The Board of Padbury Mining Limited has announced the acquisition of a new tenement E52/2993 which is in close proximity to its holdings in the Peak Hill mining district. The company has also acquired the mineral rights to the tenement consisting of 18 sub blocks.
According to the media release by Padbury Mining Limited, the company made a decision to purchase the tenement after conducting thorough assessment on the geological data held by Meteoric Resources, the previous owner of the tenement.
The Peak Hill district is part of the inland Gascoyne region which surrounds the historic Peak Hill goldfields. The area has become the focal point of exploration in the company’s quest for iron ore reserves.
Padbury Mining Limited has devised a three year Business Plan to work toward diversification and growth of its project opportunities through extensive exploration and acquisition of new tenements and projects.
The company’s objectives are to establish itself as a key participant in the development of iron ore projects in the Mid-West region of Western Australia.
The purchase of tenement E52/2993 is in accordance with that strategy, given its proximity to Padbury’s existing tenements and its alignment with the company’s exploration target areas.
The company is convinced that the tenement holds great future for iron mineralization. Situated approximately 15 kilometres from the settlement of Peak Hill and 114 kilometres of the town of Meekatharra in the Mid-West region of Western Australia, the rocks of the tenement include the Paleoproterozoic Bryah and Padbury Groups in the west and the Yerrida Group to the east and southwest.
The project also incorporates the eastern limp and fold hinge area of the Millidie Syncline, as well as the Robinson Range Formation, which is a Proterozoic sequence of banded iron formation, siltstone and hematitic shale. Across its length, the tenement covers a cumulative strike of approximately 13 kilometres of iron formations.
Recent studies of remote sensing images and aeromagnetic data have revealed several areas of potential-goethite enrichments, attracting great attention from potential suitors for sampling and drilling. The presence of hematite and goethite in the area results from alteration and enrichment of the magnetite-bearing BIF, particularly in areas of complex folding.
The mapping operation conducted by the Geological Survey of Western Australia (GSWA) has confirmed the presence of hematite and goethite deposits on the tenement.
The company firmly believes that it will improve its asset base through the acquisition of the tenement, as it moves toward the monetisation of its core iron ore assets.