Skip to content

Tectonic Gold Plc - Statement re. Completion of drilling

Announcement provided by

Tectonic Gold Plc · TTAU

29/11/2022 07:00

Tectonic Gold Plc - Statement re. Completion of drilling PR Newswire

29 November 2022


(“Tectonic Gold” or the “Company”)


Tectonic Gold plc (TDIM: TTAU), the Intrusive related Gold System exploration company, is pleased to announce completion of the drilling campaign at the Specimen Hill project in Queensland, Australia.


  • 350m deep diamond core below Goldsmith’s Reef completed, intersecting bullseye geophysical target below high-grade historic mine.
  • Ideal conditions enabled a second 180m deep hole to be completed intersecting an adjacent geophysical target.
  • Selected mineralised core samples were split and prepared on site for assay, prior to demobilisation.
  • Assays pending.
  • Joint venture discussions to be pursued.
  • Tectonic will be participating in the VSA Capital – Aquis Investor Showcase 29th November.

Dangerous weather forced our Goldsmiths Reef campaign to be suspended in January 2022. At the time we were completing a critical final hole in the campaign, but had less than 200m of a planned 350m deep hole Drilled. Mineralisation in the last ten meters returned assays of up to 8.17g.t Au in narrow 1m wide veins which we were eager to follow up on.

Goldsmith’s Reef is a high-grade historic mine that was in small scale operation prior to World War I. Tectonic used advanced geophysical surveillance technology to map the depth extension of the known mineralisation at surface, This identified a potential source zone for the gold. The 350m deep hole was designed to intersect the extension of the mineralised zone below the old workings and test the potential source zone.

Geophysical testing also identified a secondary proximal target at 180m depth. With ideal drilling conditions over the last few weeks, we were able to drill and test this second zone as well.

In-field geological analysis has confirmed multiple intersections of mineralisation from these two holes and sample lengths of core have already been prepared for assay. Results will be reported as soon as possible, subject to laboratory testing availability.

The Company expects to have sufficient information from the completion of this campaign to support joint venture discussions for the further development of the Specimen Hill project. During the last two drilling campaigns the Company hosted a number of large gold producers on site and shared technical with a view to partnering on the development of Specimen Hill. These discussions will be renewed with additional potential partners also invited to look at the upgraded technical information package. Progress will be reported when appropriate.

Subscribers under the September 2020 fundraising received a warrant on a one-for-one basis whereby each warrant entitled the holder to subscribe for a new Ordinary share at 1.4p per share at any time prior to the expiry of 30 days after the Company publishes the results of its drilling programme (the “Drill Warrants”). These expire 30 November 2022. The Company recognises that these warrants are out of the money, however as there is no current need for liquidity, the warrants will not be extended.

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
+61 2 9241 7665

Financial Adviser, Corporate Adviser and Broker

VSA Capital Limited                                                                                                          +44 20 3005 5000 Andrew Raca – Corporate Finance

Andrew Monk – Corporate Broking


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.

View more ...

TTAU announcementsAll announcements


  • About
  • News
  • Investor Relations
  • Contact
  • Careers

© Aquis Exchange 2023. All rights reserved.

Terms & ConditionsPrivacy PolicyModern Slavery & Human Trafficking Policy
System statusnormal