Laconia Resources

Lennons Find

 

Lennons Find Base Metal Project and Yandicoogina Project

• The Lennons Find Project was acquired from Jabiru Metals Limited and has a JORC Code Inferred Resource of 853,000 tonnes grading 7.7% Zn, 1.8% Pb, 0.7% Cu and 115g/t Ag at the Hammerhead sulphide zone. Mineralisation is open down dip and along strike.

• Project hosts four other VHMS prospects over about 4km of strike at a similar stratigraphic level and contains significant shallow mineralisation which requires additional drilling to define a resource.

• Mineralisation at Lennons Find project is typically near surface and potentially amenable to open pit mining.

• Considerable potential exists to define additional mineralisation at Lennons Find and increase the resource base at the Hammerhead deposit.

• The nearby Yandicoogina Project acquisition from Shaw River Resources secures 13km of similar geology along strike and adds considerable exploration upside. Project is located <10km south west along strike from Lennon’s Find project.

• Previous reported anomalous base metal and gold intersections at Yandicoogina include; 3m @ 1.0g/t gold & 0.9% zinc; and 5m @ 1.8% zinc, 0.5% lead, 150 g/t silver and 0.26g/t gold in massive sulphide.

• Consolidated ground position enhances Laconia’s existing highly prospective Barramine Base Metal project.

 

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Barramine

 

The Barramine Project comprises an area of 430km2 covering sequences of Archaean and overlying younger sediments, 245km east southeast of Port Hedland in the East Pilbara region of Western Australia.

 

The geological position of the project incorporates, and is also along strike from base metal deposits at Barramine, Camel Hump, Ragged Hills and Braeside. The discovery of anomalous copper and zinc in highly altered, pyritic acid volcanics by previous workers provides a prospective geological environment for base metal mineralisation

 

Barramine and 701 Mile Projects location map.

 

Recently acquired geophysical data and interpretation from the Barramine Project has indicated a number of electromagnetic (EM) anomalies. Laconia is targeting volcanic related base metal sulphide horizons within sediments.

 

These geophysical anomalies have been further evaluated via a preliminary geochemical orientation survey. Sampling has been focused over EM anomalies derived from late time XTEM data. Preliminary data received is presented in the diagram located under Projects/Barramine (see Read More) and provides strong encouragement for base metal mineralisation in this area

 

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Mooletar

 

Laconia holds a consolidated ground position at the Mooletar Project comprised of an area of 75km2 secured by two EL’s, one ML, twenty PLs and ten PLAs. Potential exists for structurally controlled gold deposits in both BIF analogous to the adjacent Hill 50 deposit type, or as mafic-hosted quartz veining.

 

The project is situated over the eastern portion of the Mount Magnet Fold Belt and represents an under-explored area of highly-deformed Archaean Greenstone Belt, proximal to the major gold-production centre of Mt Magnet. Auriferous deposits within the Magnet Fold Belt have been worked since 1896, with a production of 4.5Moz of gold to 2007.

 

Although exploration has been undertaken at Mooletar since the mid-1970s, the area has not been extensively explored, with no historical drilling reported.

 

Laconia has identified an exploration target of 240 Million tonnes at an average grade of 30-35%Fe with low levels of phosphorus and silica. The Mooletar Project lies approximately 330km east of Geraldton and approximately 125km from the proposed rail line in the mid-west infrastructure corridor that would access the Oakajee port infrastructure. The project area is also accessible by sealed roads (see Mooletar project location map attached).

 

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Kookynie Project

 

The Kookynie Project is located approximately 200km north of Kalgoorlie near Kookynie in the Eastern Goldfields of WA. The Project area lies within the Melita Domain of the Keith–Kilkenny Tectonic Zone within the NNW-trending Archaean Malcom greenstone belt. The Keith-Kilkenny Tectonic Zone in the vicinity of Kookynie is a triangular shaped area hosting a succession of Archaean mafic-ultramafic igneous and metasedimentary rocks

 

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701

 

701 Mile Project (80% Laconia) Gold and Base Metals

 

The 701 Mile Project, covering 350km2 of Mesoproterozoic sediments and large mafic sills, is prospective for base metals, gold and manganese mineralisation. The project lies approximately 80km southeast of Newman within the northeastern portion of the Collier Basin (formerly termed Bangemall Basin) and is transected by a regionally significant structure called the Tangadee Lineament.

 

The 701 Mile Project geology and data indicates that the project is prospective for:

• copper-nickel-platinum group element sulphide mineralisation associated with the basal sections of large mafic sills;

• structurally controlled polymetallic lodes and veins associated with faults and the margins of mafic intrusions (although these may be of limited size potential); and

• gold developed in basement Archaean greenstones (albeit at depths below estimated to be below 400m) similar to the Frankopan Prospect, eight km’s north of the project area.

 

Lead-copper-barium mineralisation occurs at the Abra deposit, some 150km to the southeast, in the Edmund Basin sediments, adjacent to the Tangadee Lineament.

 

The distribution of mineralisation in the district is shown on the diagram below:

701 Mile Project regional geology and district mineral occurrences.

 

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Waukarlycarly

 

The Waukarlycarly Project is located 50km south of Laconia’s Barramine Project, 55km northeast of Woodie Woodie and 50km northwest of Telfer and comprises 725 km2 on the bank of Lake Waukarlycarly.

 

The Waukarlycarly Project is prospective for calcrete hosted uranium deposit. Lake Waukarlycarly is a regional depositional sink for major paleo and present day fluvial channels. Mineralisation targets include calcrete uranium deposits forming palaeochannel and rim embayment on the western margin of Lake Waukarlycarly.

 

The area is surrounded by weathered granites and mafic rocks including:

• Mt Croften suite (Uranium source)

• Rudall Complex (Uranium and Vanadium source)

• Mafic suites of the Pilbara Craton (Vanadium Source)

 

The Project area is located at the centre of GSWA Paterson EM project area as shown below:

 

Waukarlycarly Project location map

 

Note: Boundary of Barramine project and prospective area in red; GSWA EM survey boundary in blue (edited from GSWA).

 

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Michael Sharwood – Chairman

 

Michael Sharwood, BSc (Hons), MA, practiced as a mineral exploration geologist in Canada and Australia for nearly 10 years before requalifying in New South Wales as a solicitor. In that capacity he practiced corporate and commercial law, particularly for mining and petroleum companies, including Australian companies investing overseas and foreign companies investing in Australia. He worked on transactions in Australia, Canada, the USA, Indonesia and elsewhere. He also had an extensive practice involving mergers and acquisitions and Stock Exchange Listings. He was formerly a partner of Blake Dawson Waldron and for several years was the senior partner in Australia of Andersen Legal. Before finally retiring from practice in December 2005 Mr. Sharwood developed an expertise in legal practice risk management and devoted several years to developing, implementing and supervising Risk Management and Quality Assurance procedures in law firms.

 

Ian Stuart – Managing Director

 

Ian Stuart has experience in both the finance industry and mining. Mr Stuart holds an Honours degree in Geology and is a Fellow of the Financial Services Institute of Australasia. As a stockbroker, Mr Stuart has worked in the finance industry over the last eight years, most recently with Macquarie Private Wealth. Mr Stuart has extensive experience with capital raisings within the junior resource sector. Prior to this Mr Stuart was a senior geologist with experience throughout Australia and Africa, exploring for both gold and base metals including feasibility studies and project development.

 

Matthew Howison – Non Executive Director

 

Matthew Howison is a lawyer and investment banker who has held senior positions at NM Rothschild & Sons (Australia) Limited, Turnbulll & Partners, Goldman Sachs Australia and Salomon Smith Barney before establishing the private merchant banking firm Emerald Partners. In these roles he has been involved in advising on mergers and acquisitions and capital raising transactions for major Australian and international corporations and has extensive experience in contested public company takeovers. He has particular expertise in the metals and mining, energy, renewable energy, media and technology industries. He is an active investor in and adviser to a wide range of exploration companies.

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