Gulf, Waygara Mines joins hands

Gulf Mines Limited has entered into an Option Agreement with Waygara Mines Pty Ltd, a company resident in Queensland, who is the owner of a potentially significant Iron Ore Project, 25 km north of Lakes Entrance in Eastern Victoria.

• The Nowa Nowa project covers approximately 100 sq kms.

• There are at least 10 very large very high amplitude magnetic anomalies

• The source of the anomalies is certainly magnetite

• The Option covers acquisition by Gulf of Waygara Mines.

• Nowa Nowa is secured by granted Exploration Licence 4509

Some previous workers have compared the anomalies with those at Tennant Creek, NT, while others have attributed them to near surface skarn deposits, similar to Cadia, NSW. Previous scout drilling for gold and copper associated with the ironstones has returned elevated results.

The project area was first reported by the Victorian Geological Survey in 1901, and again just after World War II, as a possible source of iron for the then proposed Victorian iron and steel industry.

The Managing Director Graham Reveleigh said that the acquisition of this Iron Ore project could add a third significant mineral arm to Gulf Mines Ltd existing projects, which are the Copper and Uranium project at Wollogorang NT and the Ebagoola Gold project in Far- North Queensland.