Eucla Base Metals Project
Enterprise has a package of tenements centred around Balladonia, a roadhouse approximately 210km east of Norseman on the Eyre Highway. The project consists of one granted tenement E69/2603 and five tenements in application. The tenements, covering an area of 1467km2 lie to the east of the Proterozoic Fraser Range Orogenic Complex. In 2008, the Geological Survey of Western Australia conducted a regional 400m line spaced magnetic survey over an area west of the NE trending Fraser Range orogenic belt. This survey located a number of strong discrete magnetic anomalies.
Magnetic Image showing Eucla Magnetic Targets
In 2009 Enterprise carried out detailed airborne magnetic surveys (100m flight line spacing) over several of these anomalies. Reconnaissance gravity surveys consisting of four lines were then completed in late October 2009, with a total of 69.2 line km of readings. These detailed surveys produced strong discrete magnetic anomalies each several square kilometres in extent including a strongly magnetic circular body with an 8 milligal gravity anomaly approximately 2,300m in diameter.
Enterprise considers that these magnetic targets have the potential to contain or be associated with large world class deposits of iron oxide-copper-gold (“IOCG”), such as Olympic Dam in South Australia, concealed beneath thin cover. It is believed that the area’s proximity to major fault breaks make the local geology particularly prospective for shear hosted gold deposits. Most IOCG deposits contain breccia bodies with significant amounts of iron oxide and possibly sulphide mineralization. Drilling is due to commence late September 2010.
