701 Mile

Precious and Base Metals Project, Western Australia (80% Laconia – excluding Manganese & Iron)

701 Mile is a highly prospective precious and base metals located 80km southeast of Newman in the Pilbara region of WA. Laconia has an 80% interest in the project which covers an area of 350km2 of mesoproterozoic sediments and large mafic sills.

The project is prospective for base metals, gold and manganese mineralisation, and in Q4 2011 Laconia  reported high grade silver assays, of up to a maximum of 23.9 g/t silver plus supporting base metal anomalism, from an extensive auger drilling and soil sampling program. Silver anomalism is identified to extend over a strike length in excess of 15km. The program comprised 751 auger holes and 384 soil samples for a total of 1,135 samples.

Follow-up geochemical sampling and planning for a RAB drill program will be included in the Company’s 2012 exploration season.

Geological overview

The project is situated in the northeastern portion of the Collier Basin (formerly the Bangemall Basin) and is transected by a regionally significant structure called the Tangadee Lineament, which is a deep seated, long-lived structure which has controlled sedimentation during basin development. Project-scale aeromagnetic image shows a prominent northeasterly trending structural grain, with linear magnetic highs seemingly wrapping around mafic intrusions. The magnetic grain is interpreted to be a continuation of the Tangadee Lineament.

701 Mile project regional geology

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