cr120398

EPM25849 forms part of Teck Australia’s Marimo Project an earn-in option/JV between Teck and Young Australia Mines Ltd (“YAML”). The project includes licenses held by both parties, although Teck is currently operating. In the current phase of the agreement, Teck is earning 70% interest of the project by committing to spend AUD $3.8 million on exploration before June 30th, 2022. The Marimo project is highly prospective for siliciclastic-hosted massive sulfide deposits (SHMS) containing zinc (Zn), Lead (Pb) and silver (Ag) mineralization. The area has low exploration maturity for SHMS systems, with few deep drillholes completed previously within the basin.

Work completed on the license during the reporting period was limited to desktop activities due to travel restrictions imposed by the Covid-19 pandemic. Data processing and target ranking was undertaken.

In addition to the integration of recently-acquired aircore and diamond drilling data, new work at Marimo in the coming year will focus on ground-truthing of existing datasets through field activities such as mapping and commencement of target detection surveys by ground geophysical methods.