Rannes Project Queensland, Australia

The Rannes Project lies 140 km west of Gladstone in southeast Queensland. The project comprises two principal non-contiguous blocks of tenements, and several intervening blocks, that collectively cover an area of approximately 2856 square km under grant and application (Figure 3). The tenements straddle the faulted and strongly deformed east margin of the Permian age Bowen Basin, within the New England Orogen. A series of Triassic to Devonian age intrusions (including highly mineralized Permian to Carboniferous age intrusions) extend along the Great Dividing Range from northeast Queensland to northeast New South Wales. This belt of intrusive rocks is associated with many of the major Cu-Au and Au deposits of Queensland, including Kidston, Charters Towers, Mt Leyshon, Mt Morgan, Cracow, Mt Rawdon and the Gympie goldfield. This highly mineralized belt of intrusions is believed to project under the east margin of the Bowen Basin in the vicinity of the Rannes tenements. The three largest deposits in close proximity to the Rannes Project are the world class Mt Morgan Cu-Au deposit (production at closure: 50 Mt at 0.72% copper, 4.75 g/t gold), the high-grade Cracow fissure-vein epithermal deposit (0.86 MOz reserve) and the volcanic-hosted Mt Rawdon gold deposit (Resource 36.7 Mt at 0.87 g/t gold for 1 MOz gold; Reserve 32 Mt at 0.89 g/t gold for 0.9 MOz gold; Figure 3).


Figure 1 - Location of the Queensland projects of SolGold (Rannes, Mt Perry, Cracow West, Lonesome, Auburn, Clermont and Normanby), the Mt Morgan, Cracow, Mt Rawdon deposits and the Gympie goldfield.

The focus of exploration at Rannes is for sediment-hosted epithermal gold-silver and related Carlin-style gold deposits. Five closely spaced prospects (Crunchie, Kauffmans-Homestead, Shilo, Cracklin Rosie and Porcupine) and several other prospects (Brother, Spring Creek and Police Camp Creek) have been drilled, and long intersections of potentially economic Au mineralization have been encountered.

Rannes Regional Targets Queensland Australia

SolGold has identified 10 major prospects on the Rannes project area in addition to the existing resources at Kauffmans-Homestead and Crunchie. These regional prospects lie in two clusters, the northern group of prospects comprise Double Scoop, Shilo, El Dente, Mushy, Porcupine and Cracklin Rosie whilst the southern group of prospects are Pinnacles, Brother, Police Camp and Spring Creek (Figure 4). First pass drill testing has been conducted on all of these regional targets with the exception of the Pinnacles area. Four other untested areas of soil gold anomalism lie southeast and southwest of Shilo, east of Police Camp and north-northwest of Spring Creek (Figure 4). Ongoing drilling on the northern group of prospects aims to further delineate mineralization to feed a potential central processing plant, provided economic hurdles are met. Drilling in the southern group of prospects seeks to discover a substantive body of mineralization to support a second stand-alone operation.

Less than a quarter of the area of the southern group of exploration permits on the Rannes project has been covered by soil sampling (Figures 3 and 4). A regional radiometric survey has identified high degrees of correlation between potassium radiometric anomalies and areas of gold anomalism in soil samples around the northern and southern clusters of prospects. An extensive linear and northwest-trending zone of high potassium radiometric signature was identified running parallel to major faults, and extending for 10km southeast of the Porcupine prospect (Figure 4). This area represents a major structural and alteration target to be tested by soil sampling to more thoroughly test the broader extent of the Rannes goldfield.

Figure 2 - Location of regional prospects and additional areas of gold exploration potential, on the southern part of the Rannes Project.

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2nd February 2016
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