The Marengo Project consists of exploration permit EPM 25715 which covers approximately 95 km². It is located approximately 35 kilometres southwest of Bowen, a town in the Marengo Goldfield, Queensland. The Project is approximately 45km southeast of the 1.1Moz Mt Carlton Gold mine.
The Project is located within a high-density belt of porphyry gold-copper deposits, that are highly prospective for gold and base metals. The Project is near existing processing infrastructure, which offers potential to reduce both the lead time and capital requirements associated with any future mining developments of the project.
Figure: Project Location
The Marengo Gold Project (“Project”) is a high-level Intrusion Related Gold Copper System (IRGCS) incorporating the entire historical Marengo Goldfield, and lying within the prolific Queensland mineral belt where known gold deposits include Mt Carlton (1.1Moz), Pajingo (2.7Moz), Ravenswood (4.8Moz), Mount Wright (1 Moz Au), Mount Leyshon (3.8 Moz Au), and Charters Towers (6.6Moz).
Gold was first discovered in the Marengo Goldfield in 1870-1871 and comprises of at least thirty-seven historical gold workings and mines. Hand-picked production from the 1870’s is recorded as averaging 2.0 ounces per tonne gold (62.0 g/t Au).
The first systematic work program was conducted up until Intek Services acquired the Project in 1981. Xenolith Gold then acquired the Project in 1987 and their initial rock sampling identified high grade gold at: Flat Reef with average assays of 5.4g/t Au and 50.2g/t Ag, at Westwood with average assays of 2.1g/t Au and 9.0g/t Ag, and at Homeward Bound with average assay range from 0.3g/t – 6.7g/t Au and 1.0g/t – 92g/t Ag.
Following sampling work, Xenolith conducted a drilling program consisting of 39 reverse circulation (RC) holes for 1000m. Hole depths ranged from 10 to 58 m. Gold mineralisation was encountered in all drill holes, with encouraging results ranging between 0.53 g/t and 1.13 g/t Au in 10 drill holes¹.
Figure: Sampling anomalies throughout the Marengo Gold Project