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Twenty Seven Co (ASX:TSC) - CEO, Ian Warland - The Market Herald
CEO, Ian Warland
Source: Twenty Seventeenths Co.
  • Twenty Seven Co (TSC) has reported positive findings from recent field work at a mining lease within its Mt Dimer Gold Project in WA
  • The miner conducted a site visit, sampling, geological mapping and an aerial drone survey to accelerate development at the lease
  • A review of historical drilling also showed potential for a south-plunging gold shoot to continue below the open-cut pit level
  • Despite these indications, TSC will need to undertake drilling to confirm previous intercepts and to test the plunging shoot target below the existing pit
  • Company shares ended the day with no change, trading flat at 0.7 cents

Twenty Seven Co (TSC) has received results from a field reconnaissance program and aerial drone survey at a mining lease within the Mt Dimer Gold Project.

The Mt Dimer Gold Project is located around 200 kilometres north of Southern Cross, Western Australia. It comprises a mining lease and an adjacent exploration licence.

The recent program is an initial step in developing the mining lease and included a surface sampling program, geological mapping and an aerial drone survey.

Samples from the tailings storage facility (TSF) proved to be encouraging. Results ranged from a maximum of 1.19g/t gold to 0.13g/t gold. Overall, the 12 samples averaged 0.41g/t gold.

These results warrant auger sampling to gain a better understanding of the depth of the tailings, their average gold grade, and to provide samples for metallurgical test work to assess gold recovery.

The company is now negotiating with parties to assess the feasibility of the TSF to generate early cash flow from the project.

A total of 22 historical drill collars were surveyed and data from this is being incorporated into TSC's 3D model of the open-cut pit, along with drill-hole data and geology, which will help to refine drill targets.

The open-cut pit within the mining lease produced around 8500 ounces of gold in the 1990s. Additionally, historical records show 84,159 tonnes of ore was milled at Mt Dimer up to 1996.

Historical drilling results include five metres at 15.4g/t gold from 100 metres, six metres at 13.32g/t gold from 99 metres, 19 metres at 3.38g/t gold from 76 metres, and five metres at 10.64g/t gold from 78 metres.

TSC's review of historical drilling and the data has shown potential for a south-plunging gold shoot to continue below the current pit level and that mineralisation remains open at depth.

"Pleasingly, as previous work indicates there is potential for significant gold mineralisation under and along strike from the historical open cut, drilling approval applications have been lodged with the regulator," CEO Ian Warland said.

Despite these indications, the company will need to undertake drilling to confirm previous intercepts and to test the plunging shoot target below the existing pit.

Over the next few weeks, TSC will provide an updated 3D model of historical drilling, geology, and open cut pit. It will also finalise planning for, and receive approvals for a drilling program.

The company also plans to undertake follow-up sampling and metallurgical test work.

Company shares ended the day with no change, trading flat at 0.7 cents.


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