Subject to TSX Venture Exchange and shareholder approval, Carlyle will acquire 60% of the issued and outstanding shares of Sunland Properties Limited, which controls 520 square kilometres of prospective copper-gold tenements situated near Hawkwood in south eastern Queensland, Australia.
The Hawkwood Project, which is very well located with respect to infrastructure, has been the subject of exploration activities over the last 40 years with reported drill results from previous explorers of 0.51% copper over 20 meters, from a depth of 2 meters. In addition, trenching results from the mid 1990's are also reported to include up to 12 meters of 0.3% copper, 0.4 ppm platinum and 0.6 ppm palladium.
Historical exploration at Hawkwood has also identified iron (magnetite) mineralisation with several historical estimates providing an indication of the potential. These estimates range in size up to 500 million tonnes at grades between 19% Fe and 25% Fe, however Carlyle is not treating these mineral resource estimates as being NI 43-101 compliant. Historical metallurgical test work indicates concentrate grades of between 55% Fe and 63.5% Fe and magnetite recovery of 80% were attained by wet separation; however, documentation of this work is not sufficiently detailed to ascertain if the metallurgical samples were representative.
Carlyle management considers the Hawkwood Project, which covers Permo-Triassic sediments, volcanics, granite and gabbro, to also be prospective for the discovery of gold, nickel-platinoid and iron deposits.
Independent expert geologist, Clay Gordon reviewed the Hawkwood Project and recommends an exploration program for the project. 43-101 Technical Report