Torrens Mining Ltd’s (ASX:TRN) reprocessing and re-interpretation of historic geophysical data has shown the potential for known gold mineralising structures to extend into the Mt Piper Gold Project in central Victoria.
Geophysical consultants Resource Potentials have been engaged to review and compile all the historical geophysical data within the 1626 square kilometres Mt Piper Project area.
This work has shown the potential for known gold mineralising structures to extend into the Mt Piper area and has also identified new structures within the area that require further investigation.
Torrens’ Mt Piper Project is just 30 kilometres southeast of Kirkland Lake Gold Ltd’s (NYSE:KL) Fosterville Gold Mine and 1-kilometre east of Mandalay Resources Corp’s (TSE:MND) Costerfield Gold Mine.
Torrens managing director Steve Shedden said: “We believe that the Mt Piper Project’s proximity to the Fosterville gold mine and the even closer Costerfield gold mine makes it an extremely attractive opportunity for the company.
“The confirmation of prospective gold-bearing structures at Mt Piper is a vindication of our exploration model.
“In particular, we consider Northwood Hill within Mt Piper to be one of our most highly prospective prospects for Fosterville-style gold mineralisation and we plan to rapidly advance it towards drilling in the first half of 2021 once our exploration licence application is granted.”
Next phase of work
Torrens’ next phase of work at Mt Piper will include a series of airborne and ground-based geophysical surveys as well as infill geochemical sampling over the tenement package, and this will be followed by targeted drill testing.
The company is gearing up fieldwork, with the planned work programs over the next six months including:
- Infill soil geochemistry to vector into gold-rich targets in the first quarter of 2021;
- Complementary geophysical surveys including aeromagnetic, passive seismic and Induced Polarisation (IP) to optimise drill targeting; and
- Drill testing of key gold target areas in Q1 to Q2 2021.
Torrens’ key target at Mt Piper is Fosterville and Costerfield-style gold mineralisation and the project area covers a very under-explored yet prospective section of Central Victoria.