About WGL
Wedderburn Goldfields Ltd (WGL) is exploring the goldfields of Wedderburn within its 100% owned 51 km² Exploration Licenses (EL) 6302 and 8296 via WGL’s wholly owned subsidiary PSD Minerals Pty Ltd (PSD). The company aims to re-establish underground gold mining in Wedderburn. It plans to extract resources identified using modern geological modelling supported by diamond-drill exploration.
Significant changes in the state of affairs
The Company acquired 100% of PSD Minerals Pty Ltd on 30 September 2021. PSD Minerals Pty Ltd was acquired by the issue of shares and the repayment of a loan related to previous exploration work funded by Cobold Metals Limited. The Company raised approximately $1.8m during the period to undertake exploration work on EL 6302, repay the loan owing to Cobold Metals Limited, and for working capital.
Operations
- Wedderburn Goldfields Ltd (WGL) has conducted a successful proof-of-concept gold exploration.
- Numerous areas that warrant further exploration have been identified using geophysics, structural and particle-size analysis of diamond drill core.
- The exploration was conducted by its wholly owned subsidiary PSD Minerals LTD (PSD) on its 100% owned exploration tenements, EL6302 and
EL8296, totalling 51 km2. - WGL’s exploration tenements involve the under-explored Wedderburn Goldfield, which is 15 km long and 5 km wide, a large part of which falls
within the ELs.
Performance
During the financial period, the Group met its operating requirements, including:
- Implementing Safety Manuals for the Group’s operations;
- Operation without any lost time injuries;
- No reportable environmental issues;
- Compliance under the Federal, Native Title and Victorian, State Aboriginal Cultural legislation;
- Continued Community communication and
- Compliance with all other applicable agreements, regulations and laws.
Overview
The group’s principal activities have not changed. The Group is exploring for gold and other minerals utilising modern scientific exploration techniques within its initial Exploration Licence (EL) 6302, which covers some 47 km2 (including the township of Wedderburn), and its new EL 8296, which covers some four km2 (the total exploration tenement area is 51 km2), situated in central Victoria.
The exploration tenements are located in the renowned gold province, known geologically as the “Bendigo Zone”, which historically produced over 65 million oz of gold. There were three broad periods of gold mineralisation in the Bendigo Zone: 445, 410 and 370 Ma.
There were no significant changes in the Group’s Mineral Exploration activities.
The Group;
- The Joint Venture and Sale Agreement with Ostract Pty Ltd, the Registered Holder of E.L. 6302, where PSD holds a registered 99% operating interest has ended on 30 June 2022, and
- EL 6302 was transferred and then registered to PSD on 3 August 2022. The Group now has a 100% registered interest in ELs 6302 and 8296.
Corporate information
Shares on issue
Total shares on issue 167,529,809.
Directors:
The names of the directors in office are:
- Luke Maxwell Robinson (appointed 3 March 2022)
- Richard Sandner (appointed 8 November 2021)
- Wayne John Kernaghan ( appointed 9 July 2021)
- John Tasman Andrew (appointed 9 July 2021)
Information on Current Directors:
Luke Robinson- Non-Executive Director-Chairman
Mr Robinson is the Managing Director of advisory house Corryong Capital Partners, Non-executive director of Aus Van – a Queensland-based Vanadium business. Non-executive director of Leigh Creek Magnesium. Also on the advisory board of Songtrader Inc and has over 25 years experience in Equity Capital Markets across advisory firms, Colonial First State, Credit Suisse, Morgan Stanley Smith Barney and Sequoia Financial Group.
Richard Sandner, B Juris, LLB – Executive Director
Mr Sandner has a long association with exploration and mining in north central Victoria, having been a past Managing Director of several ASX Listed Companies and Non-Listed Exploration Companies. Mr Sandner was responsible for overseeing several projects that were taken from exploration to production with the gaining of all appropriate permits to allow work to commence and continue. Mr Sandner is currently a Director of Penshurst Resources Limited.
Wayne Kernaghan -Non-Executive Director and Company Secretary
Mr Kemaghan is a member of the Institute of Chartered Accountants in Australia with over 30 years experience in various mining industry areas. He is a Fellow of the Australian Institute of Company Directors and a Chartered Secretary. Mr Kemaghan is also a Director and Company Secretary of a number of ASX Listed companies.
John Andrew – Non-Executive Director
Mr Andrew has 25 years experience in financial markets, including BT Financial Group, Credit Suisse Private and for the past 18 years advising retail and institutional clients with Bell Potter Securities Ltd.
Principal activities
The principal activities of the Group are exploration for gold and other minerals on Exploration Licence (E.L.) 6302, (which includes the township of Wedderburn) being some 47 sq. km. in size situated in Central Victoria, in the renowned gold province known geologically, as the “Bendigo Zone” which Zone, historically has produced some 60m ozs of gold.
Results
The loss attributed to the Consolidated Entity for the financial period was $319,378. No income tax was attributable to this result.
Work being carried out
The company’s research of Wedderburn’s gold mining history concentrated on creating a comprehensive picture of past exploration and mining on ELs 6302 and 8296. WGL exploration commenced with historical research conducted by geologist Clive Willman. His work was built on a detailed 1911 Geological Survey Victoria (GSV) study into the Goldfields of Wedderburn by O. A. L. Whitelaw.
Clive Willman carried out a detailed on-ground structural mapping campaign within EL6302, which, to a great extent, ground-proofed Whitelaw’s historical mapping circa 1907. Concurrently, PGN Geoscience (PGN) was contracted to create a preliminary 3D model of EL6302’s underground structures. The 3D map incorporates features built from an interpretation of existing geophysics (gravity and magnetics) and Willman’s structural mapping.
This information was used to plan two successful diamond drilling campaigns designed to test the mineralisation potential of the eastern corridor of the field. The diamond core has been logged; final assays have been received; magnetic and conductivity measurements as well
as interpretations are ongoing.
A magnetic and conductivity measurement campaign is being carried out on all the diamond core at the Group’s core farm; this campaign has only been partially completed. However, it can be noted that, from measurements to date, the magnetic susceptibilities map clearly to changes in the lithology in the unoxidized zone; this may make for some positive outcomes, as may the conductivity variations around potassically altered and arsenopyrite-rich intervals.
Interpretation of the diamond core, developing the position of anticlines, synclines, cross faults, dykes, and strike faults so that “dilation zone” targets can be developed, is continuing. Final interpretations are anticipated when all interpretative work has been completed.
Results received from this drilling program will assist in our next exploration program.
Environmental issues
The Group’s operations are subject to environmental regulations concerning its exploration activities. The Group is compliant with all aspects of these requirements.
Community Consultation
WGL regularly communicates about its exploration activities to the Wedderburn community via meetings with councillors and shire representatives and specific notices to those dwellings closest to where exploration work is being carried out.
The company also distributes printed “Exploration Information” sheets within the community, endeavours to purchase locally, and contracts workers from within the community to carry out specific tasks.
Copies of the exploration information sheets can be downloaded below.