The achievement strengthens the partnership between EQR and Sozo and signifies their shared commitment to exploration and value creation in the NSW gold tenements. No extensive work was completed, rather planning of Stage 2 exploration to commence later this year. An update on the projects remains the same as follows. Crow Mountain A further 20 rock chip samples were taken across the project area, predominantly targeting surface expressions of historic Induced Polarisation (IP) Chargeability anomalies. Of note is rock chip sample CMRC025 which returned 4.9g/t gold on the eastern margin of an IP chargeability anomaly and approximately 1,000m south-east of the Magnesite Hill gold discovery. CMRC025 is located in the Woolowin Group cherts and thereby provides strong support for a drillhole testing an IP target east of the Peel Fault. In addition to the grab sampling, 23 drill pulps from the historic ICK001 drillhole were selected and have been submitted for a complete Rare Earth Element analysis. Panama Hat Exploration focused on the Telephone Line Prospect, where historic artisanal mine workings lie within a structural corridor of over 300m in length. Previous SOZO rock chip samples from these workings have returned high grade gold as evidenced in sample PH0018, which contains 22.1g/t gold from ferruginous quartz vein mine spoils. The corridor was targeted with detailed geological mapping and soil samples. The mapping shows the target corridor is associated with a sub vertical shear zone trending to the north-east, while gold bearing structures, commonly associated with quartz veins, are located orthogonal and dip steeply back to the southwest. 277 soil samples (-2mm fraction) were also collected at a combination of 50m x 50m and 25m x 25m centres. As expected, a subtle gold response was detected across the historic workings, however, a stronger gold response has been located distal to the workings. Further soil sampling is currently underway to validate this distal gold anomaly. Operating and Financial Review continued Figure 24 – Location of EL6648. 40 EQ Resources Limited Annual Report 2023
RkJQdWJsaXNoZXIy MjE2NDg3