Duck Creek Project, Queensland
(GOLDSEARCH Diluting to 25%)
The Duck Creek project lies on the eastern limb of the Duck Creek Anticline approximately 30 kilometres south-west of Cloncurry and is underlain by a sequence of Proterozoic agglomerates and pillow basalts of the Marraba Volcanics which are unconformably overlain by the Mitakoodi Quartzite. The Duck Creek area is heavily mineralised with over 70 individual known occurrences of oxide copper mineralisation. Previous sampling by Goldsearch has yielded high-grade gold and oxide copper assays from numerous of these mineral occurrences.
During 2007 Goldsearch entered into a joint venture agreement with Queensland Mining Corporation (formally North Queensland Mines) over its Duck Creek project. North Queensland Mines can earn 70% in the project by issuing Goldsearch 750,000 shares and up to 4,500,000 options (depending on certain exploration outcomes) and by spending $850,000 on exploration prior to the 15th May 2008.
Queensland Mining Corporation has been aggressively building a portfolio of projects targeting significant oxide copper resources in the Cloncurry region.