PepinNini is set to embark on an initial exploration program to investigate the gold potential of it 100% owned Oasis Exploration Permit (EPM18979) located in the Georgetown Block, North Queensland.
The Georgetown region is renowned for producing large quantities of gold since the 1800’s, especially from the Kidston mine which is located 25 kilometres west of the Oasis Exploration Permit.
“The license has been held by PepinNini primarily for its uranium potential at the Oasis Uranium Prospect which occurs within the tenure,” the company said in a statement to the ASX.
“It is are recognised that the block also has gold potential especially within the Lynd Mylonite Zone which comprised the NE-SW trending structural zone between the Etheridge and Cape River geological provinces.”
According to the company, mineral exploration during the 1980s involving limited percussion drilling and surface geochemical investigations returned two encouraging intercepts including 8m @ 6.8g/t Au and 1m @ 1.5g/t Au.
PepinNini said both intercepts were reported to occur within sillceous, carbonaceous shales and haematitic quartz vein breccias associated with the Lynd Mylonite Zone, adding that it was not clear whether those results were effectively followed up.
“The results warrant further work as it does not appear that follow-up investigations have been adequate in context with modern exploration standard and capabilities,” reads the statement.
“Three specific prospect areas (Northern prospect, Central prospect and Southern prospect) will form the focus of the initial activities.”
PepinNini Minerals is a diversified exploration company focused on developing major new mineral deposits.
The company has strategically located exploration tenements in the Musgrave province of South Australia and the Georgetown Inlier of North Queensland, as well as in Argentina.