Tectonic Gold Plc - Further Drilling Update PR Newswire

12 January 2021

TECTONIC GOLD PLC
(“Tectonic Gold” or the “Company”)

 FURTHER GOLD MINERALISATION FROM SPECIMEN HILL

AND COMMENCEMENT OF MOUNT CASSIDY DRILLING

Tectonic Gold plc (TDIM: TTAU), the Intrusive Related Gold System (“IRGS”) explorer, is pleased to announce further drilling success from the December 2020 program at Specimen Hill in Queensland, Australia, and commencement of drilling at the nearby Mt Cassidy discovery, following a short break from field work over the Christmas Holiday period. 

Specimen Hill Highlights:

  • Assays from hole SHRC24 returned with 2m @ 3.69 g/t Au, from 79m.

Mount Cassidy Highlights:

  • Previous testing returned assays of +30g/t gold
  • Tectonic has completed extensive geochemical and deep penetrating geophysical mapping
  • Textbook IRGS system identified which had been overlooked by previous explorers
  • Drilling began on 9 January 2021
  • An initial 1,500m is budgeted to test targets down to ~200m

Following a 1,500 metre drilling campaign at Mount Cassidy, drilling will return to Specimen Hill to test the Southern Copper target which returned 16% copper and 9g/t gold from surface sampling.

Mr. Brett Boynton, Managing Director – Tectonic Gold Plc

“It is extremely encouraging to open the New Year with another gold hit following the success of the campaign in December. Hole SHRC24 takes us out to about 800m of the 4km long strike being successfully tested at depth. We sent material from these first few holes for rapid assay turnaround prior to Christmas so that we can use them as a baseline to filter the remaining samples. We now have over 500 samples being prepped that will be scanned with XRF scanners calibrated to the known assays from December. XRF scanning provides a quick and cost-effective way to identify the best samples containing gold/silver/copper mineralisation to send for assay going forward ensuring efficiencies on time and budget.

This project is already showing the characteristics of a very large system and to provide some content, we have posted a map to the website at:

From the Main Lodes in the North East to Southern Copper in the South West, Tectonic has mapped a 4km+ strike with detailed geochemistry and deep penetrating geophysical reconnaissance. It is important to note that the system remains open at both ends and at depth; and in due course we intend to map it further. For comparison, the “Super Pit” at Kalgoorlie, one of Australia’s most prolific mines, is 2.6km in length.

Tectonic is the first company to have taken a regional scale approach to looking at the known gold occurrences at Specimen Hill. The patient years of fieldwork and analytics, digitising this data and utilising our proprietary IRGS exploration approach to stitch together a largely “blind” or under cover system, are now paying off. The drilling completed prior to the December break has proven up 800m of this 4km long strike with intersections targeted at about 100m depth consistently showing medium to high grade over a few metres within a wider 5m to 10m+ lower grade halo. We look forward to returning to Specimen Hill at Southern Copper as soon as we have completed the initial 1,500m at Mt Cassidy.

The team is very excited to be drilling Mt Cassidy. It is a fantastic discovery, made possible through our in-house developed Intrusive Related Gold System exploration IP. This has been well supported over many years by the Australian Federal Government and we are pleased to be delivering on our promise to them to make the new generation of Australian gold discoveries and help drive the gold industry forward.

As soon as we have completed the initial drilling at Mt. Cassidy, we will relocate back to Specimen Hill and drill Southern Copper at the South Western end of the strike. This is a new discovery following the 2019 bush fires in the region clearing the ground for the first time in a generation and allowing our geologists to survey the area. We were hopeful of a discovery, as our airborne “SAM Survey” geophysics had shown the Specimen Hill system extended through this area and we were rewarded with assays above expectations of 16% copper and 9g/t gold from surface sampling.

For the team this is going to be a busy quarter and for investors we expect to have plenty of news flow from both Specimen Hill and Mount Cassidy.”

Results (including SHRC24)

Hole ID Easting
MGA94 z56
Northing
MGA94 z56
RL
(AHD)
AZI
(MAG)
Dip Total Depth (m)
SHRC17 270,816 7,321,726 547 055 -66 104
  • 7m @ 3.01g/t Au; 2.33 g/t Ag and 0.14% Cu from 96m
  • Incl. 1m @ 16.30g/t Au; 8.31 g/t Ag and 0.34% Cu from 98m, and
  • 3m @ 6.95 g/t Au; 5.09 g/t Ag and 0.32% Cu from 98m.
SHRC20 270,999 7,321,843 552 214 -70 150
  • 9m @ 0.84 g/t Au; 0.62g/t Ag and 0.19% Cu from 18m
  • Incl. 1m @ 2.37g/t Au from 18m, and
  • 1m @ 0.85 g/t Au; 2.58 g/t Ag and 1.56% Cu from 23m.
SHRC22 271,950 7,321,675 582 144 -70 200
  • 1m @ 1.23g/t Au; 15.85 g/t Ag and 1.77% Cu from 136m
SHRC24 270,563 7,321,441 560 105 -65 104
  • 2m @ 3.69 g/t Au, from 79m.

Samples from the remaining 6 holes have been logged with very similar characteristics being observed. We expect assays from these holes to return similar results with gold, silver and copper mineralisation.

The mineralisation is held in a textbook hydrothermal breccia zone which is tightly controlled within the Andrews Gulley and Specimen Hill shear zones. The strike of the system that has been mapped and sampled at surface, extending over 4kms. This is identified to be open in both directions and further exploration will likely increase this length of the mineralised corridor. Further drill testing of this mineralised corridor provides evidence of Tectonic’s initial assessment that the Specimen Hill prospect is a large-scale polymetallic system with multi-million-ounce potential.

About the Specimen Hill Prospect:

Specimen Hill has produced over 8,000ozs of gold from historic small-scale surface mining with grades reported up to ~40g/t Au.

Tectonic Gold has identified a large Intrusive Related Gold System (IRGS) manifesting as a ~4km long mineralised corridor at the Specimen Hill and has identified the possibility of a much larger system under cover.

Gold, copper and silver mineralisation within the known ~4km corridor manifests itself near surface as a polymetallic, high-sulphidation (HS) system that has been enriched by late-stage intermediate-low sulphidation (IS-LS) gold mineralisation. At depth, Tectonic is seeing that this is a gold-copper porphyry co-incident with a high-temperature magnetite rich core (identified at Specimen Hill and Southern Copper Targets which are associated with high copper and gold grades).

Rock chip samples from surface skarn outcrops mapped so far over the area of ~18 km2 have returned grades of consistently elevated Au, Ag and Cu.

Tectonic has recently completed a second drilling campaign at Specimen Hill. All holes have intersected mineralization at depths to over 100m from surface, validating the continuity of both geology and grade observed at surface.

About the Mount Cassidy Prospect:

The Mount Cassidy prospect is located near Tectonic Gold’s flagship Specimen Hill project, approximately 50km NW of the regional centre of Rockhampton, Queensland Australia.

A large ovoid 4km2 magmatic hydrothermal IRGS system, confirmed from mineral chemistry and geophysical research, has been further assessed through a collaborative research project between CODES and Tectonic Gold.

Gold bearing veins emanating within this porphyry system have been historically mined with grades of 15g/t Au recorded from selective mining.

Geological mapping of the hydrothermal system at Mount Cassidy has confirmed classic porphyry style potassic and phyllic alteration over a large area that has been overprinted by gold bearing fluids emanating from a regional reidel-style shear system that cross-cuts the prospect.

About Tectonic Gold:

Tectonic Gold is a specialist gold exploration company, focused on the identification and delineation of large-scale, multimillion-ounce Intrusion Related Gold Systems (“IRGS”). Tectonic Gold holds a number of gold discoveries in the New England Orogen in Eastern Australia, a prolific gold region that is home to Australia’s two largest gold production companies, Newcrest Mining and Evolution Mining. Rio Tinto, one of the largest copper companies in the world has recently taken a large tenement alongside Tectonic’s Specimen Hill project.

Qualified Persons:

Mr Jonathan Robbeson – BSc (Hons1), MEconGeol, MMinEng, (CP Geo) is a full time employee Signature Gold Limited and is a registered Chartered Professional (Geology) with the Australian Institute of Mining and Metallurgy (AusIMM – 304542). Mr Robbeson has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and the activity being undertaken to qualify as a Competent Person as defined in the Note for Mining Oil & Gas Companies, June 2009, of the and the 2012 Edition of the ‘Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ (JORC Code). Mr Robbeson consents to the inclusion in the release of the matters based on his information in the form and context in which it appears.

Table 1 information for this release can be found on the Company website.

The Directors of the Company accept responsibility for the contents of this announcement.

For further information, please contact:

Tectonic Gold plc
Brett Boynton
Sam Quinn
www.tectonicgold.com.
@tectonic_gold
+61 2 9241 7665

VSA Capital Limited
Financial Adviser, AQSE Corporate Adviser and Broker                                                     +44 20 3005 5000
Andrew Raca – Corporate Finance
Andrew Monk – Corporate Broking

Ends

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.