THE BOURSE WHISPERER: Goldphyre Resources (ASX: GPH) has acquired a ground holding in the Albany Fraser Range Orogen.
Known as the Beretta project, the new ground consists of one 350 square kilometre exploration license application 210km east of Kalgoorlie in Western Australia.
Regional geology and Beretta project location. Source: Company announcement
According to Goldphyre open file WAMEX (Department of Mines and Petroleum) and Geological Survey of Western Australia (GSWA) data indicates limited reconnaissance drilling has been carried out on the Beretta project.
Although limited, the historic drilling has recorded elevated nickel, copper and zinc values.
Goldphyre said regional magnetic images have also indicated crosscutting magnetic lineament features and a circular magnetic high feature, which is referred to as Magnetic Image 6 – ‘MI6’.
“Acquiring a new, significantly large holding in this very tightly held province is an important step in our base metals development strategy,” Goldphyre Resources executive chairman Matt Shackleton said in the company’s announcement to the Australian Securities Exchange.
“The Beretta project is located approximately 80 kilometres from the Nova-Bollinger nickel/copper resource of Sirius Resources (ASX: SIR), and while it is located just west of the high magnetic relief terrain hosting that resource, we are very encouraged by the results of previous exploration on the ground.
“We are now collating as much data as is available in preparation for field-work to commence when the tenement is granted.”
Goldphyre lodged the tenement application with the DMP in September 2014 and anticipates grant of tenure in the March 2015 quarter.