Western Areas NL

Published : November 06th, 2014

Western Areas to Commence Major Exploration at Fowlers Bay

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Western Areas to Commence Major Exploration at Fowlers Bay


6 November 2014

ABN 32 090 603 642

Company Facts

Gunson Resources (ASX: GUN) Exposure to major 'construction ready' Coburn Heavy Mineral Sands Project in Western Australia and emerging country-wide exploration play in Tanzania, within a major mineral sands producing corridor

Key projects:

Coburn Heavy Mineral Sands

Project, WA (100%)

Tanzanian Heavy Mineral Sands

Exploration Projects (100%)

Mt Gunson Copper Exploration

Project, SA (100%)

Mt Gunson MG14/Windabout Copper-Cobalt-Silver Development Project, SA (100%)

Fowlers Bay Project, SA (100%) - Western Areas JV

Corporate Structure

Shares on issue 606.9m

Unlisted Options 19.6m

52 week high 2.9 cps

52 week low 1.2 cps

Company Directors

Michael Folwell

Non-Executive Chairman

Richard Hill

Managing Director

Bill Bloking

Non-Executive Director

Didier Murcia

Non-Executive Director

Investor Enquiries

Warrick Hazeldine

Cannings Purple

E: mailto:[email protected][email protected]

T: +61 (0) 417 944 616




Western Areas to commence earn in on Gunson's Fowlers Bay

Project as part of major ongoing exploration campaign

Gunson free carried for up to $1.2M of expenditure

The campaign will commence this month with a detailed magnetic survey aimed at identifying high priority targets

'First mover' play in a region believed to be prospective for large multi-commodity deposits including mafic-ultramafic hosted nickel-copper-PGE's, iron oxide copper gold (IOCG), e.g. Olympic Dam, and Proterozoic gold deposits, e.g. Tropicana

Gunson Resources Limited ("Gunson") is pleased to announce that the team at Western Areas Limited (ASX: WSA) will imminently commence exploration over Gunson's 100% owned, 700km2 Fowlers Bay Project as a key part of their earn in and major exploration push in the Western Gawler region of South Australia, aimed at identifying high priority base metal drill targets (see ASX Announcement 9 October 2014).

First phase exploration will include detailed airborne geophysical surveys (Magnetics) over the project area to facilitate the geological interpretations, and allow for initial target generation using the higher resolution data. A combination of drilling and further geophysics will then be used to screen the initial targets and generate further targets for detailed assessment.

Western Areas has identified this as a highly prospective project in line with their regional exploration strategy and see it as a 'first mover' opportunity targeting an area with significant discovery potential for high grade massive sulphide poly-metallic mineralisation.

Commenting on the joint venture, Gunson's Managing Director, Richard Hill, said, "We are delighted to be partnering with such a significant and well regarded base metals company such as Western Areas who have an exceptional record of discovery and production success. We look forward to the exciting news flow over the coming year."

www.gunson.com.au 1


6 November 2014

ABN 32 090 603 642

About the Fowlers Bay Project

The Fowlers Bay Project comprises a 700 square kilometre exploration licence located approximately 150km west of Ceduna in the Western Gawler region of South Australia, close to existing infrastructure including road and port (see Figure 1).
In late 2013, Gunson completed a gravity survey over a rectangular target area approximately 9 kilometres long by 3.5 kilometres wide. The results showed good correlation with a north-south trending magnetic zone defined by an earlier aeromagnetic survey. The gravity data suggests that the magnetic zone is comprised of mafic and possibly ultramafic rocks that may contain base metal sulphides (see Figures 1-3).
In early October 2014 Gunson announced that Western Areas had agreed to earn in to the Fowlers Bay Project as a priority target area for their Western Gawler regional exploration strategy. Under the joint venture Western Areas will sole fund up to $1.2 million of exploration (see ASX Announcement 9 October


Figure 1. Location of Fowlers Bay Project Figures 2 and 3. Coincident 9 x 3.5km gravity and magnetic anomaly (see Fig 1 inset area)

Geological Setting

The Fowlers Bay Project is part of an area that is believed to be prospective for mafic-ultramafic hosted nickel- copper-PGE sulphides, as well as iron oxide copper gold (IOCG), e.g. Olympic Dam, and Proterozoic gold deposits, e.g. Tropicana.

The tenement package covers an interpretive prospective craton margin containing deep seated structures, with a complex and long lived structural and Proterozoic intrusive history. The area is known to host mafic-
www.gunson.com.au 2


6 November 2014

ABN 32 090 603 642

ultramafic intrusive rocks, and the extent, exact age and prospectivity of these will be the first key goal of the initial exploration.
The area is tectonically related to the Musgrave (Nebo/Babel and Succoth) and Albany-Fraser Orogens (Nova/Bollinger), and has the potential to host mafic-ultramafic intrusive related deposits (such as Eagle, Voisey Bay, and Tamarack). These styles of deposits are typically large and multi-commodity (nickel, copper and +/-PGEs).

About Western Areas Limited

Western Areas is an ASX 200 listed company and Australia's second largest nickel sulphide producer, with high grade nickel production assets in Australia and base metals exploration projects across Australia, Canada and Finland. Western Areas was built upon the successful discovery of two of the highest grade nickel ore bodies in the world located at Forrestania, Western Australia. The Company has a committed strategy to growth which includes both significant re-investment in exploration at Forrestania and also continued regional exploration programs outside Forrestania and pre-development projects in the base metals space in stable jurisdictions.

About the Joint Venture

As outlined in Gunson's ASX Announcement dated 9 October 2014, the key terms of the Joint Venture are as follows:

Western Areas will be Project Operator.

Western Areas will spend $800k on agreed exploration activities over 2.5 years (Term 1) to earn a 75%

participating interest in the Project.
Following Term 1, Western Areas can declare a 75%/25% Joint Venture (JV) or elect to earn a further
15% interest by spending another $400k in the subsequent 18 month period (Term 2).

Following Term 2, a 90% Western Areas/10% Gunson JV will be formed.

Gunson will be "free-carried" until a JV is declared, following which it can pay its pro-rata share of JV

costs, dilute its interest, or convert it into a 1% gross royalty.

For further enquiries, please contact:

Richard Hill

Managing Director

Gunson Resources Limited

T: +61 8 9226 3130

E: [email protected]

Website: www.gunson.com.au

Media: Warrick Hazeldine/Michael Vaughan Cannings Purple Strategic Communications T: + 61 ( 0) 417 944 616/+ 61 (0) 8 6314 6351

E: [email protected]


The details contained in the document that pertains to exploration results, ore and mineralisation is based upon information compiled by Mr Brendan Cummins, a consultant to Gunson. Mr Cummins is a Member of the Australian Institute of Geoscientists and has sufficient experience which is relevant to the style of mineralisation and type of deposits under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr Cummins consents to the inclusion in this release of the matters based on the information in the form and context in which it appears.

www.gunson.com.au 3

Read the rest of the article at www.noodls.com
Data and Statistics for these countries : Australia | Canada | Finland | Tanzania | All
Gold and Silver Prices for these countries : Australia | Canada | Finland | Tanzania | All

Western Areas NL

ISIN : AU000000WSA9
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Western Areas NL is a nickel and gold producing company based in Australia.

Western Areas NL holds various exploration projects in Australia.

Its main assets in production are FORRESTANIA, FLYING FOX MINE and KOOLYANOBBING in Australia, its main asset in development is SANDSTONE - LORD NELSON in Australia and its main exploration properties are MT FINNERTY NICKEL JV, LAKE KING, MT ALEXANDER, MT JEWELL and SPOTTED QUOLL in Australia and EAST BULL LAKE in Canada.

Western Areas NL is listed in Australia and in Canada. Its market capitalisation is AU$ 1.0 billions as of today (US$ 754.6 millions, € 661.0 millions).

Its stock quote reached its highest recent level on April 15, 2011 at AU$ 6.78, and its lowest recent point on March 27, 2020 at AU$ 1.66.

Western Areas NL has 272 280 000 shares outstanding.

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Corporate Presentations of Western Areas NL
2/17/2014Half Year Results Corporate Presentation
11/21/2013Areas AGM Corporate Presentation
2/21/2013Half Year Results Corporate Presentation
Annual reports of Western Areas NL
Annual Report to shareholders
Annual Report to shareholders
2009 Annual Report
Option Grants of Western Areas NL
2/14/2012Maintains Strong Profits and Declares Dividend
Nominations of Western Areas NL
1/3/2012appoints new Managing Director
Financials of Western Areas NL
2/24/2016Half Year Financial Results Press Release
8/20/2015Areas Full Year Financial Results Presentation
Project news of Western Areas NL
1/28/2014Revised Resource Table - December Quarterly Report
12/6/2013RBR: Drilling to Commence at Caesar Hill JV
12/4/2013Drilling to Commence at Musgrave Tenements
11/22/2013Final Director's Interest Notice
9/6/2013Assays Increase New Morning High Grade Nickel Intersection
8/30/2013High Grade 8% Nickel Intersection at New Morning
7/19/2013Further High Grade Intersections at New Morning
7/1/2013TKL: Musgrave project farm-in by Western Areas
3/27/2013New Morning Exploration Update
3/14/2013Exploration Strategy and Activities Update
1/24/2013(Forrestania)New High Grade Nickel Discovery at Forrestania
1/24/2013GTE:Encouraging gold results intersected in drilling Mt Gibb
7/18/2012(Forrestania)Announces New High Grade Nickel Sulphide Discovery at Forres...
5/11/2012Production Guidance Update
3/14/2012Completed the Acquisition of Kagara Nickel
10/5/2011(Flying Fox Mine)Major Nickel Intersection Below Flying Fox Mine
Corporate news of Western Areas NL
8/11/2017Advance Notice - Full Year Results Conference Call
8/2/2016Diggers and Dealers Presentation
6/15/2016Final Director's Interest Notice
6/9/2016Western Areas Board Change
4/22/2016Quarterly Activities Report
4/5/2016Western Areas - Security Purchase Plan Booklet
4/5/2016Western Areas - Section 708A Cleansing Statement
3/31/2016Successful Completion of Western Areas Placement
1/28/2016Change in substantial holding
1/27/2016Quarterly Activities Report
1/11/2016Becoming a substantial holder
12/21/2015Western Areas Reduces Standby Bank Facility Fees
12/1/2015Change in substantial holding from NAB
11/25/2015Annual General Meeting - MD Presentation
11/25/2015Chairman's Address to Shareholders
10/26/2015Quarterly Activities Report
10/23/2015Notice of Annual General Meeting/Proxy Form
10/12/2015MOX: Western Gawler Craton Drilling Recommenced
10/12/2015Western Gawler Craton Update
10/7/2015Western Areas Revised FY16 Capital Expenditure Plans
10/1/2015Cosmos Nickel Complex Acquisition Completed
9/29/2015Western Areas to Commence Drilling at Fowlers Bay Nickel JV
9/28/2015STA: Western Areas to Commence Drilling at Fowlers Bay Nick
9/28/2015Prospective Mafic Intrusions Confirmed at Western Gawler
9/22/2015Becoming a substantial holder
9/14/2015Change in substantial holding
9/1/2015Change in substantial holding
8/28/2015Change of Director's Interest Notice x 3
8/20/2015Dividend/Distribution - WSA
8/20/2015Western Areas Report Increased Full Year Profit and Dividend
8/20/2015Appendix 4E & Full Year Statutory Accounts
8/20/2015Western Areas Full Year Financial Results Presentation
8/18/2015Full Year Results Conference Call Details
7/30/2015Change in substantial holding from NAB
7/21/2015Quarterly Activities Report - Revised
7/19/2015GNG: Contract Award
7/5/2015Major Drilling Program Commenced at Western Gawler Project
6/18/2015Western Areas to Acquire the Cosmos Nickel Complex
4/1/2015Change in substantial holding
3/25/2015Change in substantial holding from NAB
3/11/2015Change in substantial holding from NAB
3/5/2015Ceasing to be a substantial holder
2/18/2015Change in substantial holding from NAB
2/17/2015Becoming a substantial holder from MS
2/16/2015Becoming a substantial holder from CBA
2/12/2015Half Year Results Conference Call Details
2/12/2015Ceasing to be a substantial holder from MS
1/21/2015Western Gawler Craton Project Update
11/6/2014Western Areas to Commence Major Exploration at Fowlers Bay
2/28/2014On Market 2014 Convertible Bond Purchase
2/25/2014Areas Share Purchase Plan Offer Document
2/24/2014Cleansing Statement - Notification under section 708A(5)(e)
2/18/2014Successful Completion of Western Areas Raising
2/18/2014Areas Ltd Capital Raising and SPP
2/17/2014Half Year Results Press Release
2/10/2014Areas Upgrades Full Year Guidance
1/28/2014Competent Person Statement
1/9/2014Becoming a substantial holder
12/17/2013Ceasing to be a substantial holder
12/17/2013Managing Director Interview by Market Professional
12/4/2013TKL:Western Areas proceeds to Stage 2 of JV and begins drill
11/21/2013Areas 2013 AGM Results
11/21/2013WSA 2013 AGM Chairman Address
11/21/2013Areas Chairman to Step Down
11/13/2013Finland Exploration Assets - London AIM Listing
10/21/2013Notice of Annual General Meeting/Proxy Form
10/15/2013TKL: Musgraves project - new targets on WSA JV tenements
9/24/2013Becoming a substantial holder
9/12/2013(Spotted Quoll)Spotted Quoll North High Grade Mineral Resource and Reserve
9/6/2013Substantial Shareholder - Restatement from CBA
8/27/2013Preliminary Final Report and Full Year Financial Statements
8/27/2013Areas Full Year Results Press Release
8/27/2013Areas Full Year Result Presentation Pack
8/21/2013Conference Call: Full Year Results for the Year Ended 30 Jun...
7/31/2013Announces Anticipated Non-Cash Impairment
7/23/2013Quarterly Activities Report
7/4/2013Areas Exceeds Full Year Guidance
7/1/2013Strategic Agreement with Traka at Musgraves
6/24/2013GTE: Rights Issue Entitlement
5/31/2013Areas Upgrades Full Year Guidance
4/23/2013Quarterly Activities Report
4/5/2013Chairmans Letter to Shareholders
4/4/2013Becoming a substantial holder
2/21/2013Half Year Accounts and Appendix 4D
2/21/2013Half Year Results Press Release
2/21/2013Results of Meeting
1/29/2013New Offtake Agreement
1/18/2013Notice of General Meeting/Proxy Form
1/14/2013WSA Announces Successful Completion of Share Purchase Plan
1/14/2013Areas Announces New Constitution
1/14/2013Areas Announces Change of Name and Company Type
12/10/2012Section 708A - Cleansing Notice
10/22/2012Notice of Annual General Meeting/Proxy Form
10/16/2012Takes Top Honours at WA Industry & Export Awards
9/21/2012Weekly Summary Alert
8/15/2012Conference Call-Full Year Results for the Year Ended 30 June...
7/25/2012Announces June 2012 Quarterly Activities Report
7/13/2012Weekly Summary Alert
7/2/2012Retires Convertible Bond From Cash Reserves
6/29/2012Weekly Summary Alert
6/15/2012Weekly Summary Alert
6/7/2012(Spotted Quoll)Spotted Quoll Underground Ore Reserves Increase by 94%
6/1/2012Weekly Summary Alert
5/18/2012Weekly Summary Alert
5/4/2012Weekly Summary Alert
4/20/2012Weekly Summary Alert
4/6/2012Weekly Summary Alert
3/23/2012Weekly Summary Alert
3/9/2012Weekly Summary Alert
3/5/2012Acquires 100% of Lounge Lizard and Kagara's Nickel Assets
2/24/2012Weekly Summary Alert
2/10/2012Weekly Summary Alert
1/27/2012Weekly Summary Alert
1/23/2012Announces December 2011 Quarterly Activities Report
1/13/2012Weekly Summary Alert
12/30/2011Weekly Summary Alert
12/22/2011Closes Out Royalty Obligation To Outokumpu
12/16/2011Weekly Summary Alert
12/2/2011Weekly Summary Alert
11/30/2011Agrees One Year Offtake Contract with Jinchuan
10/12/2011Clarification: Lounge Lizard Nickel Deposit
9/23/2011Weekly Summary Alert
9/8/2011Announces Update on Nickel Concentrate Tender Process
8/26/2011Weekly Summary Alert
8/22/2011Strong Financial Results for Year Ended 30 June 2011 & Full ...
8/12/2011Weekly Summary Alert
8/2/2011Considering Nickel Offtake Tender
5/6/2011Weekly Summary Alert
4/15/2011Announces March 2011 Quarterly Activities Report
4/8/2011Weekly Summary Alert
3/25/2011Weekly Summary Alert
2/25/2011Weekly Summary Alert
2/14/2011ALERT: New Western Areas Financial Report
2/11/2011Weekly Summary Alert
11/7/2008Weekly Summary Alert
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