Evergreen Lithium Limited (ASX:EG1) has made a transformational acquisition, purchasing the Leonora Goldfields Project in WA to mark the Company’s entry into the gold sector.
The acquisition positions Evergreen in one of WA’s most prolific gold-producing regions, close to multi-million-ounce operations such as King of the Hills and Sons of Gwalia.
The Leonora Goldfields Project comprises a significant package of 15 tenements, including 13 granted mining leases or prospecting licences, and two exploration-stage assets.
Strong resource across three prospects
The project boasts a current JORC 2012-compliant inferred resource of 63,000 ounces of gold across three prospects: Craig’s Rest, Victor Bore and Great Northern.
The project also holds an exploration target of up to 592,000 ounces at an average grade of 3.6 g/t Au, offering considerable upside pending further drilling and geological confirmation.
The geology of the area is well understood and has long been considered prospective, with greenstone-hosted gold mineralisation and multiple historical workings evident across the tenements.
The Craig’s Rest prospect has previously returned exceptional intercepts including 5m @ 57.9 g/t Au from 16m and 2m @ 26.6 g/t Au from 58m. Similarly, Victor Bore has yielded intercepts of 8m @ 3.46 g/t Au from 56m and 1m @ 21.86 g/t Au from 57m, indicating high-grade potential near surface.
Great Northern, Barlow’s Gully and several other prospects round out a portfolio with both resource growth and development opportunities.
