The Fraser Range Project includes 6 granted exploration licences in five areas: Red Bull, Bindii, Big Bullocks, Similkameen and Big Bang in the Fraser Range region of Western Australia. The Project is considered prospective for magmatic nickel-sulphide deposits such as Independence Group NL’s (IGO) Nova nickel-copper-cobalt operation.
Carawine has a joint venture with IGO over the Red Bull, Bindii, Big Bullocks and Similkameen tenements (the Fraser Range Joint Venture). IGO are managing and operating the joint venture, they currently hold a 51% interest and can earn an additional 19% interest in the tenements by spending $5 million by the end of 2021.
The Company's 100%-owned Big Bang tenement is located in the Central Fraser Range, where a number of Companies have recently announced nickel and gold discoveries including Thunderstorm – a paleochannel gold prospect identified by IGO (in joint venture with Rumble Resources (ASX:RTR)); and Galileo Mining’s (ASX:GAL) Lantern nickel prospect.
The Company plans to review historic exploration on Big Bang, including open file datasets to assess its prospectivity and identify targets for further work, including following known mineralisation trends from neighbouring tenements; e.g. IGO’s Thunderstorm prospect.
Fraser Range project location plan
Red Bull is located just 20km south of Nova and is situated near a number of advanced nickel targets including Crux, Centauri, Plato, SHG02 and Western Margin. Previous exploration identified a number of targets. RC and diamond drilling of these targets did not identify economically significant mineralisation, however anomalous Ni results were obtained from ultramafic rocks containing disseminated Ni-sulphides, demonstrating the presence of host rocks and a geological setting highly prospective for the formation of magmatic-hosted nickel sulphide deposits, and scope for future discoveries. IGO have advised of a number of conductive anomaly targets identified from airborne "Spectrem" electromagnetic surveying, for details see the Company's latest Quarterly Activities Reports.
At Bindii sparse historic drilling has identified thick cover over basement with saprolite between 96m and 156m depth. Despite this cover, a strong nickel (760ppm) auger anomaly in calcrete has been identified in the far south of the tenement, coincident with a magnetic low striking west from the Boonderoo Fault. A gold (32ppb) auger anomaly is also present to the south coincident with a similar proximal westerly striking magnetic low.
Big Bullocks is an area of complexly folded and faulted felsic and mafic/ultramafic intrusive centres of the Fraser Complex, conceptually well-suited to formation of magmatic Ni-sulphide and/or gold deposits, with thin recent cover resulting in the area being under-explored to date. Regional-scale drilling and interpretation of airborne geophysical data identified a number of potential nickel targets on the tenement, and recent work by IGO have advanced these with further regional drilling and ground geophysical surveying. For further details see the Company's latest Quarterly Activities Report.
Similkameen is located 17km north of Nova, and 50km southwest of Classic Minerals’ Mammoth Cu-Ni target. The majority of historic exploration has focused of gold exploration particularly along the Fraser Range Shear Zone. The presence of mafic and ultramafic intrusions within the Fraser Complex has been interpreted from aeromagnetic data and these intrusions are expected to form the focus for future Ni-Cu-Co exploration.