The Lamil Project is a conceptual exploration project with a Telfer look-alike aeromagnetic signature. The project covers 1,375km2, is approximately 90km in length and is located midway between the Telfer gold-copper mine and the Nifty copper mine.
The highly mineralised Paterson Province remains largely underexplored due its remoteness and relatively deep Permian and recent cover. A recent breakthrough, based on a detailed airborne magnetic survey completed by Rumble Resources (ASX:RTR)(“Rumble”) in March 2019, indicates that the depth of cover to the main targets in the Lamil Project area is less than 100m. This estimate was independently confirmed during AIC’s due diligence review. The area has essentially been ignored due to the previous perception of ubiquitous deep (>400m) cover.
The airborne magnetic survey completed by Rumble highlighted a major dome structure (Target P1) which has many important similarities to the world class Telfer gold-copper deposit which lies only 30km to the northeast. Independent interpretation of the airborne magnetic data completed by AIC has confirmed that the Lamil Dome exhibits the key structural features required to potentially host Telfer-style gold and copper mineralisation.
The Lamil Dome (Target P1) appears as a large NNW trending dome (double plunging antiform) inferred over a strike of 8km under Permian and recent cover. The dome has similar characteristics to the Telfer Dome with respect to orientation of the main axial plane, inferred host rocks and size. Importantly the upward continued magnetic imagery at 500m (UC500m) has highlighted an increase in the magnetic response which may indicate a potential underlying intrusion. No previous exploration (drilling or geophysical) has tested this target.
AIC is earning an interest in the Lamil Gold-Copper Project in the Paterson Province in the northwest of Western Australia. Under the terms of the earn-in and exploration joint venture agreement with Rumble Resources (ASX: RTR) (“Rumble”), AIC can earn a 50% interest by spending $6 million over 4 years. Thereafter AIC can earn a further 15% by spending $4 million over 1 year if Rumble elects not to commence contributing. The key terms of the earn-in and exploration joint venture agreement are described in the Company’s ASX announcement dated 22 July 2019.