The North Lake Carey prospect is an emerging project 36km north-north-west of Red October on the northern shores of Lake Carey. This highly-endowed address hosts multiple +1Moz gold deposits including AngloGold Ashanti’s Sunrise Dam (>10Moz), Goldfields’ Wallaby (>7Moz) and Granny Smith (>2Moz) and Dacian Gold’s growing Mount Morgans Project.
In June 2015, a broad spaced aircore program was conducted and was the first drilling Saracen has completed on Lake Carey since 2011. The drilling was carried out on the northern most tenement of the Carosue Dam package.
Results from the first aircore drill program have identified encouraging anomalism. Notably supergene gold has been identified in the ferruginous zone (4m @ 1.32g/t) supported with bottom-of-hole anomalism (4m @ 0.08g/t) associated with elevated Silver – Tungsten – Molybdenum and Albite-Sericite alteration, which strongly suggests the gold is primary and not transported. The alteration was observed to be sub-parallel to the interpreted faults and consisted of Sericite with minor Albite. Follow up aircore drilling in the June half 2017 will extend the coverage to the south and infill around the main anomaly.