Project OverviewGIB holds a 20% equity in the Iroquois Zinc-Lead Project in the Earaheedy Basin (tenement E69/2820) which lies approximately 100km north-east of Wiluna, WA. This 20% GIB equity is free carried to completion of Bankable Feasibility Study (BFS). The JV partner, and project operator is Strickland Metals Limited (ASX: ‘STK’).The Iroquois Project is located approximately 30km along strike from Rumble Resources Limited’s (ASX: ‘RTR’) Earaheedy Zinc-lead Project. Both Projects suggest the Earaheedy Basin margin is emerging as a significant new mineralised province zinc-lead discoveries. (Figure 2).There has been significant exploration Iroquois to date which includes the initial STK holes first reported on 14 October 2021 (below):
Figure 1: Iroquois Project location compared to RTR’s Earaheedy Project
Figure 2: Cross section of Iroquois Mineralisation
Figure 3: Plan View of Iroquois Project
Iroquois MineralisationThe mineralisation at Iroquois consists of relatively coarse grained sphalerite +/- galena, hosted within the Iroquois Dolomite unit. Proximal to the mineralisation is an alteration zone consisting of pyrite, manganese and minor sericite. Initial observations suggest there is zinc-lead-copper enrichment near the feeder zone fault structures, with a stronger zinc-lead distal enrichment.Photo: Iroquois Mineralisation from RC hole IQRC001 (137 to 138 metres). Sphalerite (red- brown-yellow) and galena (light grey) with associated carbonate veining within the Iroquois dolomite unit (dark grey). 12.7% Pb and 8.9% Zn
The Company believes that the Iroquois Project holds considerable potential to add significant value to the GIB share price. GIB looks forward to STK continuing their exploration activities at Iroquois. GIB will report to the ASX on these activities as applicable.
References:Iroquois Lead-Zinc Prospect (WA). First Drilling Results; Phosphate Australia Limited (now GIB) ASX Announcement dated 7 November 2011High Grade Mississippi Valley-Type Zinc-Lead Discovery in Earaheedy Basin; Strickland Metals Limited; ASX Announcement dated 14 October 2021Iroquois Zinc-Lead Project Update; Strickland Metals Limited; ASX Announcement dated 27 July 2022
The information in this report that relates to the GIB minority interest in the Joint Venture over E69/2820, has been derived from information reported to the ASX by Strickland Metals Limited (ASX: STK), as referenced in the relevant ASX Reports and compiled by Mr Jim Richards who is a Member of The Australasian Institute of Mining and Metallurgy and a Member of the Australian Institute of Geoscientists.