Projects Introduction
As at December 2021, the Group held 100% interest in eight granted exploration licenses in NSW and six exploration license applications in NSW.
Our Eastern Tin Limited Project is a large holding of Tin & Base Metals located in the New England Fold Belt combining four granted exploration licenses and two exploration license applications. The license areas contain extensive mineral occurrences including mines and shafts. From our research to date we have identified on one lease alone a large reserve reported in 1982 (classified as possible, probable and proved) of tin alluvials and a majority of tin tailings of over 20 million cu. yards with a grade between 0.30 and 0.55 lbs per cu. yard.
Our Central West Gold Limited Project is located in the east Lachlan Fold region and combines three exploration license applications including the Bribbaree Gold Fields Project which was secured through a competitive Expression of Interest (EOI) process by submission of an EOI to the NSW Minister for NSW Regional. Ministerial Consent for this exciting project within the Forbes Minerals Allocation Area (MAA) was granted and an application has been lodged for the Project area. The other two application are north of Cobar and include the Perseverance and Merrere Goldfields where there are existing drill holes, surface geochem and over twenty-five mineral occurrences This includes the Perseverance Mine which consists of shafts, pits and open stoping along a northerly trending fault. The orebodies were 0.6-1.8 m wide. The fault zone was assayed with up to 15-17 g/t Au and 4-7 g/t Au in the wall rocks. Part of the Merrere Gold Field. Burton Shaft workings trend 100 deg (m). New South Wales Department of Mines annual report for 1882, p 100, notes that 0.2 t ore had a yield grade of 274 g/t Au, 840 g/t Ag.
The Peel Gold Project is located to nearby Barraba and combines two granted exploration licenses for a total package of 170 sq. kms. It is adjacent to. and on, the Peel Fault. Previous exploration expeditions have stated that the Peel Fault and Peel Gold Project geology are very similar to the Mother Lode system in central eastern California’s geological setting, including the rock types, alteration and mineralisation products.
The Manilla Base Metals Project combines two granted exploration licenses for a total package covering 45 sq. kms. The project area contains a sizeable number of mineral occurrences as well as the Boorolong Molybdenite Mine. It includes open cut, underground, shafts and open pits. A moly reserve has been reported of 64.5 tonnes contained with an average grade of 0.145% and with Bismuthinite of 31 tonnes contained and an average grade of 0.07%.
Finally, our Toongi Rare Earth Project is one ELA located 40kms south of Dubbo and four hundred kms northwest of Sydney in the east Lachlan Fold region. It is a large holding of 201 sq. kms. It is considered to have high prospectivity with attractive regional and local geology, mineral occurrences & historical exploration data, with proximity to proven world-class discoveries. The Toongi trachyte is one of a number of alkaline bodies which form part of a relatively extensive alkaline volcanic complex in the Dubbo region, composed of both intrusive and extrusive trachytic rocks, which in turn are related to the major Eastern Australian alkaline igneous event. The license area contains significant anomalous surface geochemistry. The license application surrounds a southern section of mining license ML1724 (the Dubbo Project which covers an area of 802 ha.) held by Australian Strategic Materials (Holdings) Limited (ASX:ASM). ASM is the largest rare earth developer in NSW, and is the second largest rare earth company in Australia.
The Group also holds 100% of two granted exploration licenses in WA and is a participant in seven WA exploration license ballots. See www.formidableresources.com.au
In NSW we hold ELs and ELAs accounting for a total of 336 units or 1,008 sq. kms or 100,800 hectares. Each license has multiple mineral occurrences (containing shafts, old workings and mines), as well as historical exploration data.
