leadf
logo-loader
viewTwenty Seven Co Ltd

Twenty Seven Co's gold and base metal strategy gains momentum following new discovery

Snapshot

The company has demonstrated strong gold and base metal prospectivity at Rover Gold Project in WA and will continue to test priority gold targets with the aim of defining resources for potential development.

Twenty Seven Co Ltd -

Quick facts: Twenty Seven Co Ltd

Price: 0.008 AUD

ASX:TSC
Market: ASX
Market Cap: $13.66 m
Follow

Twenty Seven Co Ltd's (ASX:TSC) strategy of focusing on gold and base and metal exploration has gained momentum during the last reporting period with the discovery of shallow gold mineralisation at the Creasy-1 and Harmonic prospects as well as identifying volcanic massive sulphide (VMS) prospectivity at the Rover Gold Project in WA.

In September, the company entered into a transformative binding term sheet to acquire Oz Gold Group Pty Ltd and the rights over two highly prospective gold projects including the advanced Mt Dimer Gold Project in WA’s Goldfields and the Trident Gold-Copper Project in New South Wales.

TSC’s focus now remains on fast-tracking Mt Dimer, extending mineralisation at the Creasy-1 and Harmonic prospects and systematically generating, drill testing and defining high-quality targets at the Rover Project.

Early mover advantage 

During the first 12 months of the Rover Project's life, TSC discovered shallow high-grade gold at Creasy 1 and Harmonic and has demonstrated the significant VMS prospectivity of the tenure.

Rover’s footprint has expanded form a single tenement to three, covering a total of 461 square kilometres and 140 kilometres of prospective greenstone belt.

The new tenements were acquired at application cost only as a result of the company being an early mover in the area.

Subsequent discoveries by Cobre Ltd (ASX:CBE) at its Perrinvale VMS project and exploration success by TSC have helped fan the resurgence in exploration of the area.

TSC has found that the better zones of gold mineralisation at both Creasy-1 and Harmonic appear to be in plunging shoots formed in association with fold structures along the sheared contact between the quartzite and overlying mafic schist/BIF package.

Future drilling and assessment will test this conceptual model to optimise drill results.

The geology team has been looking for evidence of similar fold structures further south along the Illara shear zone with the rationale being that these may be dilation zones and, hence, potential sites for significant gold accumulation.

While this work has only just begun, it has already identified two promising areas where surface mapping indicates significant folding with the interpreted associated dilation zones exhibiting anomalous gold in soils.

Harmonic discovery

Harmonic was discovered within three months of the tenement grant during the inaugural Creasy 1 drilling program in December 2019.

The discovery followed drill testing of a portable XRF coincident copper and arsenic anomaly in soils immediately along strike to the northwest of Creasy 1.

This cheap and effective technology is being deployed in other parts of the project, scanning for similar geochemical signatures.

Recent geochemical sampling at Harmonic has resulted in a tripling on the prospective target area to around 650 metres by the discovery of a 1.77g/t gold rock chip that is around 400 metres to the northwest of the nearest RC drill-holes.

This prospective target area is supported by a gold in soil anomaly extending over the drilled area and for a further 400m northwest along the Illaara shear zone.

Acquisition of two gold projects

Following year-end, TSC announced an exclusive option to acquire two gold projects in WA and NSW.

The flagship Mt Dimer project in WA has a mining lease where around 8500 ounces of gold was mined from a shallow open pit in the mid-1990s.

Historical drilling indicates that gold mineralisation extends under the current pit and along strike and TSC sees significant near-term gold potential at the project.

Strategy

TSC’s strategy of focusing on gold and base metals exploration has gained significant momentum during the last quarter with exploration quickly advancing the Rover Project.

The company has demonstrated the strong gold and base metal prospectivity at Rover and will continue to define, extend and test priority gold targets with the aim of defining resources for potential development.

As well as actively seeking joint venture partners to develop its two projects in NSW, Midas and Perseus, over the longer-term, TSC will continue to review and assess complementary exploration and later-stage projects on their merits, with the strict criteria they must deliver the potential to generate increased shareholder value.

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Twenty Seven Co Ltd named herein, including the promotion by the Company of Twenty Seven Co Ltd in any Content on the Site, the Company...

FOR OUR FULL DISCLAIMER CLICK HERE

Twenty Seven Co's Ian Warland 'really pleased' with drill program at Rover...

Twenty Seven Co Ltd's (ASX:TSC) Ian Warland speaks to Proactive's Andrew Scott following the news they've finished drilling 2,043 metres testing four main areas for gold at the Rover Project in WA’s Goldfields. The drilling's been completed ahead of schedule with all samples dispatched to the...

1 week, 3 days ago

4 min read