Wildcat Resources Limited announced that it has commenced RC drilling at the Mt Adrah Gold Project in the Lachlan Fold Belt, NSW. The Company plans to drill up to 3,300m to test several IRGS-style targets proximal to the 20Mt Hobbs Pipe gold deposit - 770,000 Oz at 1.1g/t Au. IRGS (formally described as gold-only porphyry deposits), for example Hobbs Pipe, are a significant category of large tonnage, moderate grade gold deposits, with similarities to the giant porphyry copper deposit.

The key differences between IRGS and porphyry copper deposits is that IRGS intrusions have reduced alkaline compositions and gold grades typically between 1g/t and 2g/t Au, while porphyry systems are usually associated with oxidised intrusive rocks and have low gold grades around 0.2g/t Au and moderate copper grades around 0.5% Cu. IRGS systems usually occur in "camps" with multiple intrusions emanating from a mother intrusion at depth. IRGS usually contain less than 1% sulphides and have free milling gold, hosted as pervasive disseminated gold within the intrusion or related breccia pipes and in sheeted quartz veins.

High grade lode/vein associated gold deposits commonly occur proximal to the intrusive part of the system. Most systems have an alteration halo that forms as a contact aureole or skarn zone in the country rocks around the intrusion. Notable examples of IRGS deposits include the 5Moz Kidston and 0.4Moz Timbarra deposits in Eastern Australia and the 16Moz Fort Knox3 deposit in the prolific Tintina IRGS belt in Alaska.

Hobbs Pipe is interpreted as a monzodiorite-hosted IRGS. It has an existing 2012 JORC Mineral Resource estimate of 20.5Mt at 1.1g/t Au for 770,000oz Au. The resource model interprets that the mineralisation is hosted by a single 200m diameter pipe; however, recent work has suggested the mineralisation is more extensive than the resource model implies, with numerous shallow reconnaissance intercepts of mineralised monzodiorite in shallow drilling proximal, but external, to the modelled pipe.

There are also multiple intersections of high-grade, narrow-vein lode mineralisation external to the pipe at Castor, White Deer, and Arcadia Reefs. These multiple mineralised zones and style give further weight that the company is dealing with a large IRGS mineralised system. Strong hornfels exoskarn alteration extends approximately 1km to the southeast of Hobbs Pipe comprising pyroxene, chlorite, epidote and actinolite.

The exoskarn is surrounded by a soil gold anomaly >50ppb and a larger arsenic halo >100ppm. Evidence for polyphase volcanism in the Hobbs Pipe area, indicative of long-lived systems, was identified following a review of exploration data and additional mapping. Outcrops of mineralised monzodiorite, and intersections from RAB and shallow diamond drilling occur throughout the exoskarn, but no deep drilling has ever tested the source of these.

It is interpreted that the exoskarn and the monzodiorite dykes are associated with a larger polyphase monzodiorite intrusive system at depth and these are the target of the planned drill program. To illustrate the Company's exploration model in the Hobbs Pipe area the company present a 4.5km long cross section through Hobbs Pipe. All existing drilling proximal to the pipe and extending to the southeast is shown on the 200m wide the section.

Note that deeper drilling only occurs at Hobbs Pipe and only very shallow drilling extends to the southeast. The section shows the outline of the Hobbs Pipe Mineral Resource, the exoskarn at surface in green (which likely extends to depth) and intercepts of monzodiorite. Conceptual monzodiorite intrusion targets are shown on the Hobbs Pipe section.

The Hobbs Pipe section is compared with a schematic section through Northparkes, which is a porphyry copper gold system located approximately 225km north of Mt Adrah and associated with a northeast trending splay off the Gilmore Suture (which is also associated with mineralisation at Hobbs Pipe). Northparkes has an existing resource of approximately 400Mt at 0.55% Cu and 0.2g/t Au. The two sections are the same scale, with the Northparkes section illustrating the multiple mineralised pipes that often form in porphyry and IRGS mineral systems. It is the Company's belief that more mineralised intrusives occur in the Hobbs Pipe area and the planned drilling will test this concept.

Next Steps: Complete the RC drilling campaign at Mt Adrah. Note that approximately 1,300m of the proposed program is planned to be drilled with an additional track-mounted drill rig due to commence drilling in February. Commence detailed drone magnetics and ground gravity surveys over regional targets.