WELCOME TO TIMPETRA
Timpetra has acquired, from Gold Fields, two exploration licenses, within Central Victoria’s Ballarat-Bendigo gold corridor. Located outside the town of Lockington, these exploration licenses have been labelled “The Lockington Project”. Gold Fields will retain an ownership of 21.8% in Timpetra, post-IPO, and anti-dilution rights to acquire and maintain up to a 40% shareholding in the Company. In addition, Gold Fields and Timpetra have entered into a Royalty agreement and an Ongoing Relationship Deed which includes the provision of technical services to Timpetra.
On acquisition, significant exploration work had been undertaken at the Lockington Project over the past five years, including over 100,000 metres of drilling and extensive geophysical and geochemical work costing over $6.3 million. The results have been encouraging and point to the presence of a large potential deposit in the area. Indicators to date suggest that host rocks, geological structures, gold mineralisation and quartz veins are identical to the nearby Fosterville gold mine.
Fosterville has an annual gold production of 100,000 ounces and an estimated gold endowment of over 2.5 million ounces. This style of mineralisation is more continuous and although the fine-grained style is refractory, this type of ore is being successfully treated at Fosterville through a process of bacterial oxidation.
Timpetra commenced exploration work at the Lockington South Prospect on 4 April 2011. By the end of March 2012, Timpetra has completed diamond drilling of over 3.9 km in 6 holes from surface plus 2 wedge holes on the Lockington South Prospect. While these programs have not resulted in the discovery of an ore body as yet, a large amount of encouraging geological data has been collected.
In January 2012, Timpetra completed an IP (Induced Polarisation) trial geophysics survey across the southern end of the Lockington East Prospect. At least four anomalies have been identified on an IP Chargeability image. This geophysics data will be used in selecting further drill targets for its future exploration.