Projects

Mulholland Project

Overview

Sky Metals recently noted the Midway Granite:

…shows strong geological similarities to the clay hosted REE mineralisation successfully mined for REE over the last few decades in  China. The REE mineralogy and, therefore, metallurgy, is more likely to be similar to these systems due to these geological similarities and, as  such, is a very attractive target for easily extractable REE mineralisation.” (Sky Metals ASX Release April 19, 2023)

Karawara to also leverage SKY’s ongoing REE work on neighbouring EL6258:

  • Only 46 holes re-assayed out of 100s of core holes yet to be reviewed by SKY
  • REE mineralisation characterisation to begin met testwork

Exploration Program

Within 6 months of IPO:

  • Re-assay existing core to confirm REE at Bob’s Tank
  • Follow up MLEM
  • Airborne magnetics/radiometrics to identify drill targets
  • AC drilling on priority targets

Within 6–12 months of IPO:

  • Test REEs at Midway Granite targets
  • Drill test Dwyers magnetic anomaly along strike from DMK line
  • Drill test Ni-Co targets at Mulga Tank

Mulholland Project Details

  • EL9033 located 35km SE of Bourke on northern margin of Lachlan Orogen.
  • Adjoins EL6258 where Sky Metals (ASX:SKY) recently discovered a large, high-grade REE mineral system in a 60m thick clay layer at the Doradilla, Midway, 3KEL (DMK) line through re-assaying decades’ of historic drilling previously only assayed for Tin.
  • DMK line is a 16km strike length system with TREO intercepts averaging over 20% Nd+Pr+Dy+Tb with some intercepts over 40% Nd+Pr+dy+Tb.
  • Best REE mineralisation is at the Midway deposit which is closest to the source Midway Granite.
  • 2.6km of nickel mineralisation from historic drilling: 44m @ 0.45% Ni from 42m, 54m @ 0.40% Ni from 63m, 32m @ 0.39% Ni from 75m.
  • Two holes, 1200m apart reported 6m at 0.21% tin from 99.75m, 2m at 0.17% tin from 117m.
  • Karawara’s EL9330 is 500m SE of SKY’s 3KEL prospect and <3km from Doradilla prospect.
  • The Midway Granite is a large ‘A type’ granite batholith interpreted to be the source of the REE mineralisation SKY’s DMK discovery.
  • Karawara has confirmed DMK style mineralisation on EL9330 at Bob’s Tank.
  • Plus multiple untested targets along strike and parallel to this known skarn.
  • Midway Granite also has been identified in drilling in the southern portion of EL9330.

Results Highlights

Total Rare Earth Oxide (TREO) results Highlights at SKY’s DMK Discovery:

  • AMW10: 33m @4981ppm (0.50%) TREO from 15m
    including 12m @ 8781ppm (0.88%) TREO
  • DRAC012: 8m @4379ppm (0.44%) TREO from 32m
    including 2m @ 8011ppm (0.80%) TREO
  • 3KDD018: 6m @ 2828ppm (0.28%) TREO from 13m
    including 0.7m @ 13910ppm (1.39%) TREO
  • AMW20: 35m @ 2002ppm (0.20%) TREO from 15m
    including 10m @ 3703ppm (0.37%) TREO
  • 3KRC006: 10m @ 2951ppm (0.30%) TREO from 11m