Zedex Minerals Limited

Drilling at Enmore

Location:

In the historic Enmore gold field, approximately 30 km south of the regional centre of Armidale, New South Wales, Australia.

Principal Minerals:

Gold, silver.

Exploration Stage:

Moderately advanced: Reconnaissance geological mapping and soil geochemical surveys completed. Detailed follow-up exploration of selected prospects in progress.

Overview:

Exploration to date includes an airborne magnetic survey and ASTER satellite image analysis over the central portion of the Goldfield, plus gridding, geological mapping, soil and rock geochemical surveys, mechanised trenching and first pass diamond drilling. 7 out of 39 historic gold mines in the field have to date been partly assessed. Results have identified two mineralisation target types: (i) shallow (potential open-pit) shear zone hosted quartz stock-work mineralization and (ii) structurally focused quartz veins, locally containing high-grade shoots.

Tenure:

The Enmore Project comprises 4 granted Exploration Licences, covering 325 km2.

Equity:

Zedex currently has 100% of two exploration licences and is earning 80% interest in another two.

Geology:

The licences cover a NE trending belt of Permo-Carboniferous S-Type granitoid plutons (Hillgrove Suite), which intrude Carboniferous Girrakool Bed metasediments. A 50 km belt of gold mineralization extends SE from Rockvale, through the Hillgrove gold-antimony field to Enmore. Most of the significant gold occurrences are within or proximal to NE trending regional faults, which locally transect the plutons and/or form pluton contacts. Production has recently recommenced at the Hillgrove field, which has historically produced >800,000oz of gold.

Key Results:

Seven historic mine prospects partially investigated to date are as follows:

Lone Hand:
Reported historic underground mine production was at an average head grade of +60 g/t Au. Surface sampling to date has returned values of up to 43.6 g/t Au from mineralized NW trending quartz veins, closely associated with basic dykes, similar to the association at the nearby Hillgrove Mine. Significant u/g channel sample results to date include: 1m @ 7.83 g/t Au, 1m @ 4.56 g/t Au, 1m @ 4.00 g/t Au and 1m @ 5.58 g/t Au. Further u/g sampling and drilling is planned.
Mt Bora:
Strongly focused, steeply dipping lode style mineralization. Drill-intersections of potentially mineable width and grade recorded to date include: 4.8m @ 6.51g/t Au and 2.0m @ 5.48g/t Au. Further drilling is planned.
Sunnyside:
Low-grade intercepts (eg. 5.95 m @ 1.30g/t Au and 13.7m @ 0.86 g/t Au) have been recorded within a 10m x 250m zone of shallow oxide and quartz vein/stock-work zone, which has to date been drilled to a vertical depth of 100m. Further in-fill and step-out drilling is required to estimate a JORC standard resource.
Stony Hill:
A large zone of phyllic alteration delineated within a structurally controlled dilation zone, is coincident with a NE trending Au-Sb-As anomaly that presently remains open to the SW. Further surface sampling and drilling is planned.
Queen of Sheba:
Historic mine workings within granite-hosted quartz and silicification zones are coincident with three discrete Au in soil anomalies, the largest of which is 0.5 ppm Au over 400m x 100m.
Tabben:
A variably mineralized hydrothermal breccia has been delineated over an area of 10m x 400m. Scout drilling is planned.
Hand in Hand:
A zone of shallow, oxidised quartz vein stock-work mineralization identified by mapping and soil geochemical survey. Further exploration is planned.

Resource Inventory:

Whilst no resources have yet been measured to JORC status, the project is considered prospective for multiple resource blocks (each in the order of 100-250,000 oz) with a global target of hosting a >1M oz Au resource.