Dynamic Metals (ASX: DYM) has pushed out the exploration boat at its Lindsays project 60km north-east of Kalgoorlie in Western Australia’s Eastern Goldfields region, clocking up 23 new gold and lithium targets identified within a 300-square-kilometre patch of the mineral-rich Norseman-Wiluna greenstone belt.
According to management, the company’s exploration strategy at Lindsays has been “methodical and systematic” during the past 12 months since it secured the vast tenement package. Coupled with detailed data analysis, including surface and downhole geochemistry and structural and geological interpretation, it has laid down the groundwork for the next phase of exploration.
The 23 new targets have now been prioritised from an original list of 48 for more fieldwork in the next few months.
Historically, exploration at Lindsays has produced mixed results. Work in the 1980s by Delta Gold included a hit of 4m at 0.41 grams per tonne, but broader-spaced drilling by Northern Star in 2020 threw out nothing significant.
However, history shows that back in 1906, a discovery called Mayday North was made within the tenement area when prospectors Craig and Thatcher presented 50 flour sacks of specimen gold for their efforts. A gold rush ensued on what was largely an alluvial area underlaid with a few small reefs.
Although a dispute between the alluvial and reef miners arose, with the former winning the court case, the area was abandoned two years later despite it being said to be extraordinarily-rich in gold. In particular, reef miners who had deepened a shaft to 100 feet (30.5m), retrieved 151 ounces of gold – including one piece weighing 70 ounces.
By marrying up the historical workings with an updated desktop review, Dynamic has identified the underexplored areas as high-potential targets.
The lithium potential at Lindsays has only more recently been recognised as no previous exploration had specifically targeted the silvery-white metal. However, by analysing multi-element data from earlier work by Northern Star, Dynamic has now chiselled out 22 lithium targets.
Management says further evaluation of the data has pointed to a particularly promising area in the northern part of the project where the potential appears to be significantly higher. The company plans to carry out field reconnaissance on the identified targets in the coming quarter, with a comprehensive field campaign planned for next year that will then help refine the exploration strategy and prioritise targets for drilling.
Holding a cash position of $2.18 million as of June and with a further $4 million kicking in from Mineral Resources since then for the sale of 40 per cent of its lithium-focused Widgiemooltha project, the company is well-funded to continue its exploration strategy of applying for new tenements, followed by desktop studies, low-impact drilling and then either further drilling or joint venturing through to a decision to mine.
Exploration is often referred to as a numbers game. With Dynamic’s three WA-focused projects – Deep Well, Widgiemooltha and Lake Percy – five further joint venture (JV) operations and a staggering 20 projects either pending application or granted, it would be fair to say that the company is not going to be short of news flow going forward in its far-reaching quest for exploration success.
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