Pegged as open ground and secured only in June 2024, the Wongarbon project (EL9652) covers 173km2 and is interpreted to host one of the last remaining untested and large intrusive complexes of the Macquarie Arc:
- Regionally significant magmatic complex situated on the interpreted under cover extension of the northern Molong Belt coincident with an intrusive level cross arc structure supporting a series of large and untested porphyry targets.
- Clear analogues of the nearby complexes and existing Tier 1 deposits in the Arc and aeromagnetic signatures of other globally significant porphyry deposits.
- Previously identified as a large-scale new intrusive complex target by Newcrest but not drill tested at the time due to focus on the Cadia Far East and Ridgeway discoveries.
- Recent interpretations support immediate high priority targets for drilling.
- The Wongarbon project has never been drilled.
In 2024, Alkane and Magmatic Resources’ undertook drilling at a total of seven porphyry targets along a common transverse structure that is interpreted to extend into the Wongarbon Project and be a key control to the 14.7Moz gold equivalent inventory at the Boda and Kaiser porphyry deposits 1. These programs have been encouraging with follow up exploration either planned and/or ongoing at these and other regional targets 2.
Furthermore, over this period Alkane Resources trialed Fleet Space Technologies Pty Ltd’s (Fleet Space) Ambient Noise Tomography (“ANT” – a form of passive seismic) geophysics over the Boda-Kaiser deposits and a wider 125km2 district scale survey to the northwest including portions of the Comobella Intrusive Complex, Finns Crossing and Driell Creek. The survey appeared to delineate the major Solar Fault at Boda-Kaiser and characterised the main calc-potassic alteration central to the deposits with a suppressed velocity response. The district scale ANT survey confirmed existing targets 2.
On October 16th, 2024, Kincora announced that it had expanded its partnership with Fleet Space beyond an initial ANT and ground gravity survey for the Nyngan project 3 to include: (i) a listed equity investment, (ii) multiphysics surveys at the Wongarbon Project to identify and refine targets, and, (iii) the right to drill test targets to earn an asset level interest in the Wongarbon Project 4.
Fleet Space is Australia’s fastest growing company 5 and widely recognised as Australia’s leading space exploration company. Fleet Space seeks to revolutionise mineral exploration with its vertically integrated technology stack, ExoSphere, which combines the latest advances in satellite connectivity, 3D multiphysics data acquisition and AI to map mineral systems in real-time to streamline exploration and improve success rates for new economic discoveries.
Fleet Space and Kincora’s asset level partnership for the Wongarbon project includes:
- Ambient Noise Tomography (ANT) and ground gravity surveys
- Fleet Space having the right to fund a minimum of 2,000m drill program, with drill targets:
- identified and refined from the surveys; and,
- mutually agreed by Kincora and Fleet Space.
- An exercise of the right in 1) will entitle Fleet Space to a 20% equity interest in the Wongarbon Project.
- The right in 1) may be exercised within 6 months of the completion of the surveys.
- Should Fleet Space exercise the right, the parties will enter into a Joint Venture Agreement (JV Agreement). Key principles governing the JV Agreement will be customary for such stage exploration project including both parties having the right to provide additional funding maintain their respective ownership interests and dilution provisions should either party not participate in additional project funding, noting that any holder of a project interest less than 10% will have its interest converted to a 1% Net Smelter Return (NSR) royalty.
Fleet Space is to be the operator of the multiphysics surveys, with support from Kincora, and Kincora the operator of the drilling program.
The multiphysics surveys will comprise real-time 3D ANT and ground gravity surveys applying cutting-edge technology to generate and interpret new homogeneous and primary datasets via Fleet Space’s proprietary and vertically integrated technology stack, ExoSphere, and be integrated with existing regional geophysical surveys and geological data.
References:
(1) Annual Resources & Reserves Statement FY24 – Alkane Resources Limited (ticker ALK.ASX) release Sep 4, 2024
(2) 2Q’2024 Quarterly Activities Reports – Alkane Resources Limited & Magmatic Resources Limited (ticker MAG.ASX)(3) ANT and Gravity Geophysical Surveys at the Nyngan Project – Kincora release Jul 24, 2024
(4) Kincora announces Strategic Investment & Expanded Partnership with Fleet Space – release Oct 15, 2024
(5) According to the Australian Financial Review (2023)