Transol Corporation claims gold find at Johnnies Reward
THE DRILL SERGEANT: Transol Corporation (ASX: TNC) has claimed discovery of a large anomalous zone of gold-copper mineralisation immediately north of the main Johnnies Reward prospect at the company’s Johnnies Reward gold project, located north-east of Alice Springs in the Northern Territory.
Transol has already earmarked the gold-copper anomaly as a priority target for follow-up exploration in 2013.
The discovery resulted from an extensive soil sampling program Transol completed during November last year, during which a soil samples were collected north of the Johnnies Reward prospect with the aim of extending the original Alcoa soil grid.
Soil program showing major SE structure and associated gold/copper anomaly. Source: Company announcement
The sampling program was designed to cover the area of higher magnetic response outlined by a regional magnetic survey.
Transol said the results had highlighted an anomalous northwest – southeast trending corridor of plus-50 parts per billion (ppb) gold and plus-25ppm copper 1.5 kilometres north of Johnnies Reward.
The main anomaly has been named the Black Angus prospect.
Black Angus measures 300 metres long and 180 metres wide and occurs on the eastern edge of the grid with a peak value of 84ppb gold, which compares favourably to a background value of less than 10 ppb gold.
“Black Angus is open to the south-east and is coincident with a south-east trending fault zone, which may be an important transfer structure for migrating mineralised fluids between the Pinnacles line and the Johnnies Reward corridor,” Transol Corporation said in its ASX announcement.
“Investigation of the historical database for the project has identified a rock chip of 0.29 grams per tonne gold and 194ppm copper on the southern edge of this anomaly.
“Follow-up rock chip samples have been collected with results pending.”
Transol has since completed a single line of sampling, comprising seven samples over the Johnnies Reward prospect for orientation and reference.
The Johnnies Reward gold results ranged from 1ppb to a peak of 18ppb gold, with an associated copper high of 586ppm.
“Considering that significant gold mineralisation has been identified at Johnnies Reward from both diamond and RC drilling, the Black Angus anomaly, with a peak gold-in-soils value of 84ppb gold, is a very interesting discovery which will now be the focus of additional sampling and mapping prior to reconnaissance drilling later this year,” Transol said.