Collurabbie Project

Background

The Collurabbie Project, located approximately 430km to the north northeast of Kalgoorlie, 195km north of Laverton and 65km to the east of the Fisher East Nickel Project also lies within the North-Eastern Goldfields region. The project consists of three granted exploration licences covering a total of 147km2.

The Collurabbie Project has the following JORC 2012 Inferred Mineral Resource estimate:

DepositCategoryTonnes (kt)Grade Ni %Grade Cu %Grade Co %Grade Pd g/tGrade Pt g/t
OlympiaInferred5731.631.190.0821.490.85

Exploration History

2003

Prior to 2004, work at Collurabbie Project focussed on gold exploration in the northern half of the project area. A range of work was undertaken including aeromagnetic surveys, soil and auger sample assaying, geophysical surveys and RC drilling.

2004

In July 2003, WMC/Falcon announced the discovery of nickel, copper and PGE sulphide mineralisation associated with ultramafic horizons at a number of locations along the length of the belt. AC drilling in 2004 and 2005 led to the discovery of further strongly anomalous nickel, copper, and PGE mineralisation within the regolith profile. Deeper RC and diamond drilling beneath the anomalies in 2005 confirmed the presence of massive nickel copper and PGE sulphides at the Olympia prospect with a discovery intercept of 5.77m at 3% Ni, 1.96% Cu and 5.29 g/t PGE from 279.43m.

2016

Post the acquisition of the Collurabbie Project by Rox Resources in October 2016, Rox Resources conducted ircore drilling of selected targets and discovered a new zone of mineralisation at the Olympia North prospect, located less than 1km north of the Olympia deposit and completed follow up RC drilling.
This exploration drilling several positive results, which will be the subject of a continued exploration effort by the Company.

See the Independent Technical Assessment Report in Section 5 of the Prospectus (lodged with the ASX on 10 August 2021, which can be accessed via the Investor section of the Cannon website) for further information regarding the Exploration History at the Collurabbie Project.

Local Geology and Mineralisation

The geology in the project area comprises a north-northwest striking greenstone sequence known as the Gerry Well Greenstone Belt. Monzogranite batholiths are interpreted to flank the greenstone sequence in the eastern and western extremities of the project area. The greenstone sequence comprises felsic, mafic, ultramafic, and sedimentary units, although the only units to crop out at surface are chert and BIF ridges. Regional metamorphism is typical of mid greenschist to lower amphibolite facies.

Locally the stratigraphic sequence consists of footwall basalt and hanging wall dolerite to basalt which has been intruded by mafic to ultramafic rocks including gabbro, peridotite and various pyroxenitic units which host the nickel sulphides. The intrusion geometry is mostly sill like.

In 2004 Falcon Mineral’s joint venture partner Western Mining Corporation (WMC) announced the intersection of high-grade massive nickel-copper-sulphide mineralisation at the Olympia Prospect including 5.77m at 3.0% Ni, 1.9% Cu, 5.3g/t PGE.

Nickel sulphide mineralisation was identified in two parallel ultramafic sills, known as Beta and Gamma. The Olympia massive sulphide mineralisation occurs in the Gamma Sill. Disseminated nickel sulphide mineralisation occurs in the Beta Sill. The two north north-west trending horizons extend over 20km in strike and are covered by alluvial sands in the south and Proterozoic sediments in the north.
In the south of the project highly anomalous VMS style Zn-Pb-Cu-As sulphide veins and exhalative barren massive sulphides were intersected in drilling.

See the Independent Technical Assessment Report in Section 5 of the Prospectus (lodged with the ASX on 10 August 2021, which can be accessed via the Investor section of the Cannon website) for further information regarding the Exploration History at the Collurabbie Project.

Current Exploration Program

There are multiple Ni anomalous historical drill intercepts within the sills, with subsequent testing to be undertaken.

In addition there is anomalous gold and VMS style mineralisation also intersected in historical drilling within the Project area with subsequent follow up to be undertaken.