Pegasus Metals Limited

Kelly Project

Introduction
The Kelly Belt Project covers 47km2 in Exploration Licence E45/2437.

Geological Setting

The northern tenement boundary  lies 3.5km south of the southern edge of the Mount Edgar Granitoid Complex extending 15km south over the north-eastern Kelly greenstone belt.  To the southwest of the tenement Mount Roe Basalt of the Fortescue Group outcrops, with rocks of the Warrawoona Formation covering the remaining area. The Euro Basalt predominates over the tenement, the Wyman Formation is present in the southeast, with the Charteris Basalt outcropping at the northern end. A southwest trending outcrop of gabbro also occurs along the southeastern boundary of the tenement (Figure 1).

Previous Mining and Exploration

There are no known mineral occurrences in the project area, but a line of five undefined workings are mapped in the southern central part of the tenement.  

 Prospective Mineralisation

The Euro Basalt is predominant within the tenement with major faults evident through this unit and along the contact of the Euro Basalt and the Mount Roe Basalt.
Potential for a Bamboo Creek style hydrothermal and vein auriferous mineralisation setting is recognised where shear zones may be present associated with these fault systems and the competency contrasting of  rock units within the Euro Basalt. The fault system through the tenement area could provide sizable shear zones which could host hydrothermal copper mineralisation, as occurs at Lionel further south.
The Kelly Belt Project represents a “grass roots” exploration area which is essentially to date unexplored. The area merits a regional exploration effort in order to evaluate its potential for both gold and base metals deposits.

 

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