The WKP property is located within New Zealand's Hauraki Goldfield at the south end of the Coromandel Peninsula, a Miocene- to Quaternary-aged volcanic zone built on a Mesozoic-aged greywacke basement of the Manaia Hill Group. It is bound to the west by the Hauraki Rift, a large graben filled with Quaternary and Tertiary-aged sediments. To the south, the Coromandel Volcanic Zone is overlain by the presently active Taupo Volcanic Zone. [MAP]
The oldest rocks in the Property area are andesite flows, tuff breccias, and minor epiclastic sediments of the Waipupu Formation. These are overlain by unaltered Kapukapu Andesite flows to the west and by Waitekauri Dacite, Waiharakeke Dacite, and Whiritoa Andesite flows to the east. The WKP project lies within a rhyolite dome complex developed in a north-northeast trending graben with the eastern margin downthrown against Whiritoa Andesite. [MAP]
In the area of the WKP project, historic exploration was first carried out by the Royal Standard Company between 1896 and 1899 with the development of several adits, a 16 m deep shaft, and construction of 10 km of tramway to the coast. A 14 tonne sample was assayed in Thames, New Zealand at a grade of 12.9 g/t Au and 29 g/t Ag, but no further work undertaken.
Modern exploration at WKP began in 1978 by Amoco Minerals NZ Ltd with follow-up of an aeromagnetic survey and examination of old mining areas. Work included geological mapping, petrology, rock chip, stream sediment and soil geochemistry; ground and aeromagnetic surveys; Controlled-Source Audio-Frequency Magneto-Telluric (CSAMT) and gradient-array resistivity surveys; plus 5,505 m of diamond drilling in 23 holes.
Since the inception of the HJV between Newmont and Glass Earth, the WKP project area has been and remains the primary exploration target on the Property. Work has included air and ground geophysics, mapping, petrographic studies, surface sampling and 15 diamond drill holes totalling 7,607 m A total of 13,112 m of diamond drilling being completed on the property.
WKP is a typical adularia-sericite low-sulphidation epithermal quartz vein-hosted gold and silver deposit. Gold occurs as electrum, argentite, and possible silver telluride minerals associated with pyrite, argentiferous pyrite, and arsenopyrite. Three main zones were initially defined by CSAMT resistivity surveys: the Eastern (including the EG structure), Central (including T-Stream), and Western zones.
The recently discovered T-Stream breccia vein and EG structure show significant potential for additional resources, as they host a style of mineralization similar to major gold mines in the vicinity, namely Martha, Favona, and Golden Cross. The higher grade and strong geological continuity of the T-Stream veins encourages the focus on exploration and development of this structure.
Mr Simon Henderson, MSc Geology (CODES), an AusIMM Chartered Professional under the Discipline of Geology; is a Qualified Person as defined by National Instrument 43-101 and an employee of the Company, and has reviewed and approved the technical information given above.