A Taruga Minerals geologist in the field. Source: Taruga Minerals
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Taruga Minerals (TAR) provides an exploration update for the Wyacca prospect within its Mt Craig project in South Australia
  • TAR says the latest reverse drilling program has extended the mineralised strike of the main project area
  • While visual mineralisation was noted over the eastern VTEM target, most drill holes reportedly failed to reach modelled targets due to a steep dip change
  • The company says it’s learning about the controls on the copper mineralisation and the data will assist the exploration program
  • Shares closed 4 per cent lower at 4.7 cents on August 30

Taruga Minerals (TAR) has provided an exploration update for the Wyacca prospect within its Mt Craig project in South Australia.

The reverse circulation drill program was completed at one metre intervals, with all drill holes reportedly intersecting copper mineralisation.

Additionally, the company said the drilling had extended the mineralised strike in the main Wyacca area, more than 700 metres to the east and 200 metres to the north-west.

The latest assays returned copper mineralisation over 1.2 kilometre of strike with results including five kilometres at one per cent copper from 121 metres downhole and two metres at one per cent from 80 metres down hole.

TAR has also been encouraged by an intercept of two metres at 1.2 per cent copper from 36 metres and three metres at 0.5 per cent copper from 127 metres which included one metre at 1.3 per cent copper.

While visible sphalerite, galena and chalcopyrite was noted over the eastern versatile time domain electromagnetic target, TAR said most drill holes failed to reach modelled targets due to a steep dip change.

Moving forward, the company said the controls on the mineralisation observed from drilling so far would assist in the exploration program and additional drill targeting.

TAR believes there is strong potential for further high-grade copper mineralisation and is focusing on targeting structural zones across the extended project area.

To better understand the mineralisation and structure, the company will begin a maiden diamond drilling program. The rig has been mobilised and drilling is expected to get underway this week.

CEO Thomas Line said the company was pleased to have extended the mineralised footprint at the project.

“We are learning a lot about the controls on high-grade copper mineralisation
at Wyacca,” Mr Line said.

“The recent drill program and ongoing structural mapping has taught us that copper mineralisation is heavily stratigraphically and structurally controlled.”

He reiterated the company’s plans to continue testing the structural settings in the ongoing exploration effort.

Shares closed 4 per cent lower at 4.7 cents on August 30.

TAR by the numbers
More From The Market Herald

" TechGen Metals (ASX:TG1) completes maiden RC drill program at John Bull

TechGen Metals (ASX:TG1) has completed its maiden exploration reverse circulation (RC) drilling program at its John…
Golden Rim Resources (ASX:GMR) - Managing Director, Craig Mackay

" Sale of Golden Rim Resources’ (ASX:GMR) Burkina Faso Gold assets falls through

Golden Rim Resources (ASX:GMR) has lost the potential to make $22.3 million after a deal to…

" Caprice Resources (ASX:CRS) intersects shallow gold at Island Gold Project

Caprice Resources (ASX:CRS) intersects shallow gold mineralisation at its first reverse circulation drilling program at the…

" Heavy Minerals (ASX:HVY) receives “favourable” metallurgy results for Port Gregory

Heavy Minerals (ASX:HVY) has received "favourable" metallurgical results from IHC Mining for its Port Gregory Garnet…