Gulf has recently announced that it has entered into an option...

Gulf has recently announced that it has entered into an option agreement with QIM to acquire an iron ore project near Bundaberg Qld . The details of the announcement were quite general and as time passes we hope to recive further imformation on this new project . There is suggestion that the ore type is likely to be magnetic though there might be some small amounts of haematic . the structure hosting the iron ore is believed to be 6 - 8km long and up to 2km wide , geologists believe the the lower end of of the estimate is 100mt and the upper limit around 250mt . the property was initially targetted for industrial minerals with showings of vanadium and ilmenite , it has been drilled but not for iron . the option covers a 100% interest subject to a royalty .
What we dont know includes the terms of the acquistion if the option is excercised . the grade is also unknown . a figure of 55% was mentioned but this would be unusually high if it was magnetic and doesnt make sense , maybe this refers to haematite zones which would be more attractive . The location of the project near the port of Bundaberg could provide some significant infrastructure advantages . an initial due dilligence is presently being performed by the company with the results due in a week or two and I will be watching with interest .

Ebagolla drilling programme :

Gulf commenced drilling a few weeks ago and has thus far completed about 350m of a 3000m program . the target is epithermal gold and specifically some ip targets that extend up to 50m either side of known epithermal systems , small resources have been found in the past but this is a test for something much more substantial .

Wollorgorang Copper :

Gulf has recently finished a tem survey which has identified three excellent targets under the volcanic rocks where one might expect to find copper . a drill rig is scheduled for this week and will test the double j target with a hole that could go as deep as 500m .

12 Mile Uranium :

Assesment of previously identified radiometric anomalies has been taking place with on ground sampling showing that the source of the radioactive anomalies is actually uranium . approx 20 anomalies have been mapped and assayed and should be drill tested early in the new year .

Gulf has a key ground position on the NT side of the QLD border that is considered highly prospective for uranium diamonds and base metals within the highly mineralised Proterozoic McArthur MtIsa belt . it is investigating four types of mineralisation in the Wollogorang project .

1 : stratabound base metal mineralisation - a no of copper/lead /zinc stream sediment and rock chip anomalies have been identified over a 75km distance offering potential for large scale copper deposits similar to those of the central African copper belt and zinc deposits such as McArthur river .

2 ; Breccia hosted base metal mineralisation - a large 4km diameter magnetic low feature may represent a breccia pipe . The leases surround the Redbank copper field which contains 21 copper bearing pipes

3 : Uranium mineralisation - Gulf has identified a number of targets with the largest at twelve mile creek offering potential along a major lineal fault

4 : Diamond mineralisation : CRA explored the area in the mid 90s finding four macro and 38 micro diamonds . Gulf feels that the testing programme was not sufficiently comprehensive

Uranium Exploration :

Of immediate interest is the jv ground being drilled by Laramide as the sole funder entitled to earn 90% . it is understood that Laramide is drilling 12 - 15 holes to a depth of 150m seeking the contact of the volcanics and the basin structure , located near but not on the Gulf leases are deposits such as Long Pocket ( 2000tU308 at 450pm and Namalangi ( 4745tU308 at 1700ppm )

Ebagolla Gold potential :

Gulf intends to drill 6500m of percussion drilling and 1000m of diamond drilling to test and further delieate these targets .

Management are focused and are working towards taking Gulf to the next level . we see uranium as the most interesting target but there is also good potential for copper zinc and diamonds