Nickel, Copper and Platinum Group Elements Project
FCN 70%, AuDAX 30%
Falcon has entered into a Joint Venture Agreement with AuDAX Resources Ltd over the Marymia project. Under the terms of the agreement, Falcon has the right to acquire 70% of nickel and associated metals by spending $1.75M over 5 years.
The project has the correct komatiite lithology required to host Ni sulphide deposits. Previous work by BHP and International Nickel (in JV) has established the clear presence of komatiite stratigraphy with an MgO of 25-32%. This MgO level is ideal for hosting massive sulphides. Previously, work has only focused on exploring for MgO levels above 40% (prospective for large disseminated bodies, Mt. Keith style). Of additional interest is the location and setting of the project, in that it is adjacent to the same Proterozoic terrane and deep craton scale structure that sits next to both the Collurabbie and Gunbarrel projects. Regional 1:250,000 geochemical mapping and sampling carried out by the GSWA shows several soil samples (in close proximity to the prospective stratigraphy) have elevated coincident Ni/Cu/Pt. These samples show stronger anomalism than the samples from the same regional GSWA survey which covers the Collurabbie stratigraphy. At this regional sample spacing, and compared to typical background levels, these levels should be considered extremely anomalous. The location of the Marymia project is shown in Figure 1.
Figure 1: Marymia Project with detailed magnetics
This Project was updated May 2006
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