The Toolbrunup Ni-Cu-PGE Project Project (“Project”) is located between Tambellup and Gnowangerup in southern Western Australia. The Project tenement wholly encloses a large magnetic anomaly, interpreted to be an unrecognised mafic-ultramafic intrusive complex, located in the far south of the South West Yilgarn Terrane.
The magnetic anomaly at Toolbrunup is very similar in size, character and age to the Gonneville Intrusive where Chalice Mining Ltd (ASX:CHN) is exploring the recent Julimar discovery (refer to Caravel ASX announcement dated 11 January 2021). The Toolbrunup area is therefore considered highly prospective for massive sulphide-hosted nickel-copper-platinum group elements (Ni-Cu-PGE) mineralisation.
The Toolbrunup magnetic anomaly was identified by the Company in 2020 from regional airborne magnetic survey data. The anomaly has over 15km strike but has no surface exposure due to extensive lateritic weathering and localised shallow cover. The area is all covered by farmland and has never been tested with drilling. Geochemical sampling results from both open file reports and a proprietary Company database shows significant anomalies for nickel, copper and platinum over the magnetic anomaly, further enhancing its geological prospectivity.