Quarterly Activities Report
- Exploration activity continued on the Tiebissoue and Nielle Concessions in Cote d'Ivoire
- Binding Farm-In agreement signed with Newcrest Mining Limited (ASX:NCM), over the Dabakala concession, Cote d'Ivoire
Resolute Mining Limited (ASX:RSG)("Resolute") as part of the Cote d'Ivoire farm-in and Joint Venture, has commenced exploration activities, including geological reconnaissance, interpretation of geochemical sampling and planning and preparation for aircore drilling. Taruga also continued to assess its 100% owned projects in Mali, Cote d'Ivoire and Niger.
In December Taruga signed a Binding farm-in agreement with top-tier gold producer, Newcrest Mining Limited ("Newcrest"), in respect of Taruga's 100% owned Dabakala Project, Cote d'Ivoire. Newcrest have immediately commenced activities on the ground and will be completing a major auger drilling programme in the March quarter.
Resolute Mining Limited Joint Venture
Resolute continued exploration activities at the Tiebissou concession in central Cote d'Ivoire during the quarter. Activities consisted of geological review and evaluation of geochemical anomalies, geological reconnaissance and planning and preparation for aircore drilling. The aircore drilling programme is designed as a first pass test of the extensive Gold-Arsenic-Antimony (Au-As-Sb) anomaly that is continuous from the Resolute ground to the Joint Venture ground as identified in the September Quarter report. The anomaly is associated with a zone of strong shearing and geological complexity that is prospective for development of mineralisation.
Aircore drilling commenced in January and is expected to be complete with assays returned during the March quarter.
For the Nielle concession, located in northern Cote d'Ivoire, Resolute have undertaken geological review, mapping and planning of geochemical sampling. Exploration activities are expected to continue in the March quarter.
Newcrest Mining Limited Farm-in (Cote d'Ivoire)
The Binding Farm-in agreement with Newcrest for the Dabakala concession was finalised during the quarter. The Dabakala concession, located in central Cote d'Ivoire, is 100% owned by Taruga and adjoins concessions owned by Newcrest (Figure 2). Under the terms of the agreement, Newcrest will have the ability to earn a 75% interest in a JV company in Cote d'Ivoire by incurring exploration expenditure of US$1.7m over three years.
Newcrest have immediately commenced activity on the project, with geological reconnaissance and mapping being completed over areas of known surface gold anomalism. Newcrest have planned auger sampling programmes to target potentially gold mineralised structures identified from early geochemical sampling and a programme of stream sediment sampling completed by Newcrest during the due diligence period.
The auger geochemical sampling program initially consists of 395 sample locations, with line clearing and preparation commenced in early January. The programme is expected to be completed in the March quarter.
The Dabakala concession is located in central Cote d'Ivoire and is 100% owned by Taruga subsidiary company International Goldfields CIV SARL. The concession was granted to Taruga in 2014.
Taruga has completed first pass geochemical sampling that outlined extensive surface gold anomalism associated with a major shear structure.
The anomalies are regionally extensive and require infill geochemistry to define targets for reconnaissance drilling.
Newcrest has completed a regional stream sediment, rock chip and laterite sampling program as part of the project review which confirms the anomalous gold trends.
The Company continued its review of landholding and proposed activities for its two high priority project areas in Mali - the Nangalasso project located in southeastern Mali and the SLAM project located in western Mali.
Exploration activities are proposed for the Nangalasso project where previous drilling has outlined extensive areas of gold anomalism. Recent field reconnaissance has highlighted new artisanal mining sites located adjacent to completed drilling and trenching and highlights the potential for near surface gold mineralisation to be defined. A programme of trenching, geochemical sampling and limited drilling is being planned.
For the SLAM project, the company has identified the Kambali prospect as high priority with geological reconnaissance locating areas of intensive artisanal mining. These areas are close to previous drilling undertaken by Taruga and will be a focus of proposed field work that is planned to include trenching and limited drilling.
The company is continuing to compile and review all available exploration information and completing a geological review of the concession areas.
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About Taruga Minerals Limited
Taruga Minerals Limited is a mineral exploration company listed on the Australian Securities Exchange (ASX:TAR) with a focus on acquiring and developing highly prospective Gold, Copper and precious metals exploration projects in Australia. Taruga's highly experienced management team led by Mr Mark Gasson and key advisors Ashanti Capital, has provided the Company with exposure to the exciting, under explored, High-Grade Flinders Copper-Gold-Silver Project on the margin of the Gawler Craton, South Australia. Taruga has an exclusive, 12-month option to acquire the Flinders Project from Strikeline Resources Pty Ltd.
Taruga Minerals Limited
Resolute Mining Limited
Newcrest Mining Limited