Valhalla: the opportunity

Valhalla is a past-producing epithermal gold project in Queensland, recorded as Manumbar in the historical reports. The 2010 prospectus records 293,400 tonnes mined from three pits during 1994–1999, with approximately 49,000 oz recovered at a reported recovered grade of 5.2 g/t Au. Historical West Lode drilling returned 7 m at 70.6 g/t Au in MW4 from 28–35 m, including a logged 2 m sample at 188 g/t Au from 30–32 m (MWD38). Other reported intersections include 3 m at 90.2 g/t Au in MW22, 2 m at 65.0 g/t Au in MW18, 4 m at 52.3 g/t Au in MW46 and 4 m at 41.8 g/t Au in MW41. These results pre-date West Lode mining. Drilling below the North Pit returned 6 m at approximately 7.6 g/t Au in DP028, with an estimated true width of 4.2 m. Later drilling in 2016 returned a separate narrow high-grade intersection in MBR011. A fault-displaced vein at West Pit Extended and concealed or parallel veins provide additional targeting questions. MineFinder will reconstruct the vein geometry and test the exposed epithermal level before defining a costed drilling programme. MineFinder owns the project interest. Tenure remains in application; field work depends on grant, access and approvals. There is no current mineral resource.

The opportunity is to locate coherent gold-bearing shoots outside the mined areas. Historical production establishes a gold-bearing system. DP028 provides evidence for mineralisation of appreciable grade and estimated true width below the North Pit; MBR011 adds a deeper but much narrower high-grade intersection. A calcite vein at West Pit Extended was reported to have been sheared off at approximately 40 m depth and never relocated. Concealed and parallel veins provide additional positions to investigate. The next stage will determine which positions have geometry, width and grade distribution sufficient to justify drilling. Successful tests could support systematic shoot delineation and a future partnership or separately funded exploration company.

Can the gold-bearing vein below the North Pit be traced into coherent shoots, can the displaced West Pit Extended vein be relocated, and can concealed or parallel veins be targeted efficiently? Cameron Switzer’s interpretation proposes that the exposed epithermal level may lie above the main boiling-related gold-deposition zone. Historical textures, alteration and structural observations provide the evidence to test this interpretation. The favourable interval must be located from project-specific evidence, rather than assumed to occur at a fixed depth.

1988 onwards — CRA exploration located the Manumbar gold system. Mining subsequently developed the East, West and North Pit areas. 1994–1999 — The 2010 prospectus records 293,400 tonnes mined and approximately 49,000 oz recovered at a reported recovered grade of 5.2 g/t Au. Ore was trucked to the Shamrock treatment plant. Historical accounts describe heavy rain and flooding during the later mining period. 2004 — D’Aguilar completed six holes totalling 1,820 m, using RC precollars and diamond tails. DP028 returned 6 m at approximately 7.6 g/t Au below the North Pit. Previously unassayed CRA core from MB43 and MB44 also returned gold-bearing intervals below the East Pit. 2012 — Four RC holes totalling 314 m followed up the vein system. MBR004 returned 14 m at 0.626 g/t Au, including 4 m at 1.28 g/t Au. 2016 — Two RC holes with diamond tails totalled 300.2 m. MBR011 returned 0.69 m at 27.9 g/t Au. MBR012 returned no economic intersections according to the report authors. 2017 — EPM 15238 was surrendered effective 23 March. The final report states that finding concealed veins without surface indicators would require prohibitively expensive blind drilling, and suggested that a new geophysical method might help. This is the history of the former permit, separate from MineFinder’s current application.

Preliminary target order — based on the reviewed historical evidence. Final drill order will follow reconstruction of the mined areas and vein geometry. 1. North Pit vein: reconcile DP028 with MBR011 and the 2012 holes. The 2017 report interprets DP028 and MBR011 as potentially intersecting the same vein, distinct from the low-grade North Lode. Test the vein position, shoot geometry and remaining width. 2. West Pit Extended: investigate the calcite vein reported to have been sheared off at approximately 40 m depth and never relocated. Reconstruct the fault and displacement before placing a drill target. 3. Concealed and parallel veins: assess covered or deeply weathered vein positions and the Mi Mi Creek/eastern chalcedonic-vein corridor. Establish structural and alteration vectors before drill testing. The 2017 targeting problem was the cost of drilling without reliable surface indicators. MineFinder’s proposed response combines historical-data reconstruction, vein-stage and alteration studies, and assessment of suitable geophysics. Resistivity or magnetotellurics will first require a demonstration that they can resolve the relevant structures at this project.

Historical West Lode drilling returned 7 m at 70.6 g/t Au in MW4 from 28–35 m, including a logged 2 m sample at 188 g/t Au from 30–32 m (MWD38). Other reported intersections include 3 m at 90.2 g/t Au in MW22, 2 m at 65.0 g/t Au in MW18, 4 m at 52.3 g/t Au in MW46 and 4 m at 41.8 g/t Au in MW41. These results pre-date West Lode mining. The original 2004 announcement and 2017 final report identify the drill holes, downhole intervals and target settings shown below. DP028 has a reported estimated true width of approximately 4.2 m; other listed interval lengths are downhole lengths with true widths not established here. The 2016 intersection in MBR011 is high grade but narrow. Its relationship to DP028 is an interpretation in the 2017 report, which calls for further drilling to resolve the vein system. The lower-grade 2012 result and MBR012 outcome are included to show the follow-up evidence. Historical production is approximately 49,000 oz recovered at a reported recovered grade of 5.2 g/t Au from 293,400 tonnes during 1994–1999, as recorded in the 2010 prospectus. Historical production and drill intersections are separate from a current mineral resource.

The historical reports describe gold-bearing quartz–calcite veins in Triassic Neara Volcanics, with trachyandesite hosts, local rhyolite dykes and fault controls. Veins pinch and swell, so both structure and hydrothermal level affect the targeting case. The 2017 report summarises an interpretation that the exposed carbonate-rich vein occupies a high level in an epithermal system, above the main boiling zone. Cameron Switzer’s current interpretation also provides a reason to examine deeper positions. Vein textures, silica–carbonate relationships, alteration and structural reconstruction will test that exposed level. DP028 and MBR011 establish gold-bearing intersections below the North Pit, but their differing widths require a resolved three-dimensional model. The historical cross-section shows the authors’ interpretation of their relationship; drilling will test continuity, thickness and shoot orientation. The displaced West Pit vein and concealed veins introduce separate structural targets. The programme must distinguish a favourable gold-deposition interval from an isolated high-grade intersection and account for mineralisation already mined.

The technical objectives are to reconstruct the mined volume, trace remaining vein segments, resolve the relationship between DP028 and MBR011, and test the displaced West Pit vein. Representative sampling will assess width and grade distribution across the selected structures. The concealed-vein work will assess whether structural, alteration or geophysical observations can locate targets more efficiently than blind drilling. Geophysical methods will be selected against the target geometry and measured response. A current mineral resource would require systematic drilling and geological evaluation. Metallurgical and development assessment would follow as the geological case develops. Tenure grant, landholder access and activity approvals are required before field work.

Stage 1 — Reconcile mine plans, hole locations, original assays and mined areas. Build a three-dimensional interpretation of the North Pit vein and reconstruct the West Pit fault displacement. Stage 2 — Assess vein textures and alteration to test the exposed hydrothermal level. Evaluate geophysical methods against known structures before applying them to concealed-vein targets. Stage 3 — Select drill positions with explicit geological objectives: vein location, true width, shoot orientation and continuity. Establish the programme scope, cost and schedule after the geological case, tenure and access are resolved. The first expenditure is intended to reduce target-location uncertainty and produce a drill-ready plan. Initial drilling would then determine whether systematic shoot delineation is justified. Field work depends on tenure grant, access, approvals and funding.

Each proposed hole will address a defined question about vein location, width, grade distribution or continuity. A coherent mineralised structure would support planned step-outs and systematic delineation. An isolated high-grade interval will prompt further assessment of its geometry and surrounding grade distribution before larger expenditure. A different hydrothermal level or fault geometry will change the target position and programme design. The decision to expand the programme will use geological continuity, representative assays and the cost of the next test. These results will also inform the scope of potential partner or transaction discussions.

MineFinder owns 100% of the Valhalla project. The tenure remains in application, and the ownership statement should be considered alongside that status. Any future funding arrangement, partnership or transaction would determine the company’s retained ownership and other commercial interests.