Eridanus (Mt Magnet)
Eridanus is a new discovery (2017-18) and comprises of a large, low-grade felsic hosted stockwork style deposit. Gold mineralisation is associated with an east-west trending sericite-silica+pyrite altered granodiorite bound to the north and south by feldspar-phyric porphyry units.
The deposit is located, between the existing Lone Pine and Theakston (backfilled) pits, 1.6km south of Shannon.
Significant drilling and project development work was conducted during 2018. A large, low strip ratio, open pit contains a Probable Ore Reserve of 2.15 Mt @ 1.2 g/t for 85,000 oz.
Lone Pine Pit and Eridanus Deeps diamond drill hole locality plan
Cross section through the Eridanus deposit, detailing the deeper mineralisation potential below the proposed pit.