Tectonic Gold Plc - Drilling Update From Mount Cassidy Project PR Newswire

9 February 2021

TECTONIC GOLD PLC

(“Tectonic Gold” or the “Company”)

 Drilling update from MOUNT CASSIDY Project

Tectonic Gold plc (TDIM: TTAU), the specialist Intrusive Related Gold System (“IRGS”) explorer, is pleased to announce further progress of the January 2021 drill program at Mount Cassidy, in Queensland, Australia. 

Mount Cassidy Highlights:

  • 7 Holes completed for 778m, all intersecting gold bearing sulphides
  • Maintains our 100% targeting accuracy record
  • Previous surface sampling returned assays of +30g/t gold
  • Historic mining records show +15g/t gold processed
  • Textbook IRGS system confirmed
  • Incident free campaign extending our perfect safety record

Mr. Brett Boynton, Managing Director – Tectonic Gold Plc commented:

“We are very encouraged with the visual review of samples from the drilling at Mt Cassidy so far. The team has completed 7 holes with mineralisation intersected in every hole, maintaining our perfect record in drill targeting. We know from our extensive surface sampling and historic mining records, that high grade gold at Cassidy is associated with pyrites, which we have picked up in all of the holes to date. 

We have a strict safety-first policy, so with a major weather system nearby we have put drilling on hold temporarily with 4 holes to go. From drilling completed thus far, we have sufficient sampling to give us an excellent data set for our initial proofing analysis. Mt. Cassidy is an important project as Tectonic have made a discovery here which further justifies our IRGS methodology and advanced exploration technologies used to identify a system that had very limited surface expression.

We have tied together a number of disparate, historic, and artisanal scale operations which we tested with a broad soil sampling program which has provided indications that a large system might tie it together. We have followed this work up with an innovative, deep penetrating, geophysics survey that showed the structure of a major undercover system. Hitting mineralisation at depth in our reconnaissance drilling program is a confirmation of many years of field programmes; we are slowly putting this jigsaw puzzle together and we are extremely excited to have samples in the lab and ready for assay.

Mt. Cassidy gives us a rapidly advancing follow-on project which will become the focus should we progress our plans to partner on or sell down our nearby Specimen Hill project.

We have fielded a lot of interest following our announcement that drilling had begun at Mt Cassidy, so have provided a detailed summary of each of the holes below to share some of our thinking and how we are working this project.”

Exploration Update:

The January 2021 drilling campaign at the Mount Cassidy Prospect completed 7 of a planned 11 holes with 4 holes postponed due to weather.

Planned Holes Planned Metres Holes drilled Metres Drilled
11 Holes 1,500m 7 Holes 970

Samples have all been collected and logged and are in the laboratory for processing. Assay results will be reported in due course.

Sulphides have been successfully intersected in every hole that was drilled.

Completed holes and geology
Hole ID Easting
MGA94 z55
Northing
MGA94 z55
RL
(AHD)
AZI
(MAG)
Dip Total Depth
MCRC01 804,626 7,432,141 167 070 -65 90m
  • Target – A remnant magnetised feature and the top western portion of a Sub Audio Magnetics identified anomaly. Geology is represented by a surface shear structure.
  • Intercepted an oxidised grey chert with variable pyrite from trace to 2% Medium grey / pale green grey speckled variably fgr-mg pervasively silicified, feldspars over Biotite intermediate intrusive, with min hematite, quartz veins & epidote altered quartz veins.
  • Pyrite, & arsenopyrite is disseminated 
MCRC07 804,972 7,433,446 107 100 -65 100m
  • Target – A magnetic anomaly with a coincident western portion of elevated magnetic susceptibility.
  • Intersected intensely silicified v-fgr Chert that is pale - medium green/grey intercalated with lesser dark grey, to pale green grey speckled variably mg-cg pervasively silicified, feldspars over Biotite intrusive.
  • Pyrite is disseminated throughout. 
MCRC09 802,110 7,431,408 131 266 -65 126m
  • Target – Eastern portion of a linear magnetic and current channelling feature.
  • Intersected dark grey / green - fine / medium grained chloritic in places with biotite and white feldspars with minor pyrite fresh and oxidised, minor epidote altered quartz vein’s 1mm - 5mm parallel occasionally crosscutting from 0 - 103m. Between 103m – 126m EOH dark grey green/pink medium/ coarse grained with biotite and white and increasing pink feldspars down hole.
  • Disseminated and veiniform pyrites 
MCRC11 802,638 7,431,956 120 125 -62 150m
  • Target – Geophysical anomalous eastern portion of a discrete remnant magnetised zone associated with chalcedonic (low-T) quartz.
  • Intersected intercalated siliceous sediments with minor epidote, hematite, predominantly unaltered protolith.
  • Pyrite is disseminated throughout the sediment and does not appear to be vein related - mostly trace to minor throughout hole with Intermittent minor epidote & hematite from 84m to 110m.
  • A structure containing jasper in association with pyrite ~10% was intersected from 124 - 128m.
MCRC12 802,634 7,431,962 120 307 -62 150m
  • Target – Geophysical anomalous eastern portion of a discrete remnant magnetised zone associated with chalcedonic (low-T) quartz.
  • Intersected Intercalated siliceous sediments with the addition of some disseminated pyrite rich mudstones. 
  • Siliceous sediments were drilled to 42m with some trace pyrite. A dyke was intersected between 42-49m containing coarse grained chlorite alteration with biotite and 2% disseminated pyrite throughout.
  • Chalcopyrite was intersected in a mudstone between 99m -101m.
  • The rest of the hole intersected siliceous sediments with some minor mudstones (these mudstones have tr to min pyrite only) until EOH at 150m
MCRC17 802,418 7,432,720 113 060 -64 132m
  • Target – Discrete near surface magnetic feature associated with a Sub Audio Magnetic anomaly and highly distinct surface alteration.
  • Intersected medium grey / medium grained quartz fs groundmass with occasional biotite.
  • Disseminated pyrite to 2% variable oxidised and fresh. Epidote over quartz transitioning into medium grey / fine grained siltstone with cross cutting sub-1mm quartz veining and minor magnetite
MCRC18 802,076 7,431,577 132 280 -65 30m

                                       Target – Eastern portion of linear magnetic and Sub Audio Magentic anomaly.

                                       Intersected an oxidised chert with ~1 % pyrite to 30m where it intersected a dark grey green/pink, medium/ coarse grained intrusive with biotite & pink feldspars with pyrite.

                                       Hole suspended due to incoming weather system.

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.

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, Corporate Adviser and Broker  Andrew Raca – Corporate Finance
Andrew Monk – Corporate Broking
+44 20 3005 5000

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.