(“Tectonic Gold” or the “Company”)
Drilling update from
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
“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.”
|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|
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
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.
The Directors of the Company accept responsibility for the contents of this announcement.
For further information, please contact:
|+61 2 9241 7665|
Financial Adviser, Corporate Adviser and Broker
|+44 20 3005 5000|
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