Ravenswood North Project (Gold, QLD)

In a snapshot

  • Highly Prospective Ravenswood-Charter Towers Gold District (~580km2)
  • Gold endowment of >11Moz Au, including the Kitty O’Shea, Golden Valley, Welcome, and Mt Success Mines
  • Potential for a large-scale IRG System
  • Renewed area of exploration
  • Joint Venture over project with a partner intending to list on a Canadian Market.
    • Killi to receive C$850,000 worth of stock in joint venture partner
    • Partner to contribute A$2.5M cash spend via 3 stages to earn a maximum 70% interest
    • Killi to operate whilst majority owner

The Ravenswood North Project consists of five granted EPMs in the Charter Towers- Ravenswood region of Queensland covering 582km2 of prospective ground. The licence package is prospective for Devonian to Permian-aged intrusion related gold deposits, such as the Ravenswood goldfield (10Moz Au), Kidston (4Moz Au), Mt Leyshon (3Moz Au), Mt Wright (1.5Moz) and Reward (0.2Moz Au) deposits.

Figure 1 -Ravenswood North tenements and prospects over regional bedrock geology.

JV

Killi Resources has entered into a joint Venture agreement with 1315795 B.C. Ltd., a company incorporated in British Columbia and intending to list on a Canadian Market, over the Ravenswood North Project whereby the joint venture partner may spend up to $2.5 million to earn a maximum 70% interest in the project.

Historical Mining

There is no historic mining of any significance within the granted tenure. Historical shafts are adjacent at the Mt Success/Golden Valley excision, and to the southeast at the Ravenswood Gold Mine.

Geology

The basement for the Ravenswood North Project area consists of metasediments of the Charter Towers Metamorphics. The sedimentary sequence has been deformed into regional scale open folds trending west-northwest, parallel to the main fault fabric. Throughout the Province several high-level intrusive complexes have intruded these sediments and concentrated magmatic fluids along the contacts. The intrusive centres are commonly mineralised, and include the likes of Kitty O’Shea, Golden Valley and Mount Success, within close proximity to the tenements.

The Ravenswood North Project area has been divided into five prospect areas which are prospective for intrusion related gold systems (IRG) and orogenic gold hosted systems, Mt Hotspur, Rocky Bar, Mt Success, Mt Boddington and Dotswood, refer to Figure 10.

Mineralisation

The Mt Hotspur area is prospective for gold mineralisation with exploration of the area well documented since 1997. Geophysics, soil samples, rock chip samples and drilling has been completed, by Central Pacific Minerals NL and Carpentaria Gold Pty Ltd.

The primary focus in this area being Mt Douglas, an interpreted intrusive centre. The geochemistry over the area is anomalous, which lead to IP and drilling being completed, with limited success. Six diamond holes were completed over the IP anomaly and produced average results, with the best result 7m @ 0.2g/t Au from 154m (MDD005). Further details of drilling anomalies at the Mt Douglas prospect are outlined in Table 3.1 of the Independent Geologist Report.

Recent exploration in the form of ASTER imagery at Mt Hotspur highlights two IRG systems in the area. This new data and reinterpretation have identified a new near-surface high priority target, known as West Branch (refer to Figure 11and Figure 12).

The Mount Success area hosts a 100km long north-west trending structural corridor where several Permo-Carboniferous breccia-hosted intrusion related gold systems occur. Recent exploration work has identified three new targets on the project, which remain untested and second priority to Mt Douglas and West branch.