The tenements that make-up the Higginsville Project are located in Western Australia's Eastern Goldfields. Geologically, the package sits within the Norseman-Wiluna Belt, a belt of ancient rocks endowed with gold and nickel that sits within the broader Yilgarn Craton.
Approximately 70% of Australia's historical gold production has come from the Yilgarn Craton and most of that from the Norseman-Wiluna Belt.
The Higginsville Project is located south of Kambala, west of Lake Cowan and adjacent to Higginsville where over two million ounces of gold has been historically defined. Gold discoveries at Baloo and Monsoon (Polar Bear) by S2 Resources are located immediatly east of the Higginsville Project at Lake Cowan.
Argonaut's two primary goals in securing the earn-in agreement are to firstly, explore for near-surface oxide gold in areas with historic shallow drilling results and secondly, to target deeper primary gold mineralisation at depths previously untested by drilling.
Highlights of historic drilling at the Higginsville Project include:
- 8m at 2.07g/t Au from 26m in drill hole AMC0007, including 2m at 7.94g/t Au from 28m
- 9m at 1.21g/t Au from 71m in drill hole AMC0010, including 2m at 3.78g/t Au from 73m
- 5m at 4.03g/t Au from 21m in drill hole AMR0013, including 2m at 10.37g/t Au from 22m
- 8m at 3.27g/t Au from 17m in drill hole AMR0015, including 3m at 9.6g/t Au from 21m
Footes Find Prospect
- 7m at 2.13g/t Au from 28m in drill hole FFP0010
Nickel targets within the Higginsville tenement package are called Hayes Hill and Green Bananas. These targets are located south of Higginsville near the west shore of Lake Cowan. THese targets have been defined by auger drilling and are co-incident with magnetic signatures typical of nickel-bearing geological units.
Green Bananas features a nickel geochemistry anomaly with auger samples returning between 0.1 and 0.2% nickel.
Argonaut is earning an 80% interest in the tenement package.