agree­ment with North­ern Star Re­sources ex­pected to ar­rive soon. About 50-55 peo­ple are work­ing at the mine, mainly with con­trac­tor SMS Min­ing.

But Cool­gar­die Min­er­als, which counts for­mer Cool­gar­die Gold and Barminco boss Neil War­bur­ton as its chair­man, is also hop­ing to use cash from the mine to drill fur­ther and deeper in the quest for a big­ger gold sys­tem in a re­gion that hosts Nor­ton Gold Fields’ 3Moz Bul­lab­ulling de­posit.

The new un­der­stand­ing of the project’s ge­ol­ogy will help with mov­ing for­ward, ac­cord­ing to Mr Granville

“We’re cer­tainly look­ing at all our ex­plo­ration tar­gets in a new light and we’ll ap­ply this struc­tural the­ory to all our ex­plo­ration pro­grams go­ing for­ward,” he said.

Cool­gar­die shares closed up 0.5¢ or 4.2 per cent to 12.5¢.

Pic­ture: Cool­gar­die Min­er­als

Geko Gold Mine owner Cool­gar­die Min­er­als be­lieves a new ge­o­log­i­cal the­ory will un­lock more gold.

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