Project Location and Regional Geology
The Zuleika Project is located on the Zuleika Shear starting 25km west north west of Kalgoorlie and extending 45km to the north west from the Kundana/EKJV mines. The Credo Project is located 35km north west Kalgoorlie immediately to the east of the Paddington Gold Mine.
Around 20 million ounces has been produced from the Zuleika – Credo (Mt Pleasant) region and there are a number of deepening underground mines continuing to exploit the extensions to significant gold ore bodies at depth.
The Zuleika Shear is recognised as a major conduit for gold mineralisation and Dampier is of the view that its mirror image, the Carnage Shear, represents a largely untested target. Dampier has 20km of strike along the Carnage Shear and number of anomalous drilled and bedrock targets which require follow up drilling.
Credo has numerous high grade intersections which require follow-up exploration drilling and testwork.
The Joint Ventures
On 4 October 2019, Dampier Gold Limited (ASX: DAU) (Dampier) executed terms sheets with Torian Resources Limited (ASX:TNR) (Torian) for Dampier, subject to due diligence and shareholder approval, to earn up to 75% of the Zuleika Gold Project (Zuleika Project) and 50% of the Credo Well Gold Project (Credo Well Project) in the Mt Pleasant district of Western Australia.
Dampier, from its detailed analysis of the vast data base, has developed a “transformational” exploration strategy for testing of more than 36 targets which have been identified as being underexplored and requiring follow-up drill testing.
The Kundana – Mt Pleasant districts has a number of operating mines and has produced to date circa 20 million ounces of gold and remains highly prospective for further discoveries.
The Zuleika Project and Credo Well Project lie within the same world class gold mining district of several major gold mines, including Northern Star’s Kundana Mine and the East Kundana Joint Venture (EKJV) owned by Northern Star, Tribune Resources’ and Rand Mining (~7Moz) and Evolution’s Frog Legs and White Foil mines (~3Moz) and Norton Goldfields, Paddington Mine etc.
The Carnage Shear, parallel to Zuleika, is an untested structure which Dampier has access to 20km of strike and 8 targets identified to date. The Carnage Shear has the potential to be a mirror image of the Zuleika Shear.