Tectonic Gold logo

TTAU - Tectonic Gold News Story

1.3p 0.0  2.0%

Last Trade - 01/03/21

Sector
Basic Materials
Size
Micro Cap
Market Cap £8.89m
Enterprise Value £9.07m
Revenue £219k
Position in Universe 1603rd / 1807

Tectonic Gold Plc: Initial Drilling Results from Specimen Hill

Mon 21st December, 2020 8:36am
21 December 2020

TECTONIC GOLD PLC

(“Tectonic Gold” or the “Company”)

 Initial Gold Silver and Copper results from Specimen Hill

Tectonic Gold plc (TDIM: TTAU), the Intrusive Related Gold System (“IRGS”)
exploration pioneer, is pleased to announce the very positive, initial assay
results from the drilling program at the Specimen Hill Prospect in Queensland,
Australia. 

Highlights:
*
11 holes drilled with assays back from the first 3 holes.
*
Gold/copper/silver mineralisation intersected in all holes
*
Vertically extensive ore body ~10m thick within a tightly controlled within
fault system.
*
Mineralisation mapped over a 3km long strike and tested to 120m at depth. It
remains open in all directions.
*
Polymetallic deposit assaying +1.5% copper
*
High grade core (+16g/t gold and up to +15g/t silver over 1m)
*
Medium grade halo (3.01g/t gold and 2.33 g/t silver over 7m)
*
Remaining drill samples logged with similar characteristics, so expecting
grade continuity from additional assays after Christmas.

Mr. Brett Boynton, Managing Director – Tectonic Gold Plc

“This is a fantastic early Christmas present, and the team couldn’t be
happier with results so far. We now have vectors proving high grade
mineralisation from surface to over 100m depth across a system in excess of
3km in length. We are working this up in a disciplined sequence, targeting
mineralisation to 100m depth to start with as this is the scope for any future
open pit mine. Below 100m the ore zone becomes an underground mining target.
What we are now looking at with Specimen Hill is a number of open pits which
can brought into production to cash flow fund moving into a long-life
operation. This is typical of what we see at Newcrest’s flagship Cadia
complex to the south and is what we believe other gold and copper majors such
as Rio Tinto will be looking for.

I would like to say thank you to our incredibly supportive shareholders who
backed us to get the next phase of this project underway. I also want to give
a special mention to our technical team that have “toughed it out this
year”, as the Aussies like to say. COVID forced us into a late start and
rains have been a complication but we are benefiting from a disciplined
approach over a number of years.

With Southern Copper still to be drilled and Mt Cassidy also ready for first
testing we have plenty of blue sky ahead of us in 2021.”

Results

Following the successful 2018/19 campaign using Tectonic’s proprietary
technological approach, drill targeting has again proved 100% accurate with
significant intersections of mineralisation at over 100m depth from the first
three holes of the 2020 follow up drilling campaign.

Initial assay results of a sub-sample of the first three holes (SHRC17, 20 and
22) from the recent drilling that were sent for rapid turnaround have
delivered an outstanding start to the campaign. These have proven the scale
and grade of Tectonic’s Intrusive Related Gold System discovery at Specimen
Hill.

 Hole ID  Easting_MGA94  z56  Northing_MGA94  z56  RL_AMSL  AZI_mag  Dip  Total Depth   
 SHRC17   270816              7321726              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   270999              7321843              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   271950              7321675              582      144      -70  200           
                                                                          * 1m @ 
                                                                          1.23g/ 
                                                                          t Au; 
                                                                          15.85 
                                                                          g/t Ag 
                                                                          and   
                                                                          1.77% 
                                                                          Cu    
                                                                          from  
                                                                          136m  

Samples from the remaining 8 holes were logged on site with very similar
characteristics, so we expect assays from these holes to return similar
results with gold/silver/copper mineralisation.

The mineralisation is found 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 already
extends over 3km. It is likely that further exploration will increase this
strike length as mineralisation outlying these structures was sampled in
previous fieldwork and returned high gold, silver and copper grades.
Geophysical reconnaissance shows the structures run at least 500m in depth.
Recent drilling has confirmed mineralisation matching that at surface, to at
least 120m in depth. Drill testing this envelope has given us proof of
Tectonic’s initial assessment that the Specimen Hill project is a
large-scale gold/silver/copper (polymetallic) system with multi-million ounce
potential.

Due to a major storm system pushing in from the coast, drilling has been
suspended after hole 11 and the team will return to the campaign in the new
year. This break will give us time to conduct further detailed analysis and
refine the follow up program. Given the success of the initial work we will
likely move immediately to a high density follow up drilling to inform JORC
resource definition and rapidly progress the project.

The Southern Copper discovery and Mt Cassidy test holes remain on the program
for the new year. Southern Copper is an opportunity to extend the Specimen
Hill project and we are looking forward to adding results from there into the
data room for potential partners. Mt Cassidy is the second Project in the
pipeline and we are looking to advance that so that we have a mature
exploration project in play in the event that we can close a transaction on
Specimen Hill.

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 reinterpreted historic data and identified the possibility of a
much larger system under cover. Through the use of advanced analytics and
pioneering a number of new technologies, Tectonic Gold mapped the structure
hosting the known gold bearing mineralisation and demonstrated a significant
epithermal gold prospect from surface to +500m with multiple potential
porphyry feeder zones at depth.

During the 2018/19 field campaign, Tectonic drilled 2,517m over a ten-hole
program testing the extensions of the Specimen Hill system. This campaign
returned gold intersections in every hole with grades of up to +35g/t Au
intersected. The current campaign is following up on the success of this
program to increase drilling density to confirm grade continuity. This is a
precursor to establishing a JORC compliant resource.

Drill Warrants

At the time of the last placing on September 9(th) 146,472,721 “drill
warrants” were issued ion a 1 for 1 basis to subscribers entitled the holder
to subscribe for a new Ordinary share at 0.7p per share at any time prior to
the expiry of 30 days after the Company publishes the results of its drilling
programme. These warrants have not yet been triggered as the drill programme
is not complete. The Company is aware of multiple interests to acquire the
warrants by new investors who would exercise and thus fund the Company with an
additional £1.025mn which would allow the Company to enlarge its drilling
programme and so the Company is supportive of helping to find a way to make a
transaction of this nature in the interests of all parties 

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 System (“IRGS”) assets. Tectonic Gold holds a number of gold
discoveries in the Lachlan Fold Belt 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 London Stock Exchange
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. Table 1 information for this release can be found on the Company
website.

For further information, please contact:

 Tectonic Gold plc Brett Boynton Sam Quinn www.tectonicgold.com .  @tectonic_gold   +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

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.



Copyright (c) 2020 PR Newswire Association,LLC. All Rights Reserved
© Stockopedia 2021, Refinitiv, Share Data Services.
This site cannot substitute for professional investment advice or independent factual verification. To use it, you must accept our Terms of Use, Privacy and Disclaimer policies.