Drilling for success in 2013
Transol Corporation is an ASX listed gold-copper company (ASX:TNC) focused on growth through disovery and exploration success.
Over the last 12 months, Transol has repositioned from being a diversified technology company to a focused mineral explorer following the acquisition of a high quality exploration portfolio located north of Alice Springs in the Northern Territory.
- Recently repositioned as an Australian gold-copper company
- Acquired 100% of high quality minerals portfolio in the Norther Territory including Johnnies Reward
- Divested technology assets
- Completed two initial drilling progrms at Johnnies Reward with outstanding results
- Comfirmed large-scale skarn system with broad halo of gold-copper and zones of high grade gold
- Multiple gold targets offering significant upside
- New phase of exploration underway in 2013 - diamond drilling, DHEM, soil sampling and mapping
Transol's flagship Johnnies Reward Gold-Copper Project, located 75kms north-east of Alice Springs, hosts an extensive iron oxide copper gold (IOCG)-style system containing over 20sqkm of high-grade gold and copper mineralisation.
In March 2013, Transol exercised its option to increaes its interest to 100% ownership of the Johnnies Reward Project, replacing the previous joint venture with Davenport Resources (49%).
To date, Transol has completed two phases of drilling at Johnnies Reward, following up historic results generated by Alcoa in the 1980s. The two drilling programs confirmed the presense of high-grade gold mineralisation extending 200m down-plunge from surface, remaining open in all directions and interpreted to continue to at least 500m down plunge.
Significant results from these drilling programs at Johnnies Reward have included:
- 12JRRC001 - 24m @ 4.19g/t Au and 0.33% Cu from 79m
- 12JRRC004 - 34m @ 3.83g/t Au and 0.44% Cu from 63m
- 12JRRC010 - 16m @ 2.01g/t Au and 0.15% Cu from 120m
- 12JRRC015 - 22m @ 1.23g/t Au and 1.21% Cu from 117m
Follow-up drilling programs are planned to be undertaken at Johnnies Reward during 2013, designed to in-fill and extend the mineralisation and lay the foundations for a maiden JORC compliant Mineral Resource estimate.
Transol has also identified a number of regional exploration opportunities at Johnnies Reward during a soil sampling program conducted over regional magnetic anomalies during November 2012. The results have highlighted an anomalous corridor of surface gold and copper mineralisation located 1.5km north of Johnnies Reward, including the exciting Black Angus anomaly.
Several of these regional prospects will be tested during 2013.
The acquisition of the Johnnies Reward Project also included 100% of the Hatches Creek Project, located 325kms north-east of Alice Springs. The Project covers the historic Hatches Creek mining field where over 2,800 tonnes of Tungsten was produced in the 1930s.