Zinc of Ireland NL (ASX: ZMI) has entered into a binding tenement sale agreement with Syndicate Minerals Pty Ltd and Gneiss Results to acquire the legal and beneficial ownership of two granted exploration licences in Western Australia.
Licences E74/690 and E74/691 cover 183 sq. km, 70km northwest of the port town of Esperance in Western Australia’s far south.
Cascade Project Details
The Cascade Project Tenements are favourably located within the Munglinup Gneiss Terrane, contiguous to license blocks held by Meeka Metals Ltd and adjacent to OD6 Metals Ltd’s ‘Splinter Rock REE Project’.
Encouraging REE results have been reported in this emerging province.
The Cascade Project covers significant areas of TREO enrichment in regolith as
defined by shallow (0-3m) auger drill traversing by AngloGold Ashanti Australia Ltd
in gold exploration in 2010-2012.
This historical auger drilling encountered near surface enrichment in REE’s with widespread anomalism (up to 1031ppm TREO) over a considerable area. AngloGold only sampled to a maximum depth of ~3.0m and targeted the most calcretised pedogenic horizon. The
resultant TREO auger anomalies generated, may therefore under-represent potential underlying REE mineralization.
The AngloGold auger results on E74/691 show a large coherent six km by three km anomaly while E74/690 hosts similarly anomalous TREO enrichment along a five km road traverse. Both areas represent encouraging targets for the discovery of deeper mineralisation and will be subject to drill testing as soon as access agreements are confirmed.
Next Steps
• Completion of the Proposed Transaction.
• ZMI plans to engage with all relevant stakeholders to confirm access agreements and to obtain the social licence to operate.
• Finalise technical drillhole planning and source quotes from suitable RAB/Aircore drilling contractors to test known REE anomalies. Regolith mapping along with clay mineralogy testwork will be conducted in conjunction with drilling.
For further information please visit: https://www.zincofireland.com.au/
