Operations

Northern Territory

Bluebush Copper-Gold Exploration Agreement Signed with Territory Uranium Limited

In July 2009, Panoramic entered into a Farm-in Agreement with Territory Uranium Limited (“Territory”) to earn up to 80% in the Bluebush copper-gold Project in the Tennant Creek region. The Bluebush Project is located between the Tennant Creek mineral field and the Rover mineral field where recent exploration success has provided renewed interest in an area which has historically produced over five million ounces of gold and 500,000 tonnes of copper.

Panoramic has agreed to spend $500,000 in the first twelve months while Territory will manage the Project until Panoramic has earned 51% equity by spending $3 million over three years.  

Panoramic can earn up to 60% by spending up to $6 million within five years and up to 80% by spending up to $9 million or completing a prefeasibility study within seven years.    Territory maintains the right to participate when Panoramic has earned 60% or 80%.

The focus of the Bluebush Joint Venture is to fund drilling based exploration to test a series of well defined geophysical targets, possibly analogous to Iron Oxide Copper Gold (IOCG) style systems. The major target is the district scale Bluebush combined gravity and magnetic anomaly which is similar in size, response and geological setting to the anomaly that led to the discovery of the Olympic Dam Orebody.  Previous drilling on the property failed to explain the source of the anomaly, and therefore it remains to be tested.

Figure 1: Bluebush Project Earn-in Joint Venture area in relation to nearby copper-gold mineralised fields.

Figure 2: 3D model of the Bluebush coincident gravety and magnetic drill target.