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Corporate Spotlight

Dampier is an exploration and mining company, with it's primary focus on gold projects in or near to production and greenfields exploration with the potential for substantial untested upside.
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Interview with Malcolm Carson


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Dampier Gold Limited (ASX: DAU)


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ASX Announcement 7 January 2020 

Dampier Gold Limited (ASX:DAU) refers to the binding terms sheet dated 4 October 2019 between Dampier Gold Limited and Torian Resources Limited (ASX:TNR) which sets out the terms by which Dampier is to farm-in to earn an interest in the Tenements comprising the Credo Well Project.

Dampier is pleased to advise that it has satisfactorily completed its due diligence on the Credo Well Project and that it has notified Torian that Dampier wishes to proceed to earn a Farm-in Interest in accordance the binding terms sheet, 6 January 2020 represents the Commencement Date for the Farm-in Joint Venture. 

Under the agreement, Dampier has the right to a 25% interest in the Credo Tenements by incurring expenditure on the Credo Tenements of A$0.5m no later than 15 months from the Commencement Date.

Dampier has undertaken a detailed technical analysis of the Credo Well Project and has identified a number of priority targets which it will test with detailed drilling. (Refer: DAU ASX Announcement 19/12/19).

Your Directors are excited about the potential for an early discovery of a commercially viable gold resource on the Credo leases and is now in a position to implement its exploration strategy for Credo and related drilling programs.

Click here to view the full announcement


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Asx Announcement 19 December 2019


  • Dampier Gold Limited (ASX: DAU) (Dampier) on the 4th October 2019, entered into binding Joint Venture Terms Sheets with Torian Resources Limited (ASX: TNR) (Torian) on the Zuleika Gold Project (Zuleika Project) and the Credo Well Gold Project (Credo Well Project).

  • Pre-conditions of the agreements required Dampier to obtain shareholder approval and complete a detailed due diligence on or before the 6th January 2020 covering the status of the mining and exploration licenses and the Torian technical data base.

  • Shareholder approval for the transactions was obtained on 19th December 2019.

  • Current status is that the due diligence of the extensive Torian and historical data packages is well advanced and the drilling QAQC is confirmed and results presented in this announcement are JORC compliant.

  • As a result of the work completed by Dampier, the Company is now in a position to make this first ASX release of its analysis and interpretation of historical results.

  • Despite a large number of drill-holes having been drilled into the areas, there remains underexplored targets which are worthy of ongoing exploration.

  • Several high-grade intercepts and promising mineralised systems have been identified.

  • The Credo Well prospect includes several significant structural and stratigraphic targets for

    both supergene and primary mineralisation.

  • The Zuleika Project is an extensive area covering several strong structural and stratigraphic targets that have confirmed high grade intercepts from previous drilling.

Dampier Directors are pleased to present this first update of the Company’s technical due diligence on the Zuleika and Credo Well Projects. Dampier’s due diligence has revealed that in general, Torian and historical drilling has not penetrated the highly weathered zone or transported cover and high-grade intersections have not been adequately followed up with additional drilling. 

The due diligence shows that there are a number of intersections presented in this report, in the weathered (supergene) and primary zones which require follow-up exploration (see Appendix A JORC Table, Sampling Techniques and Appendix B, Assay Data).

Dampier is working towards completing its technical due diligence by 6th February 2020 and in this period will also plan future drilling programs to follow-up on priority intersections and develop exploration strategies on the tier 2 and tier 3 targets. Currently Dampier has identified 11 targets on the Credo tenements and 26 targets on the Zuleika tenements.

Figure 1: Joint venture overview

This report presents Dampier’s analysis of the data base, current technical results and conclusions of the due diligence and presents the JORC compliant criteria in Appendix A and supporting cross referenced assay data in Appendix B.

Tenements and area:

  • 2 Mining Leases, 1 Exploration Licence and 108 Prospecting Licences with total land area ~222km2.

  • Project covers ~50km of strike including the highly prospective Black Flag sequence, Zuleika and Carnage Shears.

  • Credo 1 MLA and 13 Prospecting Licenses, structurally complex and covering Mt Pleasant geological sequence

Nearby major gold producers include: 

  • Evolution Mining – 2nd largest ASX gold producer

  • Northern Star – 3rd Largest ASX gold producer

  • Zijin Mining – China’s largest gold producer

  • Tribune and Rand – East Kundana Joint Venture


Credo Well tenements comprise 15 Prospecting Licenses, 14 of which are consolidated into 1 Mining Lease Application with total area of ~17km2.

Prospective gold targets include Credo Well, Fortis and Fidelitas. A majority of the drilling has been high quality Aircore/RAB and RC drilling. Dampier considers there is strong potential for deposits of both supergene and primary gold mineralisation.

Figure 2: 

Credo JV area Summary of results – see Appendix A Refer: TNR ASX Ann. 14/2/2017, Appendix A, JORC Table Page 15 “Balanced Reporting”

Credo Well is the most advanced of the projects and has returned multiple high-grade intersections including:

[email protected]/tAufrom54m(CRC0007)
[email protected]/tAufrom1m(CRB0242)
[email protected]/tAufrom27mIncluding,[email protected]/tAufrom29m(CRC0154) • [email protected]/tAufrom39m(CRC0157)

Refer: TNR ASX Announcement 14/2/2017 Appendix A, page 15 and Appendix B, Pages 5, 10, 11.


Figure 3: Drilling Target 9 and 10 Credo JV on Magnetics (RTP1VD)


Targets 9 and 10 have returned some very high-grade gold of up to 74g/t from within a quartz gabbro unit and much of the gold is in the supergene zone (Refer: CTRB0096, 47 to 48m, Appendix A, Page 16). A deeper hole in the vicinity had broad anomalous gold in the primary zone.

These prospects have potential for a supergene resource as well as the potential to have a significant resource in the primary zone.


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Dampier has three major projects, including two exploration and one development project, namely the K2 Gold Mine under the K2 Farm-in Joint Venture where Dampier has the right to earn 50% for the expenditure of up to $3M and 100% of the Ruby Plains Placer Gold Project (PDGP).

The K2 Mine lies on ML52/183 and is part of the tenement package originally secured by Dampier from Barrick Gold in 2010, referred to as the Plutonic Dome Gold Project (PGDP).

In 2013, Dampier entered into a Farm-in Joint Venture with Vango Mining Limited (then Ord River Resources Limited) whereby it agreed to sell down its interest in the PDGP.

After a change in management in 2014, the current board determined that Dampier was faced with considerable risk with its share of rents, expenditure and environmental provisions under the unfavourable (for Dampier) terms of the JV and it was unable to secure funding for its residual 40% share in the Project. Therefore, the Board with shareholder support elected to sell its 40% of the project to Vango for $8.2M.

Following the sale of PDGP, Dampier and Vango agreed to a Farm-in Joint Venture executed on 12th May 2017 whereby Dampier was granted the right to earn 50% of the K2 Project M52/183 for the capped expenditure of up to $3M. The CAPEX to bring the first 50,000 in the mine into production is estimated to be $6M given the existing 1.4km decline to the ore blocks and related project infrastructure. Under the JV, Dampier is the nominated Exploration Manager.

Exploration to enhance reserves and resources and complete geotechnical metallurgical studies are underway at the K2 Mine

In 2018, Dampier purchased the Ruby Plains Gold Project from private vendors.

The project is located in the Kimberley region of Western Australia, 70km SSE of the township and historical goldfield at Halls Creek.

The 4 tenements of ~1,000sqkm acquired by the Company cover paleo-placer deposits which have characteristics similar in terms of age and genesis to the paleo-sedimentary deposits in the rich Californian Goldfields which had multi-million ounce gold deposits.

In 2019, Dampier acquired two tenements north of the gold mining centre of Kalgoorlie at Menzies and Goongarrie. Dampier now has a presence in the gold-rich Kalgoorlie region and is excited about the scope to undertake exploration on this relatively under-explored ground in this region.



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