Mindax has a 100% interest in the Mt Lucky Gold
Project (‘Mt Lucky’), tenement E38/3336, which lies within the Mt Margaret
Mineral Field of the north-eastern Goldfields of Western Australia (Laverton
Greenstone Belt), approximately 7 km east of the Granny Smith gold mine (plant
capacity 3.5 Mtpa) and 12 km southeast of Laverton. The ground has widespread
gold anomalism and artisanal-scale gold workings.
The Laverton region has well-documented gold endowment with
two world class deposits, Sunrise Dam and Wallaby, and numerous
deposits that show endowment of more than one million ounces, being Mt Morgans, Lancefield and Granny Smith.
Great Southern Mining (ASX: GSN), which holds several
tenements surrounding Mt Lucky and along the eastern tenement boundary, has successfully
undertaken gold exploration and subsequently announced a maiden gold resource estimate for its Mon Ami Prospect in
2018. The magnetic imagery indicates a subtle lineament interpreted as a continuation
of the Mon Ami mineralised structure extending onto the north and south sections
of the Mt Lucky tenement, as indicated by the red perforated lines in the
following figure. The historical artisanal mining centre includes several deep
shafts which follow an N-S trending lineament in the centre of the tenement,
alluvial patches of gold nuggets and anomalous gold in soils also overlie other
lineaments, as indicated by the orange perforated lines in the same image.
Several prospective structures have been revealed from the magnetic imagery and
are considered drill-ready targets which warrant further investigation.
The Company considers Mt Lucky as a desirable gold exploration
project with fieldwork undertaken in November 2022 involving a site
reconnaissance field visit to determine the existence of outcrops, reviewing
indications of shearing and alteration, or quartz veining, that would indicate
the presence of potential large shear zones. The site visit was also used to
determine the accessibility of the tenement, the terrain, and the local
infrastructure to consider the most appropriate initial exploration techniques
to be used and any significant barriers to drilling activity. Heritage
surveying of the tenement was completed in June 2023 and drill planning is
currently underway.