Northern Territory Australia EL24550 & EL27354 - (ROY 100%)

The George Project is located ~100km southeast of Darwin in the Northern Territory. The project comprises two exploration licences EL24550, EL27354 and one exploration licence application ELA30074, which covers a total area of 88km2 in the Central Pine Creek Geosyncline which is prospective for uranium and gold deposits targeted within the Burrell Creek Formation. Magnetite Mines has been the operator since 2009 and recently acquired 100% interest from VSX-listed Aldershot Resources Ltd.

Geology

The George Project encompasses the Early Proterozoic Burrell Creek Formation of the Finniss River Group which comprises shale, phyllite, siltstone, greywacke, sandstone and conglomerate units which have been folded into a series of upright, tight, north-trending and north and south plunging folds forming the current undulating geomorphology.

Mineralisation for both gold and uranium occurs as vein-style, generally en-echelon pinching and swelling whether within discordant veins, sub-parallel to parallel faults, shear zones and transitional lithological zones.

Pine Creek Regional

Uranium Exploration

The area was originally explored for gold in the 1950s when uranium was discovered at the historic Adelaide River and George Creek uranium mines. During 1950 to 1957 the Adelaide River Mine produced uranium ore at an average grade of 0.5% U3O8 while George Creek produced an average grade of 0.26% U3O8.
The primary zone consists of narrow veinlets of pitchblende in the shear zone and occasionally disseminated in the adjacent country rock and forming coatings on joint and fracture surfaces associated with quartz veining.
Torbernite is the main secondary uranium mineral in the oxidized zone found in weak shears, joints and bedding-plane fractures at the surface. Drilling at Adelaide River returned a best intersection of 7.1m @ 0.35% U3O8, (7.7 lb/t) including 4m @ 0.72% U3O8 (15.8 lb/t) and at George Creek a best intersection of 1m @ 0.48% U3O8 (10.6 lb/t) was obtained.

Adelaide River Mine – drill core: 4m @ 0.72% U3O8 (15.8 lb/t) (90.7-94.7m) with associated metal values: 7.5% Co, 1.9% Cu and 4.4% Ni (94.9-95.1m).

Hole: ARDDH-02

Gold Exploration

Gold is the principal commodity discovered within the Central Pine Creek Geosyncline and the project area lies to the west of the Pine Creek Goldfield, Union Reefs Goldfield and the Cosmo-Howley Belt. No modern gold exploration was carried out until the late 1980’s, early-mid 90’s when there was increased interest in the area for “GIGIAC”s (gold in greywacke in anticlinal crests) and saddle reef gold-bearing quartz veins at which time a number of gold prospects were identified within the project, some of which were pegged with Mineral Claims.
The Possum, Happy Valley and Arum Prospects, returned significant gold in rock chips up to 170g/t Au, containing a number of anomalous rock chips 5-50g/t Au over 300m strike length (Possum Prospect). A distinct linear association was evident with the gold prospects occurring along Dorat Road.

Recent sampling in 2013 targeted anticlinal hinges in the isolated portions of the tenement which has highlighted the newly defined Croc Pate Prospect containing anomalous rock chips up to 6g/t Au over a strike length of ~1km. For more information, click here.

These gold targets will be the focus of exploration during the 2014 Northern Territory field season.

Updated November 2013