The Chimu Gold Plant
Ozinca Peru SAC (a 100% owned subsidiary of Oar Resources Ltd) now owns the Chimu Gold plant in Southern Peru. Management has secured licences for the 40 tpd upgrade, it is very close to completion of all work to secure the building licence to upgrade the plant to 120 tonnes per day and construction is expected to complete by August 2020.
The first planned upgrade to 200 tpd will commence at the end of 2020.
Alpine Gold Projects - Nevada, USA
Oar Resources Limited (ASX: OAR) has signed a Binding Option Term Sheet with Alpine Resources (USA) Pty Ltd (“Alpine”) for the acquisition (through its US subsidiary Alpine Metals LLC) of its Alpine Project incorporating the Tonopah North, Douglas Canyon and Lambarson Canyon Projects in Nevada, USA (“the Projects”). The Projects are targeting Carlin and epithermal type million plus ounce deposits in northern and southern Nevada, USA.
The Company’s tenements, on the Eyre Peninsula in South Australia, has the potential to contain extensive graphitic units. The first potential project drilled at Oar, has graphite rich saprolitic clay units that have been delineated and are 500 metres wide, extend for over 1.5 kilometres and are approximately 20 metres thick.
Base Metal Mineralisation
Oar have interpreted that the geology on Eyre Peninsula is favourable for hosting deposits of Archaean age: VHMS (“volcanogenic massive sulphide”) deposits containing zinc-copper (± lead) and nickel-copper sulphide deposits as well as structurally controlled zinc, copper and lead deposits.
Bramfield Iron Project
A large magnetic anomaly measuring ~2700 m in length and ~500 m in width was initially considered to represent a mafic-ultramafic intrusive complex but it has been shown to be more diverse than this with BIFs and calc silicate horizons.