Goldminex Resources (GMX)

Shares / Stock Code

GMX

Stock Exchange / Sharemarket

Australian Securities Exchange

Goldminex Resources (GMX) is an Australian exploration company exploring for nickel copper and gold in the Owen Stanley Range, Papua New Guinea (PNG). In 1998, the founder of Goldminex commenced prospecting the comparatively unexplored terrain of the Owen Stanley Thrust Belt, approximately 160km east of Port Moresby, discovering mineralised float boulders returning highgrade gold and copper assays. It was listed on ASX on 23 October, 2007.

Since then, systematic exploration has identified significant mineralised showings including nickel sulphide mineralisation at Veri Veri Creek, copper-gold mineralization at Foasi South and gold-copper mineralisation at Gossan Hill. Numerous other areas with anomalous mineralisation are targeted for follow-up work. The Company holds an extensive tenement package covering approximately 250km strike length of the Owen Stanley Thrust Belt.

Veri Veri Creek Project

Veri Veri Creek is a nickel sulphide prospect targeting shear-hosted high grade nickel mineralisation within ultramafic rock units in EL1433. In 2006, Goldminex located 11 sulphide creek boulders that subsequently assayed 9.65% nickel. This sulphide float train was followed up Veri Veri Creek, where sampling in 2007 returned grades up to 32.5% Ni. At the headwaters of Veri Veri Creek, large sulphide boulders in excess of 1m length have been found, with sharp angular faces suggesting limited travel from their source.

In May 2007, nickel sulphide mineralisation was found within thin shears at Veri Veri Creek (grading up to 10.1% Nickel), confirming both our shear-hosted model and multiple in situ occurrences. Sulphide boulders have been found at higher elevations than these shears, implying that a larger shear structure further upstream is responsible for shedding the large sulphide float boulders.

Foasi System Project

The Foasi System (including Foasi, Foasi South, and Onema Creek prospects) lies in the NW of EL1355 and was identified by geological targeting. Ground reconnaissance confirmed a number of major shear zones hosting extensive copper and gold mineralisation within a zone covering over 15 km2. Some impressive early assay results including 60.6% Cu in float, and a range of high grade gold results ranging from 6.55g/t Au to 78.2g/t Au in float, confirm the potential for economic mineralisation. Follow-up detailed trenching through the central area of the prospect (Foasi South in Yuwaiya Creek) has exposed a major zone of gossan, some 4m to 30m in width, with approximately 150m of strike extent.

Trench samples of 5m at 38.5g/t Au and 12m at 5.6g/t Au plus 7m at 2.0% Cu and 6m at 2.86% Cu have been obtained. Beyond the known trenched outcrops, additional gossan exposures have been found. Mapping indicates intermittent strike lengths exceeding 500m with most structures still open along strike. Parallel structures have recently been identified further east and will be mapped and sampled. Along one structure at Meni Creek, anomalous Ni sulphide float has been assayed with up to 3.06% Ni within an apparent serpentinised shear showing strong argillic alteration.

At Onema Creek a 0.5m wide ENE trending breccia zone returned 28.8g/t Au and trenching through the adjacent wallrock returned 8m at 5.53g/t Au and 1.97% Cu. Trenching of a parallel zone returned a 7m composite trench sample reporting 5.24g/t Au and 1.2% Cu. Float samples from the drainage system upstream of the breccia/disseminated mineralisation suggest additional sources of high grade breccia mineralisation occur. Additional detailed mapping is in progress through the headwaters of Onema Creek.

The extensive nature of the Foasi alteration zone, together with the scale of the Mineralisation-hosting structures, suggests a nearby magmatic source for at least some of the mineralisation. The discovery of a weakly mineralised porphyry, west of the current exploration area at Foasi, provides important supporting evidence for intrusive-driven mineralisation.

Gossan Hill Project

The Gossan Hill prospect was the first significant hard rock discovery within EL1355, found by following gossanous float in surrounding creeks. Mineralisation occurs within quartz sulphide veins and broad breccia zones locally exceeding 5m in width which strike to the NW through NE. Rock chip and trench sampling have returned significant grades including 10m at 24.4g/t Au, 14m at 9.11g/t Au and 0.7% Cu, 21.8m at 8.52g/t Au and 1.37% Cu.

A total of four quartz-sulphide lodes have been identified over a sectional width of 250m. Between these lodes there is evidence of stockwork mineralisation. Trenching down slope of the Gossan Hill helicopter pad discovery exposure suggests a strike length exceeding 300m. To the south, the mineralisation is potentially offset by a thrust fault. Further south beyond this fault, trenching through thick scree cover has partly exposed potential offset extensions. Given the tenor and current dimensions of the lode system there is good potential for drilling to outline significant gold-copper mineralisation. The style of mineralisation is indicative of an environment near the margin of a porphyry system where high temperature mineralising fluids have been tapped by the Gossan Hill structures. An analogy to this style of mineralisation in PNG is Tolokuma.

Goldminex Resources (GMX) Products and Services

  • Nickel, gold & copper exploration

Goldminex Resources (GMX) Locations and Subsidiaries

Goldminex Resources Head Office
Level 1, Professional Chambers, 120 Collins Street,
MELBOURNE, VIC 3000
Phone: (03) 9663 3534
Fax: (03) 9663 4127

Goldminex Resources (GMX) Share Price

Submitted by ASX Listed Company on 27 March, 2010 - 21:53

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