Quarterly Activities Report
Perth, Feb 3, 2014 AEST (ABN Newswire) - Perth-based explorer Taruga Gold Limited (
ASX:TAR) ( "Taruga" or "the Company") acquired a new project in Mali, West Africa during the December 2013 Quarter. The Company also commenced exploration at the Nangalasso project in Mali, with impressive first results received from trenching programs in January 2014.
Managing Director Bernard Aylward stated "despite challenging market conditions, TAR remains committed to a program of progressing its asset base in an efficient and timely manner".
Highlights
Field exploration at highly prospective Nangalasso Project, Mali
- Trench sample of 7m at 4.3g/t gold received - gold mineralisation hosted in quartz veining and alteration located 200m north of anomalous drilling (1m at 7.8g/t gold in drill hole NAAC014*)
- Assays up to 2.9g/t gold from surface - vertical sampling has highlighted gold mineralisation
- Mineralisation open along strike - trench extends anomalous gold mineralisation to the north
- Aircore drilling to commence in March quarter to test trench anomalism and priority targets at Nangalasso
Acquisition of highly prospective SLAM project in southern Mali from Newmont Ventures Ltd
- Extensive geochemical anomalies up to 6.4g/t gold with numerous +1g/t gold samples defining high-priority anomalous zones
- SLAM project is more than 350km² and consists of option agreements granting access over four granted concessions within 100km of Mali's capital city Bamako
- Project area located in highly prospective margin of Siguiri Basin - host to major gold deposits such as Siguiri (AngloGold Ashanti - 5.2Moz gold), Lefa (NordGold - 7.8Moz gold) and Tri-K (Avocet - 4Moz gold)
- Artisanal mining has highlighted the area's prospective geology and gold-mineralised structures
Corporate
- Shareholders pass all resolutions considered at 2013 Annual General Meeting
- Cash at end of December quarter - $1M
Nangalasso Project, Mali
Taruga commenced field exploration at its Nangalasso Project in Mali, West Africa in November. The Company acquired Nangalasso as part of its major ground position in Cote d'Ivoire and Mali in July 2013.
The Nangalasso Project consists of two options over granted concessions (Nangalasso and Sotian concessions) extending over an area of 345km2. The option agreements grant the Company exclusive access to the ground for exploration and also grant the right to purchase 100% of the concessions for an agreed amount (refer ASX announcement 5/8/2013).
Taruga commenced exploration on the Nangalasso project to follow-up the gold mineralised intersections returned from wide-spaced reconnaissance drilling and extensive surface geochemical anomalism. The program consisted of field reconnaissance, trenching, mapping and geochemical sampling of the project to prepare for a drilling campaign that is scheduled to commence in the March quarter 2014.
The trenching program was designed to provide improved geological understanding of the target areas. As reported on 14 January 2014, the initial trench, NNTR002, was completed 200m north of the gold mineralised drill intersection of 1m at 7.8g/t gold in drill hole NAAC014* (Figure 1). Geological sampling of the trench returned significant gold mineralisation up to 7m at 4.32g/t gold hosted in quartz veining and altered sediments, as well as additional samples up to 2.79g/t gold (see Table 1, Figure 3 - ASX announcement 14/01/2014).
Geological mapping of this trench has highlighted a wide zone of conjugate quartz veining and strong alteration in sediments in close proximity to the granite contact. This site represents a highly prospective zone for mineralisation where the anastomosing structure splays from the granite intrusive creating a structural pressure shadow area in ductile sedimentary units.
Proposed exploration for Nangalasso
- Aircore drilling to follow up previous high-grade gold intersections and undertake a first pass test of the extensive artisanal workings.
- Trench sampling to delineate zones of quartz veining and alteration to target drill holes - IN PROGRESS
- Geochemical sampling of extensions to the gold mineralised trends and add definintion to anomalous areas where sampling is on a wide reconnaissance spacing - IN PROGRESS
- Geological mapping and reconnaissance to target the structural controls and extensions of defined gold mineralised zones and advance prospects for future drill testing - IN PROGRESS
SLAM Project, Mali
Taruga announced the acquisition of the highly-prospective SLAM Project located in southern Mali during the quarter. Taruga has acquired 100% of the project from Newmont Ventures Limited ("Newmont"), which had completed initial geochemical sampling that defined highly anomalous zones for first-pass drill testing.
Project highlights -
- Extensive geochemical anomalies up to 6.4g/t gold with numerous +1g/t gold samples defining high-priority anomalous zones
- Artisanal mining in the area highlights prospective geology and gold mineralised structures
- SLAM project is more than 350km2 and consists of option agreements granting access over four granted concessions within 100kms of Bamako, the capital city of Mali
- Project area located in highly prospective margin of Siguiri Basin - the host to major gold deposits including Siguiri (AngloGold Ashanti - 5.2Moz gold), Lefa (NordGold - 7.8Moz gold) and Tri-K (Avocet - 4Moz gold).
The SLAM project consists of four granted concessions - Djelibani, Djelibani Sud (forming a contiguous landholding of 230km2), Balala and Kambali (Figure 3). The concessions are held as Option agreements with local landholders - the agreements grant Taruga exclusive access for all exploration activities upon payment of an annual option fee, and also grant the right for Taruga to purchase 100% of the concession for an agreed amount.
The project is about 100km southwest of Bamako, the capital city of Mali, and located within the Siguiri Basin - a geological terrain that hosts major gold deposits at Anglo Gold's Suguiri (5.2Moz) and Nordgold's Lefa (7.8Moz).The acquisition has increased Taruga's southern Mali landholding to more than 830km2.
Newmont completed extensive regional surface geochemistry by on the project. The surface geochemistry has highlighted numerous high-priority anomalous zones within the Djelibani and Djelibani Sud concessions, with surface anomalism returning up to 6.4g/t gold. Newmont also compiled a significant baseline dataset that includes detailed aeromagnetics, satellite imagery and geological interpretation. As part of the acquisition, Taruga will receive the full geological package, including all available GIS information, geophysical data and images, geochemical data and geological information.
Acquisition terms include:
- Taruga to assume responsibility for Option Agreements
- Newmont has first right of refusal on sale or transfer to third party
- Newmont has claw-back agreement upon completion of 7,500m of RC and diamond drilling and 7,500m of aircore drilling. Clawback to maximum 51% by completing three times level of Taruga expenditure
- 1% Net Smelter Royalty on any discovery exceeding 1Moz gold in Measured and Indicated Pit Constrained JORC compliant resource
Taruga has commenced field reconnaissance and mapping. Taruga intends to undertake reconnaissance drilling to test the surface anomalous zones following a program of check sampling and infill definition. The key anomalies identified for initial exploration are located within the Djelibani and Djelibani Sud concessions (Figure 3 in link below).
For the full report, including figures and diagrams, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-TAR-666444.pdf
Contact
Taruga Gold Limited
Bernard Aylward
T: +61-8-9222-5800
F: +61-8-9222-5810
E: admin@tarugagold.com.au
WWW: www.tarugagold.com.au
Simon Hinsley
Investor Relations
NWR Communications
Mob: +61-401-809-653
| ||
|
