Non-Core Assets

‘Our focus is on the development of the Sorby Hills Project, as such, exploration work is on hold at our non-core assets. To realise value for our shareholders, we are currently seeking joint venture partners or buyers for our non-core asset portfolio.’
Non-Core Assets

Borroloola West Joint Venture Project
(51% Boab)


The Borroloola West Joint Venture Project is located in the McArthur and Mt Isa Basins and comprises nine exploration licences and one mining licence. Our Joint Venture partner, with a contributing 49% interest, is Sandfire Resources NL. The Project covers an outstanding package of ground with high potential for the discovery of world class base metal deposits. This package of ground includes Coppermine Creek, Lorella, and Mariner, all of which are summarised below.

The thickness, continuity and style of the copper, cobalt and silver mineralisation at Coppermine Creek are impressive. Coppermine Creek holds great potential for large sediment hosted copper-cobalt deposits. The mineralised zone is spatially controlled by an evaporite horizon extending south and dipping gently from the copper mineralised at the Gordons Fault. The outcrop length of the mineralisation is 700m. Applying a 0.3% Cu grade cut-off, the average intersection thickness of the 12 holes is 9m, with a length weighted average intersection grade of 1.0% Cu. The primary mineralisation consists mostly of veins, stringers and disseminations of chalcopyrite, with only minor pyrite, indicating relatively simple metallurgy.

The Lorella Prospect lies 100km north-east of the McArthur River mine. The oxide copper mineralisation is flat, or gently dipping, and beneath just 20-30m of unconsolidated alluvial overburden. Preliminary acid leach testwork indicated that leaching the oxide copper material could be economically viable, with greater than 90% recoveries and low net acid consumption.

At Mariner, our 2017 diamond drilling campaign established the presence of the Barney Creek Formation carbonaceous and pyritic shales and siltstones. The Barney Creek Formation is host to the world-class McArthur River zinc-lead deposit and there is potential for the discovery of further zinc-lead deposits. Geological mapping and portable x-ray fluoresence instrument reconnaissance identified anomalous lead and zinc rock chip geochemistry (values of up to 0.21 Pb and 510ppm Zn) 2km north of the previous diamond drilling, confirming the prospectivity of this sub-basin of Barney Creek Formation extending north beneath Roper Group sediments.

Limestone Creek EL31354 (100% Boab)

Limestone Creek lies north of the Coppermine Creek prospect within the Borroloola West Joint Venture and was selected for its proximity to basaltic volcanics, favourable McArthur Group stratigraphy, complex fault intersections and the presence of a known copper-lead occurrence.

The mapped area is considered to be highly prospective for sediment-hosted zinc-lead mineralisation. A zinc-lead gossan with 600m strike, open along strike under shallow cover and of several meters in thickness has been discovered near Limestone Creek during reconnaissance. The mineralisation appears to be stratabound and is hosted by black shale or chert. The host rock stratigraphy is mapped as Amelia Dolomite, which has positive implications for stratabound zinc-lead mineralisation potential within the adjoining Borroloola West Joint Venture tenements.

Non-Core Assets

Boab commenced activities in Colombia in 2011 and has since developed a comprehensive GIS database across many prospective areas of Colombia. This allowed the company to identify, secure, and retain the Berrio, Natagaima, and Urrao Projects. These Projects are highly prospective for economic Copper-Gold deposits.