Phosphate Australia extends Tuckanarra gold mineralisation

THE DRILL SERGEANT: Phosphate Australia (ASX: POZ) has extended gold mineralisation at the company’s 100 per cent-owned Tuckanarra gold project in Western Australia.

The extensions to gold mineralisation at Tuckanarra come via the company’s latest Phase 4 aircore drilling program, which it anticipates will further add to the resource base at the Cable-Bollard area.

Phosphate Australia recently defined a maiden Indicated and Inferred JORC resource at Tuckanarra of 2.02 million tonnes at 1.55 grams per tonne gold for 100,700 ounces of gold.

“The Board believes the Tuckanarra gold project has considerable potential for development given its shallow mineralisation, excellent metallurgical recoveries potential amenability for heap leaching and proximity to third party gold mills in the region,” Phosphate Australia said in its ASX announcement.

 

Tuckanarra gold project location, tenements and gold plants. Source: Company announcement

 

The Phase 4 drilling program was conducted with the intention of: testing extensions to the known laterite resources at Cable and at Bollard; Infill drilling at various prospects; and to test for on-strike, unmined extensions to the hard rock mineralisation at Bottle Dump.

The company indicated the drilling had increased the areas of known laterite mineralisation at Cable and Bollard, while the drilling of the Bottle Dump extension did not find any significant mineralisation.

“The Board believes the best way to add value to the Tuckanarra Project is to continue to progress the planning and permitting for a future gold mine,” Phospahte Australia said.

“With this in mind, the resource model is being updated to include the new Phase 4 drilling results with pit design to commence thereafter.

“Concurrently with this, permitting is being prepared in order to apply for a mining lease over the project.

“The Board is keen to advance and commercialise Tuckanarra as soon as possible.”