OUR PROJECTS – North Stawell Minerals

Projects & Prospects

Projects

The North Stawell Minerals tenements span the highly prospective western margin of the Stawell Zone (the Stawell Corridor) for 60km from Stawell to Murtoa. The gold prospective geology is mostly (85%) covered by a layer of un-mineralised Murray Basin sediments (termed ‘cover’). The cover, although an increased challenge for exploration, has significant potential to mask shallow, multi-million ounce gold mineralisation similar to the Stawell Mine to the immediate south (4.9Moz Au historic mining).

Using the Stawell Mine as a model for mineralisation, and aided by unprecedented high resolution geophysics to “see through” the cover, NSM has identified dozens of target areas that may be similar to Stawell, and has prioritised twelve for initial focus. Any of these highly prospective areas has the potential to host shallow, multi-million ounce gold mineralisation just beneath the thin cover.

North Stawell Minerals (NSM) explores against a Stawell Gold model. High-resolution gravity and magnetics data allows interpretation of the possible position of non-outcropping basalt domes (either deep or under a blanket of cover). The margins of the domes (and the areas interpreted to have structural similarities to Stawell are prioritised for drilling. This has returned a very high ‘hit rate’ for anomalous gold. Even where the basalt is deeper, potential remains.

The Stawell model indicates mineralisation wraps around the margins of the basalt buttress, but also as vein systems that ‘ramps off’ the domes into the wall rock above the basalts where structural pressure shadows are interpreted. At Stawell, the Mariners-type mineralisation is a good example this type of veining, extending 300m above the causative dome (pictured in figure 3). Therefore, by consistently exploring above the interpreted domes, NSM maximises the opportunity to hit Mariners-type veins, and follow them down system to Stawell-type mineralsiation at depth.

Mariners-type Mineralisation

High-grade, shallow gold target type in the Stawell Zone.

The Mariner’s-type mineralization is an important part of the exploration model at North Stawell Minerals. The Mariner’s-types occur as sediment-hosted quartz vein splays above the deeper basalt that can be “followed” to find deeper, basalt-flanking mineralisation as seen at Stawell. The Mariner’s Lode at Stawell is also notable for its excellent historic gold endowment (approx. 1Moz Au at 30 g/t Au historic production^[8]) and is attractive target for exploration above identified basalts.

Interested in some extra geological detail?:

The Mariners Lodes, part of the Hanging Wall Lodes at Stawell, is a significant part of the Stawell gold mining complex in Victoria, Australia. It represents a specific type of gold mineralization within the larger Stawell gold system^[1]^[2] – a series of sub-parallel lodes hosted by faults and shear zones above the western flank of the large basalt butress known as the Magdala Anticline^[4].

The Hangingwall Lodes were an important source of early production, yielding ~30t of gold between 1856 and 1880 at ~30 g/t Au ^[8](nb this is historic production – not in-ground resource). They are hosted by white mica-altered portions of the Albion Formation, located within and adjacent to the Stawell Fault and in intersecting flat faults. These lodes occur ~100 to 300 m above the Magdala Basalt (boxed area, Figure 1)

Geologically, the Mariners Area is a fault zone formed by the diverging Fault Splays which form a ‘wedge’. The faults have a high graphite content, which has enabled both faults to capture remobilized gold ^[7]. The Mariners Lode also differs to Stawell-types in that it is mostly brecciated quartz rather than a laminated quartz vein. The lode structures are generally identified as a quartz-sulphide rich shear zone with varying widths of 2m to 10m. Gold occurs as free native grains in quartz and in association with an arsenopyrite-pyrite-chalcopyrite-sphalerite-galena assemblage ^[5].The mineralized zones of the Mariners Area strike at around 335° and dip around 50° towards the southwest. All shear zone lodes differ from the typical Central Lode structure due to having diffuse boundaries on both the hangingwall and footwall of the structures.

In the broader context of the Stawell gold field, the Mariners system ultimately links to the Central Lode and Golden Gift lodes, which occur on the margin of the basalt and continue to a depth of 1.6km^[1]. This interconnected system has contributed to 40 years of current mining operations, as well as the 70 years of historic production.

Projects by location

Ashens

The Ashens Prospect. Background: AGG Gravity (Warmer Colours = Greater Chance of Basalt Dome at Depth).

RESULTS:

Ashens Prospect Overview. The Ashens Prospect, located in the far north of NSM’s tenements, features a 4.1 km basalt unit bounded by significant faults and is fully under cover. The southern end is intruded by late rocks along northeast-trending faults, and its structure and intrusive history closely resemble that of Stawell. Airborne gravity data has refined the basalt interpretation, guiding NSM’s exploration efforts.

Historic drilling consists of five lines spaced about 1 km apart, with all lines intersecting basalts and returning anomalous gold. Notably, two northern lines showed significant gold grades along the basalt’s ‘hinge,’ suggesting a 1.8 km trend of higher grades and the potential for Stawell-type mineralization along the basalt margins.

Challenger

Challenger extends south from Ashens and is entirely under cover. The northern half (about 3.5 km of the 7 km target) has been drilled, but the southern portion remains untested. The prospect shows high arsenic anomalies and continuous low-grade gold results, mainly on the western side of the basalt, though significant grades (+1 g/t Au) have not been found. The basalt has not been intersected, suggesting that Challenger is deeper than Ashens, which may explain the lower grades while indicating potential at depth.

Effective exploration at Challenger will require identifying near-surface mineralization conduits through drilling or geophysics and pursuing them deeper.

Lubeck Tip

Lubeck Tip Prospect: Background: AGG Gravity (Warmer Colours = Greater Chance of a Basalt Dome at Depth).

RESULTS:

Lubeck Tip represents an exceptional application of the NSM exploration model through cover. Interpreted as a covered, structurally bounded basalt slice in the eastern Stawell Corridor, this previously untested target was identified in geophysics and returned +1 g/t Au grades within the first (16 hole) air core program.

The target is 1.6km in length and interpreted to be truncated to the south by a northeast trending fault that trends towards a small interpreted intrusive, 500m to the east. Sheared basalts have been intersected to the northern end of the target, indicating that the prospective dilation zone in the roof of the basalt may be shallow, and not eroded off the target, preserving gold potential.

Lubeck

The 4.2 km Lubeck Prospect lies immediately west of the Coongee Fault, the eastern boundary of the Stawell Gold Corridor. It occurs in the same structural position as the mineralisation at Wildwood and Darlington (NSM). Lubeck is interpreted as a faultbounded slab of basalts within carbonaceous sedimentary rocks, a strong analogy for the mineralsiation at Stawell. An interpreted intrusive occurs to the northwest.

Historically, only three air core lines are drilled across the target, without returning significant gold grades. Most of the gold anomalous results are in the northern end of the target, but high resolution gravity data indicates potential structural complexity to the south that might increase prospectivity.

Old Roo

RESULTS:

The Old Roo basalt is one of the largest in the tenements, measuring 4.5 km long and 1.5 km wide. Historical drilling, totaling 210 holes, shows the basalt lies just beneath the cover, though its top has been eroded. The margins have been well-tested, yielding multiple anomalous gold intercepts but no significant results so far. Geophysical modeling has identified potentially prospective features within the basalt, suggesting a departure from the Stawell gold model. NSM’s follow-up work on air core holes has shown significant grades, enhancing its prospectivity.

Regional geology suggests early faults could cut the basalt, potentially serving as conduits for later mineralization, presenting intriguing opportunities at Old Roo and other NSM prospects.

Forsaken

RESULTS:

The Forsaken target lies in the eastern side of the Mt Pleasant Fault – one of the major faults in the centre of the Stawell Corridor and interpreted as the western boundary of the most prospective geology. The geology at Forsaken appears to form a large fold-fault system across the fault boundary, resulting in a regional scale anticlinal in the hanging wall position – a highly favourable geometry to focus gold mineralisation.

The Forsaken prospect occurs at the northern end of a 7 km basalt dome, where the basalt drags towards the fault, with at least two interpreted mineralisation trends occurring adjacent to the basalt. Multiple anomalous gold intercepts occur, as well as multiple significant gold grades in air core drilling.

The interpreted mineralisation trends remain open along strike, and along the margins of the interpreted basalt.

Wildwood

RESULTS:

Wildwood, 25km north of Stawell, stands out through a blanket of unmineralised cover because of its geophysical (magnetic) signature. Identified in 2003, it has multiple similarities to Stawell, and has been explored against a Stawell-type gold mineralisation model. Wildwood includes a compliant Mineral Resource of 87,300 oz Au at 2.4 g/t Au (ASX:NSM 29 June 2023), reported against the 2012 JORC Code.

The basalt structure at Wildwood features double plunges with mineralization along its crest and shoulders. However, drilling indicates that the steep flanks are faulted, affecting mineralization in the north of the basalt.

Extensive drilling in the early 2000s aimed to assess its potential as a satellite ore source for the Stawell Mine, suggesting a small deposit could enhance mill feed. Recent drilling results have been promising, particularly on the crests, and a project review indicates that Wildwood is still open for exploration along the dome hinge, presenting opportunities for deeper mineralization and possible higher-grade zones.

Germania

RESULTS:

Germania is the northern-most historic mine in the Stawell Corridor before the prospective geology disappears under a blanket of Murray Basin cover. The Prospect occurs at the northern end of the 14km long Darlington-Germania trend – a mineralised fairway that includes four small but significant historic mines to the immediate west of the regional Coongee Fault.

NSM has reconstructed the old mines from records (Germania East – 768 oz Au at 9.7 g/t Au and Germania West – 683 oz Au at 15.6 g/t Au) and interprets the geology as two north-trending, west-dipping parallel lodes. Historic drilling beneath the working has returned encouraging results under the old workings.

The mineralisation is open to the north and to the south.

Caledonia

RESULTS:

The Caledonia Prospect, a recent discovery in the Darlington-Germania trend, is located 700 m north-northwest of the historic Bonny Dundee Mine (1,116 oz at 20.6 g/t Au). Under shallow cover (5 m), it was identified through geophysics and geochemistry. Drilling has extended the gold target to 620 m, with mineralization reaching 100 m in depth. The mineralization trends northwest, parallel to Darlington (2 km south), suggesting ore shoots may form in en-echelon zones along the trend. Recent drilling by NSM has returned promising gold grades.

The higher grades and mineralization at Bonny Dundee suggest significant potential at Caledonia. Positioned east of an interpreted basalt, it may reflect a shear branching off this deeper feature. Prioritizing the pursuit of mineralization downward and identifying higher-grade controls is key.

Darlington

RESULTS:

Darlington is an historic mining area, 6km northeast of Stawell at the southern end of the Darlington-Germania trend, that produced 2,364oz at 18.2 g/t Au. The mineralisation is oriented northwest over 550m strike, dips southwest and may occur as multiple parallel lodes. Along the strike extent, the prospect has only been drill-tested to approximately 50m, and results include:

Resampling of historic core (DAD001) delivered additional grades that expand the potential at Darlington. A central area (150m strike) has potential to include higher grades, and plunge either steeply to the north or south (open in both directions).

Wimmera Park

The Wimmera Park prospect occurs at the contact between the eastern margin of the Stawell Corridor and a late, 2.5km intrusion. Air core drilling by NSM intersected a gold and arsenic (up to 400ppm) anomalism over 300m immediately adjacent to the granite. A magnetic high, that extends 2km south, correlates with the anomalous gold and arsenic, locally extending into the footprint of the intrusion.

The geology and mineralisation have similarities to Wonga, an historic mine (294koz Au at 4.38 g/t Au) on the margin of the Stawell granite where the intrusion is interpreted to have mobilised or upgraded the mineralisation within the thermal aureole (heat affected) area of the pre-intrusion metasedimentary rocks.

Doctors Hill

The Doctors Hill prospect is centred on an elongate, Northwest trending intrusion that has exploited one of the late faults that cuts the Magdala (Stawell Mine) basalt dome – the Wildcat Fault. The prospect, because of its intrusion association, is explored as a possible repeat of the Wonga Mine model (potential intrusion-related gold). Elevated gold and arsenic returned from drilling on the southern margin of the intrusion is encouraging for future work. Surface geochemistry indicated that arsenic anomalism extends 400m from the granite, also on the southern margin, as well as minor, localised antimony over the intrusion.