| Bendigo-Ophir
Mineral Resources
The initial project area
The project contains a new Mineral Resource Estimate (MRE July 2024) of 2.46Moz gold @ 2.1g/t (0.5g/t Au lower cut-off grade with top-cut), an estimate based on drill results leading up to the July 2024 report.
The Bendigo-Ophir resources occur in 4 deposits named Rise and Shine (RAS), Come-in-Time (CIT) and Srex/Srex East (SRX/SRE), that extend in a northerly direction within the Rise & Shine Shear Zone (RSSZ) which hosts gold mineralization over a recognised strike length of >20km.
The RSSZ occurs at the contact with TZ3 and TZ4 schist units separated by a regional fault (Thomsons Gorge Fault-TGF) and dips at a low angle (25°) to the north-east. The RSSZ is currently interpreted to have upper shear hosted gold mineralization (HWS) 10-40 metres in width above quartz vein and stockwork related gold mineralization extending >120 metres below the HWS which is largely untested down-plunge and at depth.
Rise and Shine (RAS)
Prior to Santana’s acquisition of the project in late 2020, the RAS gold resource was estimated from drilling in the Rise and Shine Valley totaling 18,000oz @ 1.2 g/t (no cutoff, no top cut). The northerly mineralisation trends that were being identified across the RSSZ led to diamond drilling of the RAS Ridge >100m above the RAS Valley, and in April 2021, MDD007 or the “James Bond” hole, intersected 40.3m @ 2.05g/t and visible gold (at 0.5g/t Au cutoff with 100g/t top cut).
This discovery has continued to grow with upgrades in Mineral Resource Estimates (at cutoff grade of 0.5 g/t Au with top cut) from 260koz @ 1.9g/t Au in September 2021, to 2.2Moz @ 2.3g/t Au in July 2024. Infill drilling of this deposit focused on converting Inferred resources to Indicated resources to support ensuing scoping and prefeasibility studies. The Indicated resource at RAS is currently 1.4Moz @ 2.4g/t Au.
Importantly, as seen on the adjacent RAS plan view image, denoted by the purple and red metal-unit dots, RAS has a high grade gold core which hosts the majority of the metal. The core is over 150m wide and up to 40m thick, giving it the bulk continuity required for efficient extraction.
RAS Long Section
The long section of RAS shows the continuity of the deposit as it traces 1.7km down plunge to the north, and is still open at depth. Drill holes consistently intercept thicknesses of well over 25m, and up to 40m with very high grades of gold.
The thick, wide tabular continuity of RAS makes it a unique gold system amendable to open pit and underground extraction methods.
Exploration Potential
Santana considers the Bendigo-Ophir Project to be substantially under-explored by modern exploration techniques. The Company sees the Project Area as having significant exploration upside and the potential to materially add to the existing Mineral Resources by testing several un-drilled exploration targets identified within the Project Area .
These exploration targets leverage off previous geochemical sampling programs (including soil sampling and portable XRF data collection seen in the green and yellow lines on the adjacent image) that in some cases have highlighted a strong relationship between arsenic anomalism and gold mineralisation.
Within the immediate Rise and Shine Shear Zone, a number of targets have been identified outside of the JORC defined resources.
These include the historic Bendigo Reefs (BDR), Alta (ALT), Perrys Creek (PCK), Mount Moka (MKA), Thomsons Saddle (TSD) and Upper Thomsons (UTS). Further geochemical sampling programs and target definition drilling campaigns are planned.
Regional Prospectivity
Regional geochemical targets include Orkney, Dans, and Matakanui (concealed below cover) in the south of the project area, which display anomalous arsenic results and warrant further exploration. No drilling has been undertaken at Orkney or Dans Prospect, with only shallow drilling defining alluvial gold mineralisation undertaken previously at Matakanui, with the primary gold source of this mineralisation un-defined.