Petratherm have secured two tenement applications within the highly prospective Bendigo Gold Zone in Victoria.
The recent resurgence in interest in Victorian Goldfields, largely stems from the spectacular success of Kirkland Lake Gold’s Fosterville operations, with production forecast to increase to over 500,000 ounces in 2020 and reach over 570,000 ounces by 2021 (reference: Kirkland Lake Gold Press Release 11/12/2018).
Much of the recent upturn in gold exploration in Victoria has come from explorers gaining a better understanding of the structural controls of the reef systems hosting the gold shoots, and the importance of major faults localising mineralisation. In many cases, very little serious modern exploration has occurred, testing the extents and depth of these historic gold reef systems. The utilization of modern gravity surveying techniques to locate prospective faults under cover has been paramount in targeting areas for later drill testing with the potential of leading to new discoveries.
In 2018, Petratherm secured two highly prospective ground positions over the Bendigo Gold Zone including the Yuengroon Project located within the Wedderburn Goldfield and the Silver Spoon Project positioned between the operating Fosterville and Costerfield Gold Mines.
In 2020, Petratherm secured a large prospective ground position over a portion of the West Ballarat Goldfield area (EL007276) and which also extends north, between the two historic major gold mining centres of Clunes and Creswick. The tenement is situated largely within the highly prospective Bendigo Structural Zone which hosts most of the Victoria’s gold production.
In early July 2020, the Company entered into a Farm-in and Joint Venture Agreement on the Glenfine Gold Project, in the Central Victorian Goldfields, which demonstrates potential for both Stawell-Style (basalt dome hosted) gold mineralisation and Ballarat-Style (vein hosted) gold mineralisation. These projects all have recorded significant historical gold production, with the Glenfine Project offering drill ready high-grade gold targets. The Glenfine Project is located 25 kilometres southwest of Ballarat and comprises 3 contiguous tenements (EL’s 5434, EL 5537 & EL 5344) totalling 96 km2.
On 16 December 2020 the Company completed a transaction to sell its Victorian gold project assets to Outback Goldfields Corp. (“Outback Goldfields”) in exchange for shares in Outback Goldfields (refer ASX announcement dated 16 December 2020 ‘Sale of Victorian Assets Successfully Closed’).
The Transaction has resulted in Outback Goldfields acquiring the Company’s gold projects located in Victoria, Australia (“the Project”), comprising of the following assets:
• Yuengroon Gold Project (EL 6897 & ELA 7280)
• Silver Spoon Gold Project (ELA 6951)
• Glenfine Gold Project Farm-In & Joint Venture (EL 5434, EL 5537 & EL 5344)
• Ballarat West Gold Project (ELA 7276)
Exploration tenement holdings in the Victorian Gold Fields.