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TopTung shares surge after intersecting high-grade nickel-copper in Quebec, Canada

The company’s shares traded at about 22.5% higher intra-day today before being granted a trading halt by the ASX.
Drilling the first hole on October 4, 2018
Drilling the first hole on October 4, 2018

TopTung Ltd (ASX:TTW) has received positive assay results from the nine-hole maiden drill program at its high-grade nickel sulphide Alotta project in Quebec, Canada.

High-grade massive sulphide nickel-copper intersections returned include:
• 9.20 metres at 2.59% nickel, 2.79% copper, 3.37g/t PGE (platinum group elements) and 0.11% cobalt from metres 85.20 metres;
• 11.28 metres at 2.17% nickel, 2.15% copper, 2.94g/t PGE and 0.11% cobalt from metres 61.15 metres; and
• 3.27 metres at 2.06% nickel, 3.77% copper, 3.09g/t PGE and 0.12% cobalt from metres 53.10 metres.

READ: TopTung focuses on Canadian nickel-copper sulphides, NSW topaz

TopTung is encouraged by the fact that each hole in the 9-hole programme intersected nickel-copper-PGE ± cobalt ± silver mineralisation which included significant high-grade massive sulphide and semi-massive intercepts.

Importantly, TopTung is pleased with the potential economic value of the mineral endowment at Alotta, giving confidence to its goal of becoming a mining and low-cost toll milling operation through identifying shallow emplaced ore bodies amenable to open pit mining.

 

The results include new intersections to depth and along strike of the previously drilled (2001) mineralisation providing the company with vital geological and mineralisation information plus fresh core to work with.

This will assist in the major task of assessing the historic nickel-copper-PGE mineralisation database for the project area.

Lower massive pyrrhotite-pyrite zone from 63.3 metres to 68.60 metres (5.30 metres) at 3.04% nickel + 25.4 g/t silver

TopTung’s consultants Orix Geoscience are digitising the 2018 and 2001 drill sections and flitch plans to generate a 2D/3D wireframe model of the Alotta deposit.

Forward plan

The company is currently evaluating the extensive regional and prospect database acquired through the Zeus Minerals Ltd acquisition with a view generating drill targets.

Prior to the next drill program in the Alotta Project area TopTung is planning to undertake a down-hole electromagnetic (DHEM) survey in the search for sub-surface conductors which could represent additional massive sulphide drill targets.

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