TNG Limited expands Mount Peake

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THE DRILL SERGEANT: Australian resources company TNG Limited has completed a regional drilling program at the company’s Mount Peake iron-vanadium-titanium project in the Northern Territory.

TNG said the drilling has confirmed the potential to further increase its resource inventory in the region.

The company had previously identified three large magnetic zones and one isolated magnetic anomaly from geophysics and fieldwork to have the potential to be new vanadium- and titanium-bearing magnetite zones.

 

RC drill hole locations at Mount Peake. Source: Company announcement

According to the company the drilling has confirmed two of these magnetic zones as large magnetite-rich gabbro bodies while one drill hole intersected a large granitic body in the southern anomaly.

Drilling results included:

–    24 metres at 23.36 per cent iron, 0.20 per cent vanadium oxide and 3 per cent titanium oxide and 4 metres at 23.82 per cent iron, 0.17 per cent vanadium oxide and 3.16 titanium oxide;

–    34m at 21.94 per cent iron, 0.20 per cent vanadium oxide and 4.63 titanium oxide, including 7m at 0.25 per cent vanadium oxide and 5.36 per cent titanium oxide and 5m at 0.30 per cent vanadium oxide and 4.60 per cent titanium oxide.

“Assay results from these holes have produced grades consistent with those noted at the Mount Peake deposit and provide further encouragement that higher mineralised grades may exist within the magnetic features,” TNG Limited said in its ASX announcement.

“Further drilling will be required to substantiate this but as mineralisation has been identified in this preliminary phase the potential is encouraging.

“It also provides encouragement to further assess untested magnetic features in the MPPA.”

The company has concluded these results open up the potential in the MMPA for an increase to the current Mount Peake JORC Indicated and Inferred Resource of 160 million tonnes at 0.3 per cent vanadium oxide, 5 per cent titanium oxide and 23 per cent iron:

–    Indicated 110Mt at 0.29 per cent vanadium oxide, 5.3 per cent titanium oxide and 23 per cent iron;

–    Inferred 48Mt at 0.24 per cent vanadium oxide, 4.5 per cent titanium oxide and 21 per cent iron).

TNG Limited has an exploration target for the MPPA of 500 to 700 million tonnes with a grade range of 0.2 to 0.4 per cent vanadium oxide, 20 to 40 per cent iron, 4 to 6 per cent titanium oxide.