Enterprise Metals Ltd ('Enterprise', the 'Company') (ASX: ENT) is pleased to advise shareholders that the Company has resumed 100% unencumbered control of the Doolgunna copper-gold project. Sandfire Resources Limited (ASX: SFR) has advised the Company of a decision by Sandfire to withdraw from the Doolgunna Farm In Agreement (the 'Agreement') signed in October 2016 between Sandfire and Enterprise.
Sandfire has confirmed that it is prepared to work cooperatively with Enterprise and provide all reasonable assistance to assist with an orderly transition. Enterprise is pleased to resume full control of the Doolgunna Project, given that Sandfire is progressively winding down its nearby DeGrussa operations and looking to divest its tenement position in the district.1 Enterprise will now have a free hand in taking Doolgunna forward, and it is considering options for progressing the Project for the benefit of its shareholders.
The Company is considering options for new JV arrangements, as well as the potential for further exploration as sole owner, and will update shareholders in due course. The Company thanks Sandfire for advancing exploration of the Doolgunna project, and in particular the extensive exploration they have undertaken on the Karalundi Formation, which hosts Sandfire's 100% owned DeGrussa and Monty deposits. Regional airborne and ground geophysical surveys undertaken by Sandfire during the earn in period are currently being appraised for gold and base metal targets in the sedimentary sequences between the Archaean Goodin Dome and the Karalundi Fm.
About the Doolgunna Project
The Doolgunna Project covers over 60km of strike of the southern boundary of the Bryah Basin and the northern part of the Yerrida Basin. In particular, Enterprise's landholdings contain the basal (shallow) parts of the Proterozoic Yerrida Basin, which consists of the Johnson Cairn and Juderina Formations. These formations overlie Archaean granitic basement (the Goodin Dome) along the southeast margin of Enterprise's landholdings. These two formations are separated from the Bryah Basin and Narracoota Volcanics sequence to the north by the Goodin Fault, a major deep seated structure. A number of gold prospects and base metal occurrences have been identified associated with the Juderina Formation in GSWA databases. Exploration by Enterprise pre-farmout to Sandfire also located SEDEX style base metal mineralization in the Johnson Cairn-Juderina and Doolgunna Formations. (Refer Enterprises' ASX releases 8 July 2014, 30 April 2015, 6 October 2015 and 24 December 2015). Enterprise identified anomalous levels of base metals and pathfinder elements associated with sulphides hosted in carbonaceous shales interpreted to be Johnson Cairn Formation. Long intervals of sediment hosted, laminated and massive / semi massive largely pyritic sulphides were intersected in Enterprise's drilling. The abundance of pyrite mineralisation in the carbonaceous shales of the Johnson Cairn Formation was regarded as an important indicator of the prospectivity of the Johnson Cairn Formation. Following Sandfire's withdrawal, Enterprise sees an opportunity to continue with exploration for gold and base metals in its own right or with a joint venture partner along the basal units of the Yerrida Basin and the margins of the Godin Fault. Refer Figure 1 for location of Enterprise's Doolgunna tenements and regional geology.
About Enterprise Metals Ltd
Enterprise Metals has a number of exciting exploration projects in Western Australia that are prospective for lithium, gold, copper, nickel and potash. Its major and active programs are summarised below, and project locations are shown in Figure 2 overleaf.
Bullfinch North Li, Au, Ni-Cu-Co
Enterprise has an Option Agreement with Nickgraph Pty Ltd to purchase the Bullfinch North Project in the Southern Cross Greenstone Belt of WA on or before 24 May 2024. The project stretches from Bullfinch in the south to Trough Well in the north and covers approximately 50 strike km's (238 km2 ) of granted tenements over Archaean greenstone lithologies prospective for orogenic gold deposits, pegmatite-hosted lithium, high-grade massive sulphide nickel-copper deposits and iron ore. In early 2022 Enterprise mapped multiple pegmatites along the Mt Jackson Road immediately north of the Radio Gold Mine. (Refer ENT: ASX release 30 May 2022). Grid based soil sampling for lithium and associated minerals south of the intersection of the Mt Jackson Rd and the Golden Valley Rd is in progress.
Murchison Zn-Cu, Au
The wholly owned Murchison Project is centred 30km north of Cue and 35km north-east of the Big Bell Gold Mine and forms a semi-contiguous landholding of approximately 760km2 over a buried Archaean greenstone belt. Historic exploration has indicated potential for volcanic hosted massive sulphide (VHMS) copper/zinc deposits.
This announcement has been approved for release by the Board of Enterprise Metals Ltd.
Contact:
Dermot Ryan
Director
P: +61 8 6381 0392
E: admin@enterprisemetals.com.au
WEB: www.enterprisemetals.com.au
ENTERPRISE METALS LIMITED 
