Constellation Resources Limited (Company or Constellation Resources) holds an interest in the prospective Orpheus Project in Western Australia.
The Orpheus Project comprises five tenements covering approximately 552km² in a prospective portion of the Albany-Fraser Orogen (AFO), commonly referred to as the Fraser Range province, host to Independence Group NL’s (ASX: IGO) major Nova-Bollinger nickel and copper deposit.
The Company holds a 70% interest in four of the tenements (E63/1281, E63/1282, E63/1695 and E28/2403) (Joint Venture Tenements), with the remaining 30% interest in the Joint Venture Tenements held by Enterprise Metals Limited (ENT) pursuant to a Joint Venture Agreement. The Company holds a 100% interest in the remaining tenement (E28/2738), which is not subject to the Joint Venture Agreement.
The Orpheus Project comprises five tenements covering approximately 552km² in a prospective portion of the Albany-Fraser Orogen (AFO), commonly referred to as the Fraser Range province…
Pursuant to the Joint Venture Agreement between the Company and ENT, the Company is required to sole fund all activities on the Joint Venture Tenements until completion of a Bankable Feasibility Study.
The AFO is considered prospective for nickel, copper and gold, and has attracted significant exploration since the discovery of the Nova deposit in 2012 in mafic and ultramafic rock types.
Recent field assessment has confirmed three priority targets (two nickel-copper sulphide targets and one gold target) on tenements E63/1281 and E63/1282. Gravity surveys completed in 2017 have resulted in the identification of two priority nickel-copper sulphide targets on E28/2403.
Within E63/1281, previous drilling has intersected disseminated to blebby magmatic nickel-copper sulphides (uneconomic) at the Plato prospect. This represents a significant proof of concept for the exploration rationale searching for magmatic nickel-copper sulphides in the area.