Majestic entered into an option agreement with Plutus Resources, a privately-owned Australian company, to acquire a 51% interest in eight tenements totaling 1,300 hectares located in Western Australia. Majestic may acquire a 51% interest in the full eight tenements by paying Plutus AU$60,000 and expending a total AU$2,000,000 by December 15, 2023. Once a 51% interest is earned, Plutus and Majestic shall either negotiate a joint venture for the further development of the then jointly-owned properties or negotiate a sale of a 44% interest in the said properties by Plutus to Majestic.
The Fair Adelaide East Project is an early-stage exploration property located about 60 kilometres northwest of Kalgoorlie, Western Australia. The property is situated within the prolific Norseman-Wiluna Greenstone Belt of the Eastern Goldfields Province of the Yilgarn Block. The project is considered to be prospective for economic Archaean lode‐style gold as well as Komatiite nickel sulphide mineralization.
The Eastern Goldfields Province is host to some of the largest gold and nickel deposits in Australia. Gold occurrences within the Eastern Goldfields Province are dominantly orogenic, mesothermal lode‐style deposits, related to large scale regional fault systems. Regionally, a large number of gold showings have been found to the west and south of the property. The Siberia gold mine, which is six kilometers to the northwest, and the Mt. Pleasant and Paddington open-pit gold mines are located about 20 to 25 kilometers to the southeast of the project area.
Orogenic gold deposits can occur within any host lithology and can develop at varying crustal depths and temperatures. One common characteristic to all orogenic lode gold systems is a well‐developed structural control, providing a focus for mineralizing fluids. The large orogenic gold deposits within the Eastern Goldfields Province typically display evidence of a prolonged structural episode, with multiple phases of gold mineralisation.
Studies have shown the gold mineralisation occurs late in the deformational history of the host terranes, meaning the geometry of structures and the rock sequences are essentially the same today as they were during gold deposition.
Four prospects have so far been identified within the project area with further untested prospects identified by soil and rock chip sampling. Work by past explorers in small pits within the granite and numerous porphyry dykes and quartz veins in the sheared ultramafic rocks have produced encouraging results with multiple samples between 1 g/t Au to 59 g/t Au. A number of broad gold intercepts from a limited amount of shallow RAB and reverse circulation drilling generated encouraging results including:
- 17 metres @ 1.1 g/t Au from 17 metres
- 5 metres @ 1.1 g/t Au from 22 metres
- 12 metres @ 1.28 g/t Au from 22 metres
- 17 metres @ 0.61 g/t Au from 15 metres
- 22 metres @ 0.27g/t Au from 8 metres (EOH)
Base metal mineralization in the vicinity of the project area is common, with the Cawse laterite nickel‐cobalt deposit less than five kilometres from the Far Adelaide East project area. The Cawse deposit is situated at the base of the Walter Williams Formation on the western limb of the Goongarrie‐Mt Pleasant anticline. The resource stretches over a strike length of almost 20 kilometres and contained an estimated resource of 213 Mt at 0.70% nickel and 0.04% cobalt at the end of 1997. Around 80% of the mineralization in the main Cawse central tenements consists of shallow, flat-lying zones associated with limonitic clays in the upper 40 metres of the weathering profile.
A number of other small nickel sulphide occurrences associated with the Siberia Komatiite (which is present within the project area) have been noted but these appear to be poorly understood.
The project is in line of strike from existing nickel deposits located to the southwest and has potential to host large lateritic nickel deposits. Rock chip sampling of gossans within the project assayed up to 0.62% nickel and 300 ppm copper. A small amount of drilling was done on these targets in the central portion of the property results from which included:
- 17 metres @ 0.92% Ni from 4 metres
- 13 metres @ 0.72% Ni from 9 metres