Mt Fisher – Mt Eureka Project

Gold and Nickel Project  •  WESTERN AUSTRALIA

Investment Highlights

1,150km2 ground position with +65km strike length of highly prospective gold mineralised greenstone belt tenements in the prolific Yilgarn Craton.

A JORC 2012 resource of 3.5Mt @ 1.65g/t Au for 187koz of Au with the currently defined deposits and prospects having significant additional potential at depth and along strike.

Significant intercepts: 9m @ 34.34 g/t Au from 67m, 8m @ 14.72 g/t Au from 13m, 5m @ 41.13g/t Au from 44m.

Recent GAIP surveys conducted in 2023-24 which have identified walk-up targets that are untested.

Highly prospective for nickel as it is located immediately along strike of Cannon Resources’ nickel deposits (237kt of contained Nickel at 1.8% Ni) with the host ultramafic unit extending onto the Project’s tenements.

*Note: Detailed dataroom available under confidentiality agreement

Project Location

The Mt Fisher – Mt Eureka Project (“the Project”) is in the Northern Goldfields, approximately 500km northeast of Kalgoorlie (about 120km east of Wiluna) within the Mt Fisher greenstone belt which is located 40km east of the prolific Yandal greenstone belt, host of significant gold deposits including Jundee, Bronzewing and Mt McClure. The Project is also situated immediately along strike of Cannon Resources Limited’s (“Cannon”) nickel deposits (237kt of contained Nickel at 1.8% Ni) with the host ultramafic unit extending into the Project’s tenure.

Mt Fisher – Mt Eureka Project is considered highly prospective for gold and nickel mineralisation and is positioned in a strategic location that has been active for acquisitions:

  • Northern Star (ASX: NST) acquired Mill Rose Project with a resource of 6Mt @ 1.80g/t Au for 346Koz for $60m in June 2023 (completed)
  • Kedalion Nickel Pty Ltd acquired Cannon Resources Ltd that owned Fisher East Project with a resource of 7.5Mt at 1.8% Ni for 134kt of Ni for $45m in November 2022 (completed). They have since then doubled their resource to 237kt of contained Nickel at 1.8% Ni.
  • Emerald Resources (ASX: EMR) acquired Bullseye Mining that owned North Laverton Gold Project with a resource of 3.4Mt @ 2.51g/t Au for 276Koz for $117m in December 2021 (ongoing transaction)

The Project is held by Rox 100% for certain tenure with the remaining tenure held by Rox and Cullen Resources Limited (“Cullen”) (ASX: CUL) in a joint venture, with Rox earning into 75% (currently 51%).

Rox’s tenure covers a large area over the Mt Fisher greenstone belt (1,150km² in total, comprising 500km² within Mt Fisher, and 650km² within the Cullen Resources JV).

Mt Fisher – Mt Eureka Gold Prospect

The greenstone belt is about 70km long and 20km wide and straddles the Kurnalpi – Burtville Terrane boundary, with the boundary transecting the greenstone belt. This major NNW trending structure (Hootanui Shear) is potentially a deep-seated gold plumbing conduit.

The Archaean geology in the Project area comprises a north to northwest striking greenstone sequence. The greenstone sequence comprises refolded tholeiitic to high magnesium basalts with numerous dolerite to gabbroic intrusives and lesser felsic volcaniclastics, intrusives, interflow sediments and talc-chlorite ultramafics.

The Project’s gold resource comprises five separate gold deposits: Damsel, Mt Fisher Mine and Wagtail for 124koz on Rox 100% tenements, and Taipan and Southern for 63koz on Mt Eureka joint venture tenements. The total Indicated and Inferred Mineral Resource for the Mt Fisher – Mt Eureka Gold Project now stands at 3.5Mt @ 1.65g/t Au for 187koz of contained gold (ASX: 2 November 2022).

Rox has recently conducted six Gradient Array Induced Polarisation (GAIP) surveys over the project area, and they have identified multiple walk-up drill targets, located along strike from known gold mineralised trends that are characterised by high-sulphide content (consistent with the causative geology of GAIP anomalies).

Mt Fisher – Mt Eureka Gold Mineral Resource

AreaClassificationTonees (dmt)Au Grade (g/t)Au Metal (oz)
Mt FisherIndicated944,1002.2267,3001
Mt EurekaIndicated488,4001.3220,800
Mt FisherInferred988,3001.7856,700
Mt EurekaInferred1,098,4001.1942,200
Mt FisherInd + Inf1,932,4002.00124,000
Mt EurekaInd + Inf1,586,8001.2363,000
TotalInd + Inf3,519,2001.65187,000
1 Includes measured resource of 6,400oz @ 3.79g/t Au

Mt Eureka Nickel Prospect

The Fisher East Greenstone Belt has a strike length of ~50km of which the Project holds ~30km of strike. Mt Eureka Nickel Prospect is located 2.5km along strike of the Fisher East Nickel deposits (Cannon Resources) and is considered highly prospective for nickel sulphide mineralisation.

This major NNW trending structure (Hootanui Shear) is potentially a major mantle-tapping structure. Such features provide optimum conduits for magma flux from mantle and are linked to the occurrence of nickel-sulphide deposits. The Fisher East Nickel deposits are typical Archaean komatiite-associated deposits having affinities with Kambalda-style Type 1 massive sulphide ores. Four known nickel sulphide ore bodies occur over a 10km section of the basal komatiite at Camelwood, Cannonball, Musket and Sabre for 237kt of contained Nickel.

New regional scale high resolution aeromagnetic data and associated nickel sulphide pathfinder geochemistry in regolith (platinum and palladium) has defined the extension of the fertile Fisher East ultramafic basal contact position from Cannon’s tenure onto the Mt Eureka tenure.

Numerous ultramafic flows with associated Ni-Cu-PGE anomalism occur throughout the belt which demonstrates further potential for the project area to host economically viable nickel deposits.