THE BOURSE WHISPERER: Pegasus Metals (ASX: PUN) has let everybody know the company’s McLarty Range copper project sits outside the boundary of the Class A national park currently being proposed north-east of Broome in the Kimberley region by the Western Australia Government.
The proposed park, which includes Horizontal Falls at Talbot Bay, comprises an area set aside by the WA Government when it created a Mining Act Section 19 Exemption Area over the Horizontal Falls in December last year.
The proposed park also includes areas that are not the subject of granted Exploration Licences.
McLarty Range copper project. Source: Company announcement
Pegasus explained the tenements that form part of its McLarty Range project include one granted Exploration Licence and an Exploration Licence Application, which fall outside and to the east of the proposed area of the Class A national park.
The company told the market in December 2012 this Exemption Area did not affect in any way the granted tenure or access to the Bowerbird and Copper Cliff/Main Syncline prospect areas where it has been focusing it exploration activities as part of the McLarty Range project.
Pegasus also highlighted, along with its partner in the McLarty Range project Kimminco, the company had provided much assistance to the WA Government in defining this Exemption Area by relinquishing an ELA (E04/2001) and two blocks of a granted exploration licence (E04/1441).
Pegasus had already declared these areas to be part of a “self-imposed buffer zone” adjacent to the Horizontal Falls.
“The proposed national park will have no impact on future exploration at McLarty Range,” Pegasus Metals director Michael Fotios said in the company’s announcement to the Australian Securities Exchange.
“Pegasus has already declared the area subject to the proposed national park as a ‘selfimposed buffer zone’ as part of its policy to protect the Horizontal Falls site nearby.
Pegasus indicated future exploration at McLarty Range will include airborne magnetic/radiometric and VTEM surveys as the company aims to further understand the geology and controls on the copper mineralisation.
Diamond drill testing of targets will follow these surveys with the initial focus on determining the presence of primary copper mineralisation at Copper Cliff in the main syncline area on the east side of the project.
Field activities are expected to commence in the June Quarter of this year after the end of the wet season, subject to any regulatory approvals required.