NLGP Gold Exploration
Gold Exploration at the North Laverton Gold Project (NLGP)
Stage One Onsite Mining and Processing at the NLGP consists of three open pit gold deposits: Bungarra, Boundary and Stirling. Bullseye has conducted a further 34,946m exploration drill program at the NLGP which has successfully resulted in a further two areas of gold mineralisation being delineated; the Hurleys gold deposit and the Neptune gold deposit. Neptune was identified through the Bullseye exploration geochemical soil sampling campaign and is a virgin gold discovery credited to the talent and hard work of the Bullseye exploration team. Both Hurleys and Neptune represent additional gold mineralisation that could be added to the mining Resources and Reserves at the NLGP, bringing the total from three gold deposits to five potential gold deposits. The Bullseye team will work toward this potential extension of the life of mine 'LOM' of the NLGP as part of the planned expansion 'Stage Two Mining and Processing' for the NLGP.
The Bullseye exploration team have additionally identified five new gold targets: Freemans, St. Francis, Boundary North, Aviary and Eclipse. Bullseye has completed geochemical soil sampling at all five of these target areas in preparation for drilling.
These ten (10) areas of gold mineralisation (5 drilled, 5 yet to be drilled) are located in very close proximity, within 15km, of one another. Bullseye's exploration strategy is to drill at each area with the aim of creating a series of satellite gold deposits, that when mined together, can share the upfront capital expenditure requirements and can further reduce the operating (mining and processing) costs at the NLGP.
Bullseye have developed a systematic exploration and development strategy for the North Laverton Gold Project, which will occur in stages over the coming three year period. This exploration strategy is aggressive and exploration targeting is highly advanced and well refined as a result of the robust historic data compilations and validation undertaken by Bullseye since January 2014, the on-ground geochemical soil sampling programs at the NLGP and the increased understanding of the geological controls on gold mineralisation seen from the 67,304m of RC and diamond JORC 2012 drilling by Bullseye and the delineation of the first 5 areas of gold mineralisation at the NLGP:
Stage 1 of the exploration strategy saw the successful drilling (11,025m RC) of the Bungarra deposit in 2014
Stage 2 of the exploration strategy saw the successful drilling (21,333m both diamond and RC) of the Bungarra, Boundary and Stirling deposits in 2015 to develop the life of mine (LOM) of the North Laverton Gold Project.
Stage 3 of the exploration strategy was undertaken in 2016 and 2017 with the NLGP geochemical soil sampling program and drilling (34,946m) at Boundary, Hurleys and the newly discovered Neptune deposit. Gold Resource modelling is underway and the total Gold Resource at the NLGP is expected to increase.
Stage 4 of the exploration strategy plans for further extensional drilling of Boundary and Neptune. Drilling is also planned for the new NLGP targets at Freemans, St. Francis, Boundary North, Aviary and Eclipse. This drilling aims to extend the LOM at the NLGP.
Stage 5 of the exploration strategy will see further extensional drilling. Bullseye expect to have generated additional exploration gold targets from the on-ground geochemical soil sampling and regional geological mapping that will be conducted every field season at the NLGP.
Bullseye's 800km2 Dingo Range tenure. 5 drilled areas of gold mineralisation (red) and surrounding future gold targets (yellow).
Current Gold Resources
The current gold Resources of the NLGP are classified in accordance with the Joint Ore Reserves Committee Australia (JORC) Code 2012 and are approved for public reporting.
The total Gold Resource for the Boundary gold deposit is 2.7Mt @ 2.37g/t Au for 212,000oz (JORC 2012).
The total Gold Resource for the Bungarra gold deposit is 545kt @ 3.26g/t Au for 57,600oz (JORC 2012).
The total Gold Resource for the Stirling gold deposit is 88kt @ 2.25g/t Au for 6,400oz (JORC 2012).
Bullseye exploration team drilling at the North Laverton Gold Project (NLGP)