Transol Corporation options prospective NT gold-copper project
Transol Corporation (ASX: TNC) has exercised an option to acquire 100% of the Johnnies Reward Gold-Copper Project in the Northern Territory from unlisted company Davenport Resources.
The company plans to re-commence drilling within weeks at the project to test the down-plunge extensions of the mineralisation and potential high grade gold zones within the garnet-gneiss unit.
Johnnies Reward is located in the same region as Kidman Resources’ (ASX: KDR) Home of Bullion prospect that has returned intercepts of 36 metres at 4.1% copper equivalent including 10 metres at 10.3% copper equipment.
Consideration for the acquisition is the issue of 60 million Transol shares at $0.01 per share to Davenport.
Transol made the decision to acquire the project following recent results from drilling at the project since mid-2012 that included 24 metres at 4.19 grams per tonne (g/t) gold and 0.33% copper, 34 metres at 3.83g/t gold and 0.46% copper, and 22 metres at 1.23g/t gold and 1.21% copper.
The company is focused on growing the iron oxide-copper-gold system (IOCG) with drilling having already confirmed historic results and delivered some new, promising intersections.
In addition to the emerging zone of mineralisation at Johnnies Reward, Transol has identified numerous exploration prospects in close proximity to the known mineralisation.
These include the priority Black Angus anomaly, located 1.5 kilometres to the north of Johnnies Reward.
Aggressive exploration activities are planned during 2013.
Hatches Creek
The acquisition also includes 100% of the historic Hatches Creek tungsten project, located 325 kilometres north east of Alice Springs.
The Hatches Creek Prospect contains the historic Hatches Creek mining field, previously known as the Wolfram Field, where numerous mines exploited quartz veins containing wolframite – a tungsten mineral.
The Hatches Creek mining field produced over 2,800 tonnes of tungsten in the 1930s.
Of particular interest are the Pioneer and Green Diamond groups of old workings.
Previous work by Thor Mining (ASX: THR) in 2008 returned significant gold assays from the Pioneer workings at the north end of the Wolfram Field, with grades of up to 7.24g/t gold returned from mullock dumps at the Pioneer Mine.
Anomalous gold assays of up to 2.48g/t were also returned from Battery Sands at the mine.
Visible wolfram was noted in many of the quartz rock chip samples with a number of results above 1% tungsten. The average of the 27 samples taken returned 1.16% tungsten and 0.3% bismuth.
At Green Diamond, tungsten mineralisation occurs within narrow quartz veins, up to 1.5 metres thick and extending up to 200 metres in individual lenses, hosting high grade tungsten as wolframite crystals several centimetres in length.
Virtually all veins visited at old prospects and exploration pits had visible wolframite evident. Thirty eight samples were taken returning an average grade of 1.42% tungsten with a maximum of 7.22% tungsten.
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