Directors’ Report Lyell The Lyell Goldfield is located 40kms north of Reefton (Figure 3), where gold bearing quartz lodes were historically worked over a continuous strike length of 5kms. The Lyell Goldfield is the northern extension of the Reefton Goldfield that produced 2 Moz of gold at an average recovered grade of 16g/t. The project overlays the historic Alpine United mine, which produced ~80koz of gold at an average recovered grade of ~17g/t between 1874 and closing in 1912. Several other small mines, such as the Break of Day, Tyrconnell and United Italy, also operated historically north of the Alpine United mine. These are reported to have worked high grade quartz leaders up to about 10 cm in width but only produced only small tonnages. Mapping and Sampling Soil sampling has confirmed a NNW trending 4km long anomalous gold zone between the Alpine United and United Victory mines (Figure 18). The Break of Day mine is also located along this anomaly. The soil samples have identified several anomalous areas which may represent mineralised shoots similar to those seen at Alexander River. The Alpine United mine shoot plunged ~45o to the north and was mined down to 500m below the surface and 750m down plunge and it is open at depth. A total of 80koz @ 17g/t Au was recovered from the mine. Two trenches (LTTR001 and LYTR002) approximately 100m apart were excavated across the Mt Lyell North mineralised zone (Figure 19). The trenches intersected disseminated arsenopyrite with thin grey quartz veins. LYTR001 exposed a 7m thick mineralised zone that averaged 7m@ 13.8g/t Au, with 1m grades as high as 25.0g/t Au. The true thickness of the intersection is interpreted to be around 5m. LYTR002 exposed an 8m thick mineralised zone that averaged 8m@ 6.3g/t Au, with 1m grades as high as 29.7g/t Au. The true thickness of this intersection is also interpreted to be around 5m. During recent fieldwork two additional trenches (LYTR003 and LYTR004) were excavated approximately 100 and 200m north of LYTR001 across a high-grade soil anomaly (Figure 19), and an outcropping quartz reef with significant visible gold was found in a creek close to the United Victory mine. This reef and the adjacent country rock was channel sampled and called LYTR005 (Figure 20). Assay results for the three new trenches are awaited. for the year ended 31 December 2022 Annual Report 2022 29
RkJQdWJsaXNoZXIy MjE2NDg3