GMM (Acquiring/Earning up to 80%)
Western Australia

The Shoemaker Iron Ore Project is located 120km north-east of Wiluna in Western Australia within the Earahardy Basin. The project focuses on an area of the Frere Formation known as the Shoemaker Impact Structure (“SIS”). The project is located approximately 150km from the planned railway to the Golden West Resources Ltd iron ore deposit at Wiluna.

GMM is targeting high grade hematite iron ore at Shoemaker. In addition, there is significant potential for mineralisation related to the large meteorite impact event including gold and uranium.

GMM is acquiring a 50% interest in the project from Galaxy Resources Ltd. GMM can earn a further 30% through expenditure of $1,000,000 within 2 years. The Agreement is conditional upon GMM completing a capital raising of at least $3,000,000 or a successful listing on the Australian Securities Exchange.

This is presumably due to a large meteorite impacting directly onto the Frere Formation. Extensive units of BIFs and GIFs occur throughout the Frere Formation within the Project. Mapping of the Frere Formation indicates that the greatest concentration of supergene enriched iron zones occurs within the BIF and GIF units of the Shoemaker structure. It is unclear whether the apparent, greater enrichment at Shoemaker is related to the meteorite impact event.

Amax Exploration (Australia) Inc conducted regional sampling of the Frere Formation in the 1970’s including some limited sampling at the north-western rim of the Shoemaker structure. Rock samples returned assays of between 56% and 69.6% Fe with low phosphorus between 0.02 to 0.04%.

Sampling conducted by Galaxy Resources Ltd in 2008 focused on an area on the north-east rim of the Shoemaker Crater. Fifteen surface grab samples were taken from outcrops of hematite iron formation within the Frere Formation with assay results returning values up to 61.75% Fe with nine (9) samples returning grades greater than 54.25% Fe.

A detailed gravity survey was also conducted by Galaxy which confirmed the presence of a significant number of gravity highs with strike lengths of 1000 to 5000m located around the Shoemaker structure within the Frere Formation and associated with the hematite enriched iron formations. These represent large exploration targets for hematite iron ore with the most significant of the gravity targets located in the north and north-eastern flank of the SIS where Amax undertook sampling and on the southern flank.

Meteorite Impact Related Mineralisation

In addition to the potential for iron ore at Shoemaker, potential also exists for economic deposits of uranium, gold and base metals related to the large meteorite impact. Large meteorite impact events are now recognised as significant mineralising events due to the associated hydrothermal activity and melt of the impacted rocks. The impact event also leads to fracturing of the earth’s surface, often to significant depths for large meteors. Examples include Sudbury (Ni-Cu, Pb-Zn), Cluff Lake (U), Lawn Hill (Pb-Zn) and Vretesfort (Au).

The Shoemaker project is considered prospective for lead-zinc, uranium and gold, each of which may have been remobilised by the impact event. Work conducted by the Geological Society of Western Australia (Piranji) uncovered significant evidence of hydrothermal alteration related to the impact event. This evidence included quartz filling of fractures and radial faults associated with the impact event, formation of jasperoidal quartz veins/pods interpreted to be the eroded remnants of fluid channels that fed thermal springs and significant chlorite alteration.

The large hydrothermal cell created by the impact event may have resulted in the remobilisation of mineralisation or formation of new mineral deposits. Of particular interest is the potential for gold and uranium mineralisation. The Shoemaker Project is also prospective for calcrete hosted uranium similar to Fyfe Well immediately to the north adjoining the Shoemaker Tenements. However, uranium may have been remobilised by the hydrothermal activity following the impact event similar to the rich uranium deposits of the Carswell Impact Structure in Canada and may require exploration activities to focus on identifying suitable traps within the Shoemaker Impact Structure.