The tenement covers the former Mt Chalmers gold-copper historical mine and comprises 22 sub-blocks (approximately 66km2). The Mt Chalmers tenement also covers the Woods Shaft Gold prospect, and numerous other volcanogenic massive sulphide (VMS) anomalous targets, the historical New Zealand Gold field and other gold prospects both with hard rock and alluvial occurrences.
The Company's flagship Mount Chalmers Project offers high potential for establishing new gold and copper mines. The main prospect is the historical Mount Chalmers mine which still hosts substantial mineralization.
In addition, there are a number of partially drilled prospects whose geological and mineral characteristics are similar to those of the nearby Mount Chalmers mine.
These prospects, including the known resource at Woods Shaft, require further drilling. The Company proposes to drill-out these prospects rapidly to obtain samples for geochemistry and metallurgical test-work so as to enable the Company to move quickly and seamlessly from exploration to feasibility studies with a view to initiating mining.
The Mount Chalmers deposit was discovered in 1860 and was initially worked for gold. In 1898 copper was located deeper in the lode system. The mine was in production until 1914, when copper prices fell. Wartime production resumed the operations in 1941 until 1943.
Mining resumed again in 1979 with Mount Morgan Limited mining the newly discovered West Lode.
Production ceased in 1982, due to closure of the Mount Morgan mine and low commodity prices.
The current tenement area held by Traprock has been tenured by multiple different explorers at any one time and this is the first time in 50 years that the whole field has been held by a single explorer.
This resource had significant drilling with some of the better drill intersections had encouraging grades as follows:
The past exploration has left an open ended series of targets, requiring further exploration drilling, with the potential to increase the resource.
The targets that the Company will explore are:
Mount Chalmers is a Volcanic Hosted Massive Sulphide (VHMS) deposit, which type of deposit generally form in clusters of between five and 40 individual events and also may form as stacked lenses on top of each other.
The Mount Chalmers VHMS deposit is situated in volcanic rocks (the Berserker Beds) of Permian age and are fault bounded in a graben rift 120km long and 15km wide.
Further targets have been identified in the larger project area, including the Woods Shaft (1km SW of Mount Chalmers and drilled by a previous explorer). Previous drilling results from Woods Shaft have been very encouraging. Drilling was from surface to 90 metres depth and the mineralisation encountered has not been closed off, remaining open below the drilled zone and to the north and east.
A resource was originally estimated for Woods Shaft in 1986 by Newmont. This resource predates JORC and therefore will not be disclosed within this prospectus. It is the Companies intentions that Woods Shaft will be redrilled and bring the resource to JORC Code, 2012 compliance.
Some of the better drill intersections from Woods Shaft with encouraging grades are as follows
The mineralisation has a strike length of 250 metres and is hosted in similar rocks to the Mount Chalmers deposit. Further drilling is warranted to extend the known mineralisation.
One kilometre to the north-east of the Mount Chalmers Mine, and in the same stratigraphic position, exists the Botos Prospect characterised by extensive alteration.
Drilling by GeoPeko Ltd in percussion hole PDH13 intersected firstname.lastname@example.org g/t gold, 0.2% copper, 63 g/t Silver, 1.4% lead and 2.8% zinc. Another percussion hole, PDH18 returned 33m @0.6g/t gold. Traprock considers this area to be highly prospective and will follow up with further exploration.
Previous explorers have identified a further twelve VHMS targets where scout drilling was conducted within the Mount Chalmers locality. The exploration drilling recovered significant grades of gold and base metals (see Independent Geologist’s Report) at the Tungamull Prospect. For example, a 220m drill hole intersected 5m @ 0.9 g/t gold, 0.2% copper and 0.5% zinc. Another drill hole intersected disseminated zinc and lead and the best drilled grades were 205 g/t silver, 0.34% copper, 3.0% lead and 3.5% zinc which were not followed up.
Traprock intends to follow up with more intense exploration programs including extensive geophysical surveys (as VHMS mineralisation is very conductive) and drill testing of the existing and new targets generated.
Five kilometres to the south of Mount Chalmers, within the Berserker Beds, is the New Zealand Gully Goldfield, which hosted some of the richest alluvial gold deposits mined in Queensland. The source for the alluvials was a series of quartz reefs in the Berserker Range where a cluster of historic gold mines resulted in small, but high grade, gold production. Traprock has identified three gold soil anomalies and geophysical targets on a northsouth fault structure, which also hosts some of the larger mines on the field. This will be followed up with detailed mapping, sampling and drilling.
PLAN OF OPERATION
Traprock intends to conduct an aggressive exploration program at the former Mount Chalmers mine and the Woods Shaft Prospect, with the aim of upgrading the resources to the JORC Code, 2012 standard, and to delineate further extensions of mineralisation in the immediate area to increase the resource base.
This work will give Traprock the capability to assess options for the resumption of mining at Mount Chalmers and to evaluate Woods Shaft for future production.
Traprock will also explore the greater project area over time with the aim of complimenting Mount Chalmers with additional resources.