Secures Three New Licences At Koonenberry
S2 Resources Ltd (ASX:S2R) has received notice from the New South Wales Department of Mining, Exploration and Geoscience (DMEG) for the proposed approval for 2,712 sq. km of new mineral exploration tenure.
The applications incorporated Exploration Licence Applications (ELA’s) 6198, 6199 and 6200 and cover a major proportion of the Koonenberry Belt in northern NSW, a geological terrain considered prospective for magmatic intrusive base and precious metal mineralisation.
CEO, Matthew Keane, said the new areas cover a strike extent of 143 km between the Packsaddle and Mt Arrowsmith regions. They are located 130km northeast of Broken Hill astride the Silver City Highway.
“This greenfields, belt scale project suits the technical strengths of the S2 team who made the virgin discovery of the world class Nova-Bollinger deposit in a similar geological setting in the Fraser Range (under Sirius Resources). Like the Fraser Range, the district has been sporadically explored since the early 1960’s, but generally not focused on magmatic Ni-Cu-PGE mineralisation,” Mr Keane said.
“Koonenberry is valuable addition to S2’s quality project portfolio and we will apply our systematic exploration approach to generate and evaluate targets without detracting resources from other key projects.”
Mr Keane said thatIn regard to scale and cratonic margin setting, the Koonenberry Belt is analogous to the Fraser Range which hosts the Nova-Bollinger and Silver Knight Ni-Cu-Co deposits and the Tropicana gold deposit. S2’s ELAs cover a coincident gravity and magnetic ridge, interpreted as underlying mafic and ultramafic geology, just like that which control the location of Nova-Bollinger.
Tenure selection was based upon prospective geology and excludes areas under deep post-carboniferous cover.
Mr Keane said the Koonenberry project will fit well with S2’s existing projects such as the Jillewarra project in Western Australia and the Central Lapland gold and base metal project in northern Finland.
The first year minimum expenditure plan is modest, totalling A$275,400 for the three ELAs. Planned activities for financial year 2022 include establishing land access agreements, electromagnetic (EM) surveys, soil and rock chip sampling, regional mapping and data consolidation. Existing datasets will provide a head start to S2, however the area is largely unexplored in terms of drilling.
