Bridge Creek Project

Northern Territory

Overview

The Bridge Creek Project comprises three granted mining leases situated within the Pine Creek Geosyncline. The project is situated in the historical mining area of Cosmos Howley – Pine Creek area with gold previously being produced from the project area.

Local Geology

The Bridge Creek Project is situated within the Pine Creek Geosyncline, a tightly folded sequence of Lower Proterozoic rocks, 10km to 14km in thickness, laid down on a rifted granitic Archaean basement during the interval ~2.2-1.87Ga. The sequence is dominated by pelitic and psammitic (continental shelf shallow marine) sediments with minor inter-layered tuff units. Pre-orogenic mafic sills of the Zamu Dolerite event (~1.87Ga) intruded the lower formations of the South Alligator Group.

The Bridge Creek Project covers a sector of the axis of the Howley Anticline, approximately 12km along strike north from the Cosmopolitan Howley Gold Mine (Cosmo Howley, currently owned by Kirkland Lake Gold).

The lithologies in the tenement area are similar to those found at Cosmo Howley. They comprise units of the South Alligator Group sedimentary sequence that is interlayered with sills of Zamu Dolerite.

At Bridge Creek, primary gold occurs in three different styles, which post-date the F1-F3 regional folding events (Cooper, 1990). The project area covers a sector of the axis of the Howley Anticline, approximately 12km along strike north from the Cosmopolitan Howley Gold Mine (Cosmo Howley).

In quartz-sulphide (pyrite-arsenopyrite) stockwork zones and associated alteration haloes within the pyritic and carbonaceous black shales of the Upper Koolpin Formation (the dominant style).
In quartz-sulphide-impregnated shear zones at the contact between the Gerowie Tuff and the Zamu Dolerite.
In quartz-sulphide veins within the Zamu Dolerite. The veins appear to be arranged as a fracture cleavage set around the hinge zone of the Howley Anticline. Veins on the east side of the anticline appear to dip west, and those on the west side appear to dip east.

Exploration Rational

FNR proposes to conduct a significant exploration and development program at its Bridge Creek Gold Deposit. Work will include drilling to upgrade inferred resources to indicated and also to extend the mineralisation along strike and at depth. With an updated Mineral Resource Estimate it may be possible to progress to mining studies such as pit optimizations.

This can also include associated work to progress the project to an Ore Reserve should the drilling results and mining studies prove successful. This work will include hydrogeological and geotechnical studies for final pit designs. Additional Metallurgical test-work will be required to finalise optimal processing routes.

a) Targets are contacts between the Gerowie Tuff and Koolpin Formation Siltstone, especially beneath isoclinally folded Zamu Dolerite sill, shears within Zamu Dolerite, Saddle reefs above Dolerite contact in South and Quartz stockworks.

b) Phase 1 – Re-drill areas previously done using RC with X-Over Sub and QAQC support holes. Upgrade from Inferred to Indicated North, Central and South areas.

c) Phase 2 – Oxide and extensional target drilling, Upgrade from Inferred to Indicated North, Central and South areas.

Bridge Creek Project