GTI Resources Ltd (ASX:GTR) has settled the acquisition and been granted prospecting licences P40/1513 and P40/1518 at the Niagara Gold Project that help create a contiguous package of prospecting licences covering around 5 kilometres of the historical Niagara gold trend.
Including the company’s existing E40/342 tenement, this consolidated land package hosts numerous historical shafts and workings and offers the company an opportunity to focus exploration within this highly prospective and historically underexplored mineralised corridor.
Reverse circulation (RC) drilling is underway on Tenement E40/342 and should be concluded before Christmas with assay results expected in February 2021.
On August 5, 2020, the company announced the acquisition of the prospecting licence applications from Leon Gianni in consideration for the issue of 2.5 million ordinary GTI shares following granting of the applications.
The company has today issued the shares and an Appendix 2A has been lodged.
Niagara (Kookynie) Project.
Niagara (Kookynie) Project
The Niagara project is around 6 kilometres southwest of Kookynie in the Central Goldfields of WA.
The project comprises one granted exploration licence, E40/342, the recently acquired granted P40/1513 and P40/1518 and four prospecting licence applications P40/1506, P40/1515, P40/1516 and P40/1517.
Exploration by historical workers within E40/342 was limited to broadly spaced soil sampling and limited reconnaissance drilling programs with the majority of the work undertaken in areas outside the current licence area.
Exploration within P40/1506, P40/1513, P40/1515, P40/1516, P14/1517 and P40/1518, during the late 1980s and 1990s, comprised trenching, sampling and shallow first-pass drilling focused on historical workings.
Notably the historical mines in the immediate vicinity of Kookynie, include Cosmopolitan Propriety Ltd, which mined a total of around 630,000 tonnes of ore at an average grade of 15 g/t gold between 1897 and 1911, producing in excess of 300,000 ounces of gold.