PMR is an exploration company, its projects are the granted tenements EL 4474, EL 5339 and EL 7679, (PMR Tenements) located at Halls Peak, 80 km south-east of Armidale, New South Wales, Australia. Halls Peak is the inferred volcanic centre for extensive small but high grade Volcanic Massive Sulphide (VMS) deposits rich in copper, lead, zinc and silver, with variable but largely untested gold values. Exploration aims to locate the right depositional environment to host a high-grade deposit of between 30,000 and 170,000 tonnes within a global exploration target of 5 – 70 million tonnes of mixed grade mineralisation. Several geochemical and geophysical anomalies are also present that should identify further high grade, near-surface sulphides.
Additional to the VMS prospectivity, there are indications for the presence of orogenic gold from breccia floaters and small pods of Au–rich quartz on the tenements carrying 1 to 10 g/t Au. A substantial body of exploration data has been generated over the years by the Geological Survey of NSW and a number of major mining companies including, BHP Ltd., MIM Ltd., The Zinc Corporation, Allstate Exploration NL, Carpentaria Exploration Co. Ltd., CRA Exploration Limited and Amoco Minerals Australia Co. .
PMR will expand on this work, unhindered by the plethora of small prospectors that originally held prime areas. Resampling and reassaying of approximately 4,000 metres of existing core from 39 holes drilled between 1969 and 1974 on the PMR Tenements is underway. Initial results demonstrate that previous explorers did not assay some cores now found to contain high grades of silver and base metals. This was due to the mineralised rocks looking almost identical with those not carrying mineralisation.
In the short to medium term after listing on the ASX, PMR intends to implement exploration work programmes which will focus on the three key known sulphide bodies initially aiming to bring them to a proven resource stage quite rapidly through a diamond and reverse circulation drilling program. The Board and its advisors have extensive networks within the resources industry, which as circumstances and the resources permit, will assist in the search for additional projects of interest both in Australia and internationally. In addition to the existing projects, PMR will review other acquisition and joint venture opportunities to secure new projects in the resources sector that meet the Company’s objectives and strategies