Lynas Find

Location

The Lynas Find Project is located on the Wallareenya Pastoral lease, approximately 100 kilometers south of Port Hedland within the Marble Bar Mineral Field, in the east Pilbara region of Western Australia.

Tenure

The Lynas Find Project is comprised of ten granted Prospecting Licenses. The tenements form two contiguous blocks, which have been termed the Iron Stirrup and the Mount York blocks. The Iron Stirrup block comprises tenements P45/2557 – P45/2560 and includes the Iron Stirrup, Old Faithful, Darius and Cleopatra prospects. The tenements were granted on 14 October 2005 and cover a total area of 792 hectares.

The Mount York block comprises tenements P45/2562 –P45/2567 and includes the Main Hill, Breccia Hill, Gossan Hill, Western Granite Margin, and Zakanaka prospects. These tenements were granted on 14 October 2005 and cover a total of 1,031 hectares. All tenements are held by Cazaly Resources Limited.

Trafford entered into an option agreement with Cazaly Resources Ltd. to acquire an 80% interest in the Lynas Find Project, subject to payment of a certain consideration which includes an undertaking of 3,000 metres of diamond or RC drilling within 24 months.

Geology

Regional Geology

The Lynas Find Project lies within the Pilangoora Greenstone Belt of the Archaean Pilbara Craton. The Pilbara Craton is composed of variably metamorphosed volcanic and sedimentary rocks which have been deformed by tight isoclinal folds during the intrusion of diapiric granites. The Pilangoora Greenstone Belt covers an area of about 600km2 and forms the western part of the large central greenstone belt of the east Pilbara. The granitic Carlindi Batholith bounds the greenstone belt to the north-east and north-west, the Yule Batholith lies to the south-west and the internal Strelley granitoid occurs to the east.

The Pilangoora Greenstone Belt is dominated by the Pilangoora Syncline which contains a sequence of steeply dipping, inward younging volcano-sedimentary rocks belonging to the two lower groups of the Pilbara Supergroup, the Warrawoona and Gorge Creek Groups. The Warrawoona Group dominates the lithology of the synclinal limbs, whilst the Gorge Creek Group conformably overlies the Warrawoona Group and is the dominant lithology within the synclinal core.

Throughout the Pilangoora Syncline major D2 fold axes of the synclinal core have been rotated by two major D3 conjugate folds associated with faults and quartz veining (Hickman, 1983).

Local geology

The western edge of the Pilangoora Syncline has been stoped out by regional granitic intrusives, mainly along north-striking faults. A gently dipping, anticlinally domed dolerite unit exhibiting high deformation structures lies on the western side of the syncline. Gently dipping pegmatite sills associated with the waning phase of granite intrusion intrude the dolerite. These pegmatites are the host of widespread tantalum – lithium mineralisation in the area. A serpentinised peridotite forms a semi-continuous member along the eastern edge of the dolerite. Just north of the Zakanaka gold deposit, the peridotite is structurally thickened and swings around the doleritic anticlinal core to strike north north-west.