The Fiddlers Creek Project, owned by 100% subsidiary GBM Fiddlers Creek Pty Ltd, is situated on the eastern flanks of the Pyrenees ranges at Percydale, near Avoca.

TABLE OF RESOURCE & EXPLORATION TARGET – FIDDLERS CREEK PROJECT

Fiddlers Creek Current JORC Resource

MeasuredIndicatedInferredTOTAL OZ
374 981 9,163 10,518

Fiddlers Creek Exploration Target

TonnesGrade Low g/tGrade High g/tOz LowOz High
50,000 8 12 12,829 19,243

Fiddlers Creeek

The Fiddlers Creek project comprises Mining licences 4023 and 4548 which covera number of gold occurrences which have been worked sporadically since the 1850’s. The most recent of these workings is the company’s Fiddlers Creek Gold Mine.

Assessment Strategy

The strategy is simple. Conduct a modest further drilling programme to confirm the Model of existing data, and assuming the modelled Explortion Taregt and resource are confirmed, construct a new mini decline access to replace the existing inoperable shaft and reburbish and modify the existing Fiddlers Creek processing plant for treatment.

Before conducting further exploration on the licences, the company is reprocessing existing results and target exploration data to to determine the average spacing of the mineralised pods and develop a strategy to target new occurrences.

On completion of modelling, close spaced soil sampling lines and RAB drilling traverses along the optimum separation will provide geochemical data along the lines of reef and allow RC drilling to target interpreted positions below surface.

This will allow a resource to be built from several locations close to the Fiddlers Creek processing plant which will be refurbished and modified to increase throughput and recovery.

The concept of delineating numerous repetitions with close proximity to the mill is a sound and practical approach to the Fiddlers Creek project.

Geology and Mineralisation

The St Arnaud Group forms most of the bedrock of the Fiddlers Creek project area and consists of turbiditic deposited shales, siltstones and sandstones. The St Arnaud Group is presumed to be of Cambrian age since the sequence lacks Ordovician graptolites (Vandenberg and Wilkinson, 1982).

To the east and south of the project area are extensive covers of Cainozoic terrestrial sedimentary rocks, hosting significant alluvial gold deposits.

The licences cover the Fiddlers Creek Deformed Zone (Sandiford and Keays, 1985), a 200 – 400 metre wide zone of intense deformation associated with Mid Devonian oblique reverse faulting. This zone occurs along a 1 kilometre wide and 65 kilometres long lineament, extending from Amphitheatre to St Arnaud and including the Moonambel and Redbank areas together with the Lord Nelson (658,000 tonnes of ore at 16 g/t gold) and other mines at St Arnaud.

Structures controlling mineralisation within the Fiddlers Creek Deformed Zone are predominantly major steep west dipping reverse faults which can be extensive along strike and down dip. These are generally pre mineralisation and tend to control the formation of the quartz bodies within the licence area.

Regular cross cutting faults of both north east- south west and north west - south east orientations have provided for a geometric series of dilation zones which have localised mineralisation. Regional plunges on this structural set allow for along strike and down dip repetitions of quartz bodies (boudinage).

The deposits along this lineament differ from most goldfields in Victoria in that the gold is often associated with various sulphide minerals and the percentage of silver is relatively high.

The Percydale Goldfield in which the mine lies has a recorded production of more than 750,000 oz of mainly alluvial gold. The Fiddlers Creek area is a probable source of the adjacent alluvial mining areas.

The location of Davies and Butchers Reefs is unknown and may refer to small areas of production to the West of Fiddlers Reef, Wards Reef lies to the east of Fiddlers Creek Reef. The Perseverance Reef is the northern extension of the Fiddlers Reef.

Concept of Development

The structural control on mineralisation at Fiddlers Creek allows for a series of quartz pods (boudins) to be developed within the deformed zone. These are visible on surface throughout the licence area. It is intended to quantify the separation distance for these pods and explore for repetitions along strike and down dip as well as on adjacent lines.

Along the Fiddlers Creek line, two areas of exploration results to date have indicated the potential for two new pods to be delineated in addition to that at the Fiddlers Creek Mine. Further pods adjacent to the Fiddlers line are indicated with anomalous RAB drilling and mineralisation occurrences.

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