Pyramid Gold Project(EPM 12887)

The Pyramid project is located within EPM 12887 in the Drummond Basin, North Queensland and is located on a major north-northeast trending belt of gold mineralisation developed over a strike length of 20 km.



GETTYSBERG PROSPECT

Gold at the Gettysberg prospect is hosted in the Saint Ann’s Formation sediments (a sedimentary package consisting of siltstones, sandstones and some thin beds of algal limestone and quartz pebble conglomerates).

Mineralisation at the Pyramid Project consists of Epithermal quartz veins, graphite-pyrite-sericite stylolitic veinlets and breccia matrix infills. This mineralisation is only hosted in micaceous sandstones of the Saint Anns Formation and appears to be of epithermal style. The gold mineralisation appears to plunge shallowly to the north and there has been limited drilling in this direction.

Qtz Breccia

PREVIOUS INVESTIGATIONS

The Pyramid Project is located near the Sellheim River area, where numerous small silver-lead-zinc deposits were worked during the late 1880′s, including the Sunbeam, Sunset, Carrington and Walhalla deposits From the late 1970′s, several mining companies have explored the area around the EPM 12887 including Pajingo Gold Mine Pty Limited, Newcrest Mining Limited and Dalrymple Resources NL. Exploration in the area has been mainly directed towards locating epithermal gold mineralisation.

Previous Drilling Results at the Gettysberg Prospect

Dalrymple drilled 26 RC holes (MRDC-25 to MRDC-50) and 2 diamond core holes (MDD-1 to MDD-2; MDD-3 was a diamond extension) over a strike extent of 400m, which intersected widespread significant gold mineralisation in 21 holes. The highlights of this drill program are presented in table 1. Mineralisation consists of comb/cockade quartz vein stockworks and graphite-pyrite-dolomite breccia zones. Visible gold was noted in the core holes associated with the graphite-pyrite matrix (Figure 6.3.8).

Figure 6.3.8 - Photograph of drill core from MDD-001. Note presence of visible gold within a low amplitude, black graphite-chlorite-pyrite stylolite seam, within sericite altered, hydrofractured sandstone. (Assay 75-76m: 12.0 g/t Au).


2012 Drilling Program - Gettysberg Prospect

In October 2012, MGT commenced a small RC drilling program at Gettysberg. 11 holes were planned over 350m strike length and a total of 1265m were drilled. The program was extremely successful with 10 out of 11 holes contacting mineralization and 557m out of 1265m drilled came back with encouraging gold grades.

The higher grades are contained with a broadly continuous, low grade gold envelope which is is the order of 100m of 0.5 g/t Au (all thicknesses expressed as down hole intersections). The mineralization envelope is open to the north and, in some sections, at depth. More drilling is required to determine its extent.

There are particular untested targets locally at the Gettysberg prospect, but also regionally. Prospects having similar geology and style of gold mineralization occur in the same structural position as Gettysberg over a strike length of at least 5km. These prospects will now be re-evaluated as they were drilled in the 1980s and 1990s by previous explorers, and have gold intercepts within them which have not been followed up.

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