Warraweena

In December 2023, S2 entered into an agreement with private company Oxley Resources Limited to earn up to a 70% interest in the Warraweena Project. 

The Project comprises Exploration Licence EL9269, which covers approximately 932 square kilometres northeast of Bourke in northern New South Wales. In addition to the earn-in tenement, S2 also holds a 100% interest in two adjacent exploration licences bringing its total landholding for the project to approximately 2,600 square kilometres

S2 identified the area as an attractive target based on the presence of coincident distinct, unexplained gravity and magnetic anomalies (see Figures 1), concealed beneath the transported cover of the upper Darling River drainage catchment and younger overlying rocks. Limited previous drilling that has penetrated the basement rocks has also identified mafic (and possible ultramafic) rocks associated with these anomalies.

Notably, the area also includes the site of a strongly anomalous heavy mineral concentrate sample identified in the Australia-wide Heavy Mineral Map of Australia, released publicly on 12 October 2023. This sample contains:

• The highest number of pentlandite (nickel sulphide) grains recorded in any of the 1,315 samples collected in the Australia wide survey—10 times more than the next highest sample
• The second-highest concentrations of both chalcopyrite (copper sulphide) and sphalerite (zinc sulphide) among all samples

(See Figure 2 for detailed sample data.)

Petrological and geochemical studies from limited drilling completed by previous explorers, suggest the basement rocks exhibit calc-alkaline to shoshonitic volcanic island-arc affinities.  These characteristics are similar to those found in the Macquarie Arc, which hosts the Cadia and North Parkes copper-gold porphyry deposits to the south. In addition, several prominent “holes” in the magnetic data suggests the presence of plutons intruding the country rocks that may be prospective for copper-gold porphyry mineralisation.

The Warraweena project also extends over the northern part of the Cobar Basin, highlighting its potential for Cobar-style massive sulphide zinc-lead mineralisation.

S2 would like to acknowledge the traditional owners of the land on which the project is located. We look forward to forging respectful relationships with these groups and sharing in the knowledge of their specific culture and values. See also Working With Traditional Owners.

S2 also recognises that the area is home to a diverse community of stakeholders and hopes to work together with local residents of the Upper Darling River catchment, landowners, aboriginal representatives and businesses in a collaborative and constructive manner to unlock the economic potential of the area whilst preserving its environmental values and quality of life for all. See also Community Relations.

For detailed information on exploration activities to date please refer to our ASX announcements.

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