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Twenty Seven Co (ASX:TSC) confirms large gold system at Creasy 1
  • Twenty Seven Co (TSC) has restarted drilling at the Rover Project in WA and released its March quarterly report
  • The new drill program at Rover will consist of 1500 metres of reverse circulation drilling and will run for two to three weeks, targeting eight recently identified bedrock conductors.
  • Once samples have been unearthed, they will be sent to the laboratory for analysis
  • During the March quarter, the company completed 20 reverse circulation drill-holes across the Creasy 1 and Harmonic prospects
  • Twenty Seven Co entered a binding memorandum of understanding with Peel Mining's subsidiary, Peel Far West, and New Zinc Resources to form the Mundi Mundi Project
  • This project is a highly prospective tenement package that is located in the Broken Hill Block in NSW
  • For now, however, TSC's priorities remain drill testing the eight conductors at Rovers and completing sampling at the Creasey 1 and Harmonic prospects
  • Twenty Seven Co is up 8.33 per cent today and shares are currently trading for 0.7 cents each

Twenty Seven Co (TSC) has restarted drilling at the Rover Project in WA and released its March quarterly report.

Drilling at Rover

The new drill program at Rover will consist of 1500 metres of reverse circulation drilling and will run for two to three weeks, targeting eight recently identified bedrock conductors.

In early April, Twenty Seven Co identified 27 new conductors from an airborne electromagnetic (AEM) survey, the aim of which was to locate potential base metal targets which are associated with volcanic massive sulphide (VMS) mineralisation.

Two weeks later, Twenty Seven Co announced that a moving-loop transient electromagnetic (MLTEM) survey over eight of the electromagnetic conductors confirmed a strong indicator that these are consistent with VMS mineralisation.

VMS mineralisation typically consists of copper-zinc and is created by volcanic hydrothermal events such as hot water circulating the earth's crust.

All eight of these conductors are relatively shallow with the deepest reaching a depth of 90 metres.

The conductors are spread all over the Rover Project, with two at the Creasy 2 prospect, one at Creasy 1, one at Red Bush, and the remaining four found along strike on the Maynard Hills greenstone belt.

Creasy 2 is of high interest to Twenty Seven Co, as a recently examined intercept confirmed a VMS signature.

This signature reads 24 metres at 1829ppm (parts per million) zinc from the surface, grades up to 3020ppm zinc in a three-metre sample and six metres at 2210ppm from 33 metres.

"Having recently discovered a large mineralised gold system around the Creasy 1 and Harmonic prospects, Twenty Seven Co now has a significant opportunity to start testing the Rover Project's VMS potential," CEO Ian Warland commented.

"This is an exciting time in Twenty Seven Co's evolution, as the eight targets are strongly conductive, discrete bedrock conductors which is typical for VMS style mineralisation," he said.

Once samples have been unearthed they will be sent to the laboratory for analysis.

Quarterly activities

Twenty Seven Co also released its quarterly report for the March 2020 quarter.

During this quarter, the company completed 20 reverse circulation (RC) drill-holes across the Creasy 1 and Harmonic prospects.

Creasy 1

Over the march quarter, Twenty Seven Co drilled 11 holes and results confirmed the presence of a large shallow mineralised gold system at Creasy 1.

Furthermore, the results highlight that the gold mineralisation at Creasy 1 extends for approximately 1.5 kilometres along strike.

Significant results from this program include; two metres at 26.2g/t gold including one metre at 51.2g/t gold from 54 metres; and five metres at 9g/t gold including one metre at 44.2g/t gold from 51 metres.

Harmonic

The Harmonic Prospect lies approximately 300 metres north of Creasy 1. Significant results from drilling over the March quarter include; six metres at 2.9g/t gold from 44 metres including three metres at 5.5g/t gold from 59 metres; and three metres at 4.9g/t gold from 44 metres.

These results extended the gold discovery at Harmonic to a length of over 180 metres and confirmed that mineralisation remains open at length and depth.

Mundi Mundi Project

During the quarter, Twenty Seven Co entered a binding MOU (memorandum of understanding) with Peel Mining's (PEX) subsidiary, Peel Far West, and New Zinc Resources to form the Mundi Mundi Project.

This project is a highly prospective tenement package located in the Broken Hill Block in NSW.

Mundi Mundi is prospective for iron oxide copper-gold (IOCG) mineralisation. It also contains ground from both Peel Mining and New Zinc Resources. Moving forward, the companies intend to expedite seeking out a major partner to fund and fast-track exploration and development work at Mundi Mundi.

For now, however, TSC's priorities remain drill testing the eight conductors at Rovers and completing sampling at the Creasey 1 and Harmonic prospects. The company will also progress work on drill targets located along a 20-kilometre gold strike.

Cash reports

As of March 31, Twenty Seven Co has a cash balance of $1.615 million after a successful capital raise in February.

Over the quarter, the company spent roughly $284,000 on exploration and evaluation activities.

Twenty Seven Co is up 8.33 per cent today and shares are trading for 0.7 cents each at 11:51 am AEST.


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