Pyramid Base Metals and Iron Ore Project, West Pilbara (Thundelarra 100%)
The Pyramid project comprises three tenements covering 468km2 of the Archaean aged West Pilbara craton. The project is prospective for VHMS style base metal mineralisation and magnetite and haematite iron ore.
During 2007 a VTEM (helicopter borne time domain electro-magnetic) survey and follow up ground geophysics defined a conductive target at the RSE_VC1 anomaly. The target area has no outcrop but base metal mineralised gossan float indicates potential for VHMS style base metal mineralisation. The anomaly has a distinctive magnetic signature and recent interpretations have identified several additional areas of similar style which have not been tested by VTEM. The prospects are hosted within felsic volcanics that are mineralised along strike at Whim Creek and Balla Balla to the east.
Negotiations are progressing to secure heritage clearance with native title claimants. On completion, drill testing of the RSE_VC1 anomaly will be carried out.
The Pyramid project also covers several areas of Banded Iron Formation (BIF) of the Cleaverville Formation which are prospective for iron ore. They display a strong magnetic signature in airborne magnetic surveys and comprise magnetite rich BIF with potential for secondary haematite occurrences.
The main Pyramid BIF occurrence crops out in two areas over a 300m strike length. The remaining 4.5 kilometre strike extent is under shallow cover and is inferred from airborne magnetics. The BIF is located within the Scholl Shear Zone and weathering and alteration associated with faulting and the hydrothermal effect of cross cutting dykes makes the BIF prospective for direct shipping grade haematite mineralisation. No prior exploration has evaluated the magnetite or haematite potential of the project.
The Pyramid iron ore project has excellent infrastructure, being adjacent to the sealed North West Highway and 40km to the south east of the Port of Cape Lambert. The Cleaverville Formation BIF is an important host to iron ore in the project region, with the 1.6 billion tonne Cape Lambert magnetite Project located 35km to the North West. To the west of the Pyramid project the Cleaverville BIF comprises the Mt Oscar iron ore project of Fox Resources.
Following receipt of heritage clearance a detailed ground magnetics survey is planned. This will outline prospect areas of best magnetite potential as well as defining structure important for haematite alteration. Drill testing of iron ore potential can then proceed on grant of statutory permits.
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