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Yamarna Project JV, WA

(AUC interest 49%)

The Yamarna Project is located approximately 125km north-east of Laverton in central Western Australia on Exploration Licenses E38/2129 and ELA 38/3311. The project covers 300km2 of prospective ground over the Yamarna Greenstone Belt, the eastern most Archean greenstone belt in the Yilgarn Craton.

In 2018, Ausgold entered into a Farm-in and Joint Venture Agreement with ASX-listed mineral exploration company Great Boulder Resources Limited (Great Boulder). Under the terms of the Agreement, Great Boulder issued 1,500,000 GBR shares to Ausgold, and has earned a 51% interest in the Project, having spent $250,000 on exploration, with the ability to earn an additional 24% (75% in total) by spending an additional $250,000. Upon Great Boulder meeting the minimum expenditure milestone, Ausgold will retain a 25% free-carried interest in the Project until a decision to mine.

Past exploration by Ausgold identified disseminated sulphides (up to 10%) comprising chalcopyrite (copper-iron sulphide), pentlandite (iron-nickel-sulphide) and pyrite (iron sulphide) contained within mafic-ultramafic rocks. A review by Fathom Geophsyics identified nine Ni-Cu-Co, four PGE and 15 gold targets in the project area based on geophysical responses combined with structural complexity and favourable interpreted lithology.