The New England Fold Belt is an exciting emerging mineral province, which in the past, has been a significant production area for gold, tin and base metals. Although previously relatively unexplored, the area is now receiving increased attention with the application of new geological theory and exploration techniques and with the application of new mining and processing technology. In recent years, the area has been host to a number of new gold and polymetallic mineral “discoveries and developments” including:

• Hillgrove (antinomy and gold);
• Kingsgate and Stanthorpe (molybdenum);
• Mt Carrington (gold, silver and zinc);
• Taronga (tin); and
• Seven Hills and Timbarra (gold).

The Company has project areas in a relatively unexplored, but in historically rich mineralised mining areas and will be targeting large, near surface gold and polymetallic ore bodies, utilising modern day exploration techniques.

CATHEDRAL ROCKS - Gold, base metals

Location and access

Cathedral Rocks is a base metals and gold target 50 kilometres east of Armidale in northern New South Wales. Access is via a paved road from Armidale and a network of farm tracks across the tenement.

Historical activity

Cathedral Rocks is centred on the historic reef and alluvial tin fields of Yooroona, Lauder and School Gully. The tin fields form a cluster around a remnant of baked older rock on top of a granitic intrusion, the Round Mountain Adamellite.

Approximately 3,800 kilograms of cassiterite were produced from these limited areas when they were worked during the 1900's and intermittently thereafter.

Exploration between 1911 and 1955 encountered strong gold and base-metal anomalies.

During the 1970's, CRA defined strong polymetallic anomalies in soils, trenches, and follow-up drilling on geophysical targets. Holes intercepted up to four zones of mineralisation up to 30 metres wide to 120 metres down hole, with strong tin, lead, zinc, copper and silver anomalies. Other holes intercepted mineralisation in altered granites or cut narrow or low-grade zones, interpreted as being peripheral to mineralisation. Mineral widths appear to increase at depth, forming a series of stacked lens.

Crucially, CRA did not analyse for gold or molybdenum, now considered the most prospective targets. CRA regarded the deposit as being analogous to Anduramba in southeast Queensland.

Prospectivity and exploration target

Cathedral Rocks is centred on the historic reef and alluvial tin fields of Yaroona, Lauder and School Gully which produced tin in the early 1900's. Whilst a number of gold and base metal anomalies were identified in exploration during the early 1950's, it wasn't until the 1970's that CRA Exploration drilling intercepted a number of significant base metal mineralised zones. Crucially, CRA Exploration did not analyse for gold and molybdenum, now considered the most prospective targets based on a new interpretation of the possibility of intrusion related gold systems (IRGS) within the regional geology.

Mapping and sampling programs, targeting regions known for gold, molybdenum, and tin mineralisation are well advanced. Two anomalies have been identified from historical records and are the focus of the current field campaign. Mapping has identified lead, zinc and tin mineralisation in an alteration related to dykes cutting the boundary of granites and their host rocks. Rock chip samples, assayed for gold and based metals, will be reported in August 2010. The mapping and sampling results will define initial targets for detailed in-fill sampling.

A molybdenum anomaly has been identified from a review of historical exploration data, which is considered significant due to the strong association of gold with molybdenum in IRGS systems. This prospect, located in the east of the Cathedral Rocks tenement, has been reported to have a number of soil samples with highly anomalous molybdenum values, but was historically never analysed for gold. It is considered likely that the area is prospective for gold, molybdenum, silver and tin. Mapping and sampling of this prospect is scheduled to begin early in July 2010.