Fourth Quarter Activities Report
Document date:
Mon 29 Jul 2002
Published:
Mon 29 Jul 2002 00:00:00
Document No:
220241
Document part:
C
Market Flag:
Y
Classification:
JACKSON GOLD LIMITED 2002-07-29 ASX-SIGNAL-G HOMEX - Perth +++++++++++++++++++++++++ WALLBROOK PROJECT CORPORATE ACTIVITY The Company has successfully concluded negotiations to purchase the equity of its Joint Venture partners in the Wallbrook Project as listed below: a) The purchase of Supersorb Minerals NL equity (20-25%) in certain tenements. The terms of the purchase, are as follows: - a cash consideration of $35,000; and - the issue of 275,000 ordinary shares of $0.20 ("the Shares"). The Shares will be held in a voluntary escrow arrangement for 6 months from the date of issue. b) Synergy Metals Limited (5%) equity in certain tenements for the following consideration: - a $15,000 payment before the 30th July - a further $15,000 payment on completion of legal transfer The Company now has a 100% interest in mineral tenements ELA 31/478, EL's 31/89, 117 and 174, and PL's 31/1406-7 shown in figure 3. Croesus Mining NL retains a royalty of $1O per ounce of gold produced. DRILL PROGRAM An RC drilling program of 15 holes for 1168 metres was completed at the project and has confirmed the highly prospective nature of this exploration property. The best results were received from the Eleven Bells prospect are listed below and all significant results are listed in Table 2: * 8 metres @ 4.17 g/t from 36 metres * 13 metres @ 2.91 g/t from 83 metres * 6 metres @ 2.15 g/t from 64 metres REDBROOK PROSPECT The Redbrook prospect was the location of previous explorer Talon Resources initial discovery of new gold mineralisation in this area. A small open pit exists adjacent to old workings and has a number of economic intersections from drilling. This area is yet to be explored by the Company and is currently being assessed as a future drill target. Within this prospect area Talon discovered zone of mineralisation in 1996-7 a new named the Eleven Bells prospect associated with some historical workings located 500 metres north of the Redbrook pit. ELEVEN BELLS PROSPECT This prospect is a priority target for the company as there are numerous high-grade intersections from previous drilling. The company received a number of encouraging results from holes drilled on the western margin of the mineralised area. During the September quarter it is planned to complete detailed geological modelling of the area and calculate a Resource. Further drilling will be undertaken when geological controls are more fully understood. It is highly likely that this mineralisation is Part of a larger system that includes both the adjacent Redbrook prospect as well as the Crusader mineralisation located one kilometre to the north. CRUSADER A number of infill holes were drilled to test for the extensions of high-grade mineralisation discovered by Oroesus during 1998-99. Results were of a low tenor and indicate, that this mineralisation is not simple and will require geological assessment prior to further drilling. SUMMARY The Company regards the results as further indicating the potential for economic mineralisation to be defined within this project. This confidence is shown through the acquisition of additional equity in the project and the Company can now plan for an active systematic exploration program to commence in September. The Directors believe that the Wallbrook project is an excellent advanced exploration property that is highly likely to repay our investment in the medium term. OTHER PROJECTS The Northcote project in far north Queensland will be visited during the September Quarter by management with a view to familiarisation with Statutory authorities, local services and communities and field inspection. A Desktop Study into the economic viability will commence following compilation and review of all available Technical information. The Peak Hill project will also be inspected in the field and all Technical data compiled and assessed. A RAB drill program will be planned to test the extent and tenor of gold mineralisation on the highly-prospective and under-explored Ruby Well fault zone. No work is planned for the Iron Range project apart from compilation of Technical data STAFF The Company is pleased to have secured the services of new personnel to assist the Executive Directors with the day to day running of the company: * Mr Brett Smith has been retained for a contract period of six months to provide consulting geological services. Brett was most recently employed as Senior Geologist - Exploration, for Harmony Gold's Big Bell Operations. Prior to this he was Kalgoorlie Regional Manager for Resource Service Group. * Mrs Sandy Jaensch has been employed as Office Manager. Sandy has extensive field geological as well as office management experience throughout Australia. A Viner MANAGING DIRECTOR MORE TO FOLLOW