Enterprise Metals - Ennuin Gold Target Selected for RC Drill Testing at Bullfinch North WA

Published: 2021-12-03 09:16:07 ET ENT.AX

Enterprise Metals (ENT) ('Enterprise' or the 'Company') is pleased to advise that following a comprehensive data compilation and interpretation by consultants Terra Resources Pty Ltd, the Company has field checked, surveyed and prioritised 4 targets for reverse circulation (RC) drill testing.

These targets are Ennuin (Target 48), Scorpio (Target 36), Hughes (Target 27) and Rainbird, (Target 32).

Ennuin is the first target to be drill tested with six 150m deep RC holes. Between 1989 and 1993 rotary airblast (RAB) and limited RC follow up drilling was undertaken to test below several of the shallow Ennuin historic gold workings. Mapping and drilling identified three axial plane shear zones with significant gold drill intercepts. To date there has been a lack of follow up RC drilling to test these mineralised shear zones at depth.

The principal lithologies within the Ennuin prospect area include metamorphosed carbonated Archean tholeiitic volcanic rocks(meta-basalt, meta-gabbros and dolerites) with subordinate siliceous Banded Iron Formation and komatiites.

The historical Ennuin gold workings occur on the axis of an interpreted anticline, with gold anomalism continuing to the north along the axis and flanks of the anticline. The gold mineralisation in the Ennuin workings occurs within lenticular quartz reefs within sheared and brecciated fault zones within meta-basalt and amphibolitic schists.

Exploration History

In 1988-89, Broken Hill Metals NL (BHM) joint ventured into tenements over the old Ennuin gold workings held by Ascot Holdings Pty Ltd. BHM undertook detailed 1:5,000 scale geological mapping and collected 511 soil samples and 41 rockchip samples for Au and base metal analysis on M77/182, in preparation for drill testing. The soil samples were assayed for gold and base metals and highlighted a number of anomalies called the 'Payne' anomalies. (Edwards 1989) In 1990 BHM drilled 32 shallow (30m) RAB holes over the current Ennuin Prospect. (ERB001-0019, ERB023-026, ERB030-034 and ERB059-062). Initially 5 metre composite samples were assayed, and mineralised composites were subsequently assayed on a 1 metre basis. (Edwards, 1990)

Between 2004 and 2007 Polaris Metals NL undertook detailed geological mapping, rock chip sampling and auger soil sampling. 176 auger soil samples were taken on four infill patterns. Sample line spacing was 80m x 40m. All auger soil samples were analysed for Au (B/ETA, 1 ppb), As (B/AAS, 10 ppm), Cu (B/AAS, 1 ppm), and Ni (B/AAS, 1 ppm). Peak soil assay results were 1,193 ppb Au, 9,345 ppm As, 207 ppm Cu and 880ppm Ni

Background - Bullfinch North Exploration Project

In May 2020 Enterprise entered into a 2 year 'Option to Purchase' phase of a Binding Terms Sheet covering the Bullfinch North Project in the Southern Cross Greenstone Belt of WA. The tenement package is owned by Nickgraph Pty Ltd. A separate 2 year option agreement was negotiated over the western margin of the greenstone belt and Lake Deborah with Mr Peter Gianni. The project area stretches from Bullfinch in the south to Trough Well in the north and covers approximately 50 strike km's (232 km2 ) of granted tenements over Archaean greenstone lithologies prospective for orogenic gold deposits, high-grade massive sulphide nickel-copper deposits and lithium.

The Southern Cross Greenstone Belt hosts more than 150 known gold deposits, which have collectively produced more than 10 million ounces of gold. The major gold deposits such as Frasers at Southern Cross, Marvel Loch, Nevoria, Great Victoria, Yilgarn Star and Copperhead (at Bullfinch) have produced the majority of these ounces. The great majority of these ounces were mined from deposits south of Bullfinch

By comparison, competitor gold exploration north of Bullfinch was largely focused on relatively shallow drill testing of small historic outcropping gold workings, which failed to find any major new deposits. Other impediments to successful exploration included transported overburden on the eastern and western flanks of the belt and the previous fragmented tenement ownership.

This ASX Announcement has been approved in accordance with the Company's published continuous disclosure policy and authorised for release by the Company's Board of Directors.

Contact:

Dermot Ryan

Tel: +61 8 6381 0392

Email: [email protected]