Annual Report 2005 - Pioneer Resources Limited

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Project ReviewRegional Western Australian Projects6640000 mN 6660000 mN 6680000 mNE24/141M24/799Scotia EastEast ScotiaM24/800M24/902Rainbow Dam East0 5 10kilometresE24/901M27/300E27/439360000 mE 380000 mEE27/290M27/425M27/427M27/428E31/617M27/426M27/388Carr BoydE27/294Rainbow Dam NorthRainbow DamE27/299E27/299M27/423E27/309Silver SwanBlack SwanSILVER SWAN NORTHWEST• Pioneer 100% (nickel, gold).The Silver Swan Northwest Project is located approximately 70km north eastof Kalgoorlie and 6km north west of the Black Swan nickel sulphide mine.The Silver Swan Northwest Project covers approximately 435 squarekilometres.PROJECT STATUSPioneer’s geophysical consultant for the project, Newexco Services Pty Ltd,has completed an interpretation of geology based on detailed aeromagneticdata and existing drilling. The interpretation shows that the geological unitsthat host nickel sulphide mineralisation at nearby East Scotia and RainbowDam continue into Pioneer’s tenements.OUTLOOKMapping and detailed geochemistry is planned to confirm five MLTEM targetsidentified at the Rainbow Dam East and Scotia East Prospects.FIG.10 SILVER SWAN TENEMENT MAP360000 mE380000 mEHIGGINSVILLE PROJECT• Pioneer 100% (nickel, gold, PGE).6440000 mN 6460000 mN 6480000 mNE63/846E63/8490 5 10kilometresE63/847Spinifex400JH399FIG.11 HIGGINSVILLE TENEMENT MAPE63/845NORSEMANThe Higginsville Project is located 35km north west of Norseman with an areaof approximately 485 square kilometres.PROJECT STATUSThe project covers a number of ultramafic units, some of which areinterpreted by Pioneer to be the lateral equivalent of the WidgiemoolthaGreenstone Belt where it occurs on the western and southern flanks of thePioneer Dome. The project also includes parts of the Mt Thirsty and MissionSills, which are considered prospective for gold and PGE, in addition to nickel.RC drilling at the Spinifex Prospect, located on the western flank of thePioneer dome, intersected sulphidic black shale. Other identified anomalies,including the ‘399’ and ‘400’, remain untested for nickel sulphidemineralisation.At the 399 Prospect an earlier explorer returned an 8m sulphide intercept fromdrilling, with one interval of 0.76m at >10g/t Au.OUTLOOKPioneer has retained consultants Lithofire Pty Ltd to generate a regolith mapto determine soil sampling effectiveness and to appraise a large geochemicaldatabase held for the Higginsville Project.Pioneer Nickel Annual Report 200514
MAGGIE HAYS LAKE JOINT VENTURE PROJECT• Pioneer 100% (nickel, gold).• LionOre Australia (Nickel) Ltd right to earn 70% in all mineralsthrough spending $0.20 million.The Maggie Hays Lake Joint Venture Project is located approximately220km south west of Kalgoorlie, and 4km south east along strike of theMaggie Hays nickel sulphide mine. The project has an area ofapproximately 81 square kilometres.6430000 mNEmily Ann270000 mE 280000 mEMaggie HaysE63/846PROJECT STATUSThe Maggie Hays Lake Prospect contains the same assemblage ofgreenschist-facies ultramafic and mafic volcanic, felsic volcaniclasticand banded iron formation rocks that host the Maggie Hays and EmilyAnn Mines, respectively approximately 4km and 8km north west alongstrike.Anomalous nickel, copper and PGE assays from RAB drilling combinedwith a possible ML/FLTEM anomaly were recognised by Pioneer fromwork conducted by an earlier explorer, which highlighted theprospectivity of this project.Recently completed reconnaissance MLTEM and follow up FLTEMsurveys have confirmed the presence of a number of conductors and ofparticular interest a conductor occurring to the east of the main bandediron formation. This conductor sits within the footwall dacitic volcanicpackage in a geological setting analogous to the location of the EmilyAnn nickel sulphide deposit.OUTLOOKFuture work on the tenement will include diamond drilling to test theprincipal ML and FLTEM conductor.AERODROME JOINT VENTURE PROJECT• Galaxy Resources Limited 100% (nickel, gold).• Pioneer right to earn 75% in all minerals through spending$0.50 million.The Aerodrome Project is located approximately 5km west ofRavensthorpe, Western Australia. The project covers 12 strikekilometres of the Aerodrome Ultramafic Unit.PROJECT STATUSThe Aerodrome Ultramafic Unit occurs within a geologically analogous6420000 mN0 5 10kilometresFIG.12 MAGGIE HAYS LAKE TENEMENT MAPFeatured Project TenementOther Project TenementGreenstone including ultramaficRecent SedimentsGranitePioneer ProspectNiS Depositsetting to the Bandalup Ultramafic Unit, which hosts the RAV 8 nickelsulphide deposit located 30km to the east of Pioneer’s project.Research has shown that the western Aerodrome Ultramafic Unit hasbeen explored far less than the Bandalup Ultramafic Unit.Initial mapping and sampling at the Aerodrome Prospect has identifieda west facing ultramafic sequence containing thickened zones of highlymagnesian ultramafic rock and a nickel sulphide gossan containing4,880ppm Ni, 2,900ppm Cu and 84ppb PGE. Pioneer believes that therocks observed are prospective for nickel sulphide mineralisation. Inaddition, several samples taken show evidence of the formation ofnickeliferous laterite over cumulate ultramafic rocks.OUTLOOKFirst pass soil geochemistry and further mapping has been planned.15
Page 8: Project ReviewWattle Dam Project654
Page 11 and 12: REVERSE CIRCULATION AND DIAMOND DRI
Page 13 and 14: 100mDESMOND SHAFTFIG.7 RAVENSTHORPE
Page 15: OUTLOOKPioneer rates the outlook fo
Page 19 and 20: TASMANIAHEAZLEWOOD AND WHYTE RIVER
Page 21 and 22: Summary of TenementsPROJECT PROSPEC
Page 23 and 24: PIONEER NICKEL LIMITED AND ITS CONT
Page 25 and 26: Corporate Governance Statement• i
Page 27 and 28: Corporate Governance Statement3.2 C
Page 31 and 32: Directors’ Report(iv) unlisted op
Page 33 and 34: Directors’ ReportThe level of fix
Page 43 and 44: Notes to the Concise Financial Repo
Page 47 and 48: Pioneer Nickel LimitedASX Additiona

Annual Report 2005 - Pioneer Resources Limited

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