Warrego North Project

The Opportunity

The Warrego North Project is located within the Tennant Creek Iron Oxide Copper Gold (IOCG) district which has historically been exploited for high-grade gold and copper.The renowned mine successfully operated from the late 1950's to late 1980’s and was, at that time, the largest gold-copper producer in the district.

The Company has identified several large IOCG targets (Figure 1) prospective for high grade gold-copper with the next phase of work scheduled for early 2019. Chalice believes coincidental magnetic-gravity anomalies are strong indicators of potential high-grade copper and gold mineralisation.  

For the latest information please refer to our ASX Announcements.

Figure 1. Warrego North Project location map including major prospects, tenure and planned drilling.

Location

The Warrego North Project is strategically located in the endowed Tennant Creek Mineral Field in the Northern Territory of Australia (Figure 2).

Figure 2. The Warrego North Project (EL23764) is located in close proximity to several historically significant mining operations. 

Geology and Exploration

Warrego North lies on the western extension of the Warramunga Formation, a sequence of Palaeoproterozoic turbiditic sediments which host all of the ironstone copper-gold-bismuth deposits in the Tennant Creek Mineral Field.

The project has been subject to previous exploration programs including ground geophysical (magnetic, gravity, induced polarisation) surveys, surface geochemical surveys and limited rotary air blast (RAB), reverse circulation (RC) and diamond (DD) drilling. Numerous highly prospective IOCG targets remain to be tested by drilling.

Acquisition Terms

EL 23764 is subject to a farm-in agreement with Meteoric Resources Limited gives Chalice the right to earn up to a 70% interest in the Project by sole funding a total of $800,000 in exploration expenditure. Chalice may earn an initial 51% by sole funding $400,000. Other granted licenses are 100% owned.

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