EXPLORATION LICENCES

An exploration licence in Victoria allows individuals or companies to conduct geological surveys and drilling activities in designated areas to identify valuable mineral deposits. It aims to assess the region’s geological potential, collect data, and advance knowledge about its mineral resources. Successful exploration can attract investments, leading to mining development and providing economic benefits and job opportunities. However, it does not grant the right to mine; a separate mining licence is required for actual extraction activities.

EL6302 and EL8296

Wedderburn Goldfields Ltd has been granted two 100% owned exploration licences, EL6302 and EL8296, via WGL’s wholly owned subsidiary PSD Minerals Pty Ltd (PSD).

WGL is actively evaluating and exploring both ELs on a highly prospective orogenic goldfield in central Victoria.

EL6302 and EL8296 are centred on the north-central Victorian town of Wedderburn in the Loddon Shire on the boundary of the highly gold-productive Bendigo and Stawell zones.

Modern exploration techniques are being utilised on the licences for the first time. Exploration targets are delineated using geological outcrop mapping, diamond core structural logging and geophysics, including magnetic susceptibility and conductivity measurements and X-ray fluorescence (XRF) analysis.

The areas are considered prospective for gold mineralisation. The licence areas are on a mineralised trend drilled by PSD in 2022. Geophysical and geochemical exploration targets have been identified within the application area due to the re-processing of previously collected data available in the public domain.

PSD believes the licence areas are prospective for known mineralised trends and new mineralised systems not previously identified.

Community Communication

PSD Minerals Pty Ltd (PSD) is a wholly owned subsidiary of Wedderburn Goldfields Ltd (WGL).

PSD:

1.) Is the registered holder of EL 6302 and EL8296, an exploration licence area covering a large area of the historic Goldfields of Wedderburn.

2.) Has carried on exploration within the ELs since mid-2020, which has included,

• historical research,
•  on-ground mapping,
• characterizing the many gold-bearing reef structures into Western, Central and Eastern Groups,
• soil sampling on private land,
• interpretation of the Victorian Government, geophysical database,
• completed a preliminary, circa 3400m, 16-hole, diamond drilling campaign situated in the Central Group of reef clusters in Lane’s corridor covering a strike length of 1.75km,
• extensive interpretation of the diamond drill core (logging), which is current,
• carried out magnetic, conductivity, XRF measurements on all diamond drill cores,
• currently carrying out interpretation of structural geological controls to determine dilation zones as targets for future directional diamond drilling,
• currently constructing a 3D model to incorporate the geological data obtained to allow a more accurate position underground of potential gold-bearing dilation zones.

PSD:

3.) communicates these activities, to the community, via

• meetings with the Councilors and Shire representatives,
• specific notices to those dwellings closest to where the exploration work has been carried out,
• a number of printed “Exploration Information” sheets distributed within the Community; as an example, a copy of the last of these is linked here (PDF 4,129 KB).
• endeavours to purchase locally, and contracts locals within the community, to carry out specific tasks.

4.) Is the Applicant for EL 8296, a circa four sq. km area abutting the northern boundary of EL 6302, which is anticipated to have extensions of the geological structures, as depicted in Lane’s corridor, the subject of a circa 3400m diamond drilling campaign on EL6302 to the south.

5.) PSD will carry on the community consultation process described above for the activity carried on within EL8296.