Project: Lake Rebecca
|Mining type||Open pit|
Lake Rebecca (JORC 2012)*
|Indicated Resource||11.7Mt @ 1.5g/t Au – 550koz|
|Inferred Resource||15.4Mt @ 1.0g/t Au – 485koz|
|Total||27.1Mt @ 1.2g/t Au – 1,035koz|
|Tenement||E28/1610 (currently being converted to M 28/400)|
Source: Apollo Consolidated (February 2020)
Note: Cut-off at 0.5% g/t. A$2,250/oz gold price. Resource is JORC (2012) compliant.
* Apollo Consolidated (See announcement dated 10 February 2020 for resource breakdown)
Trident has acquired an existing 1.5% Net Smelter Return (NSR) gold royalty (“Royalty”) over the production of the Lake Rebecca Gold Project located in Western Australia.
Lake Rebecca has a JORC (2012) compliant published Resource of over 1Moz and is being actively progressed towards development by Apollo Consolidated Limited – A well-funded, ASX listed mining company. Lake Rebecca provides Trident with an uncapped precious metal royalty, in an attractive jurisdiction with material upside beyond the maiden resource announced in early 2020.
The Royalty covers E28/1610 which hosts the entirety of the plus million ounce Maiden JORC (2012) Mineral Resource Estimate (MRE) announced by Apollo on 10th February 2020.
The Lake Rebecca Gold Project comprises three distinct deposits: Rebecca, Duchess and Duke. Rebecca is hosted on the north-eastern periphery of the E28/1610 tenement with Duchess and Duke nearer to the centre of the tenement area and located approximately 4km from Rebecca. Apolllo has identified the 4km corridor between Rebecca & Duchess/Duke as highly prospective and has been the target of recent step-out drill programmes.
The Lake Rebecca deposits are located on the eastern margin of the Norseman-Wiluna Greenstone Belt at the southern end of the Laverton Tectonic Zone. Broadly defined as structurally associated orogenic gold deposits, the gold mineralisation is hosted by broad zones of disseminated, pyrite and pyrrhotite, sulphides associated with deformation and silicification in dominantly granite and gneiss hosts rocks.
Trident considers there is good potential of Apollo achieving material resource tonnage increases and resource classification upgrades to the current Mineral Resource Estimate as well as having the potential to outline new exploration upside, within the wider tenement covered by the royalty zone.
Infill drilling since the completion of the February MRE has intersected wide high-grade zones, most notably within the south Jennifer structure of the Rebecca deposit, this structure together with the accompanying Maddy and Laura structures have the potential to add mineralisation to the optimised in-pit Mineral Resources. The current block model shows these higher-grade structures also contain significant mineralised material below the current pit shell and Apollo reports that the Rebecca mineralised corridor remains open over its more than 1.7km strike length.
Further potential Resource upside has been outlined by step-out drilling at the Duchess deposit on a new mineralised zone, outside of the modelled pit shell, to the east of the deposit. Drilling intercepts announced in August include 9m @ 1.82 g/t Au and 24m @ 0.87 g/t Au from 50m (hole RCLR0631), 12m @ 1.15g/t Au from 76m (hole RCLR0632), and 9m @ 1.17g/t Au from 113m (hole RCLR0633) and 35m @ 0.90 g/t Au from 94m (hole RCLR0649), (Source: ASX announcement 31/08/20).
Ongoing reverse circulation drilling within the 4km long, north-south trending, prospective corridor between the Rebecca and Duchess and Duke deposits has highlighted additional exploration targets including intersects of 25m @1.23g/t Au and 15m @ 1.4g/t Au approximately 1km north of Duchess and 6m @ 9.72g/t Au approximately 1.5km north of Duchess.
The recently discovered Cleo target, approximately 1.5km west of Rebecca, is part of a 150m wide anomalous zone which shows potential for future resource delineation; the best results to date 38m @ 2.00g/t Au from 65m in sulphide mineralisation, including 2m @ 20.4g/t Au from 74m and 5m @ 2.75g/t Au in oxide mineralisation from 30m (hole RCLR0635) and 2m @ 9.39g/t Au from 47m (hole RCLR0636).
The Lake Rebecca Gold Royalty will provide Trident with attractive exposure to a strategically located and rapidly growing gold asset. The asset is operated by an experienced team in a favourable jurisdiction for mining with the acquisition providing further scale and diversification to Trident’s growing royalty portfolio.