Mt Carbine Tungsten Mine Overview (2014)

Investor Presentations

Panama Hat

Target: Gold
Tenements: EL804

Location: Location: 30km south east of Broken Hill, NSW, Australia

Background:

The Panama Hat EL 8024 covers 80% of the historical gold workings in the Broken Hill district, about 30km south east of Broken Hill. The workings mostly date from 1931-1935, and occur along an arcuate line of quartz veining with associated iron oxides. Sericitic alteration of the host metamorphic rocks accompanies the quartz veining. The iron oxides are interpreted to result from weathering of sulphide mineralisation at depth. More...

The Panama Hat EL 8024 covers 80% of the historical gold workings in the Broken Hill district, about 30km south east of Broken Hill. The workings mostly date from 1931-1935, and occur along an arcuate line of quartz veining with associated iron oxides. Sericitic alteration of the host metamorphic rocks accompanies the quartz veining. The iron oxides are interpreted to result from weathering of sulphide mineralisation at depth.


Resource:


Geology/Geophysics:

The Panama Hat EL 8024 covers 80% of the historical gold workings in the Broken Hill district, about 30km south east of Broken Hill. The workings mostly date from 1931-1935, and occur along an arcuate line of quartz veining with associated iron oxides. Sericitic alteration of the host metamorphic rocks accompanies the quartz veining. The iron oxides are interpreted to result from weathering of sulphide mineralisation at depth.


Forward Program:

The Company’s exploration objective for EL 8024 is to determine the extent of oxide gold mineralisation, with the intent of establishing an open pit mineable resource in the weathered zone, in the first instance, and secondly to determine gold mineralisation and grade in the primary zone below the historical workings.


The quartz veining is not deformed and may represent a much younger mineralising event than that of Broken Hill to the north west. Hand-picked iron oxide-bearing quartz samples were recorded as assaying up to 34g/t, and this has been confirmed by recent sampling as part of a due diligence study of the licence by Carbine.

Previous exploration in modern times includes an MMR/EIP geophysical survey and several percussion drill holes, but Carbine’s opinion is that the licence area is underexplored.

Although surface exposure is poor, around historical workings, sampling has shown that quartz vein material containing limonite, (hydrous iron oxides) after sulphides consistently contains gold, with samples ranging from 1.24g/t Au up to a grade of 84.4g/t Au. The latest sampling (conducted in 2017) has extended the strike length over which high gold values have been obtained.

Table 1. Summary of gold analyses, Panama Hat EL8024



(Refer announcement “High Grade Gold Assays, Panama Hat” dated 8 June 2017 for JORC Code 2012, Edition – Table 1 content)

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