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Mr. Brett Boynton, Managing Director – Tectonic Gold Plc
“We are very pleased to be back in the field after delays due to bush fires last year and COVID this year. These initial assay wins from our drilling setup are a great way to start the campaign. Having Rio move in next door since our last drilling campaign has also given us a lot of encouragement that we are hunting for elephants in the right area. It is going to be an exciting few weeks and hopefully all the painstaking hours of analysis and preparation in follow up targeting will deliver more of the success we enjoyed in the last outing.”
Drilling update from Specimen Hill Project
Tectonic Gold plc (TDIM: TTAU), the Intrusive Related Gold System (“IRGS”) exploration pioneer, is pleased to announce preliminary costean sampling results from the site preparation for the drilling program at the Specimen Hill Prospect in Queensland, Australia.
Highlights:
Drill rig access roads cut and drill pad preparation completed
Costeans cut on drill pads to expose fresh rock at surface mineralisation
Sampling has returned assays of +3.5g.t. Gold and +45g.y Silver
During the past few weeks our field team in Queensland were preparing access tracks and drill pads for the drilling campaign. This involves earthworks, utilising a bulldozer to clear tracks and establish level pads at each location to situate the drilling rig. In clearing the pads the team utilised the bulldozer to cut some shallow costeans into the identified mineralisation at surface to expose fresh rock. Samples were taken from these mineralised features and assayed to provide confirmation on targeting for the drilling. The campaign is designed to test grade at depth below this identified and tested surface mineralisation.
Assaying returned proven gold mineralisation in every sample and some excellent results including:
Sample 30426 : 3.23g.t Au and 45.5g.t Ag
Sample 30427 : 3.88g.t Au and 39.5g.t Ag
Sample 30427 also returned over 2.5% Copper.
All of this is as expected and consistent with previous testing of the Specimen Hill Intrusive Related Gold System.
Hi Camkite,
No. The sooner this is listed on another exchange the better. Fingers crossed H1 next year.
I use Hargreaves & Lansdown and have been very happy with the service they provide.
The phone dealing charges are 1% (£20 minimum, £50 maximum)
HlInvestor, thank you for the update.
Good to see confirmation of the progress being made. And the expectation of “ good news flow over the next 8 weeks. ”
Typo - Should read, “ They already have proved high grade gold exists.”
Hi HlInvestor,
“ If they prove high grade gold at their identified high conviction targets.”
They already have proved high gold exists. This is now an exercise to start proving up how much there is.
Excellent interview, with a lot of very positive language being used by the CEO.
Three drilling campaigns (Specimen Hill, Mount Cassidy, and Southern Copper) to start imminently.
The prep work to allow access for the drilling rigs, “is already active”.
General
“The drilling itself is a relatively quick process. We will get that done over a few weeks”. “Targeting the high conviction areas”, “We should have good news flow between now and Christmas”. “and in addition to the drilling results”, “we will be looking for those bonanza wins where we find something on the ground”, “fingers crossed we will have some corporate news as well”
Interviewer – “it could be a bonanza Christmas”
“A lot of science” - £7M already spent generating data on the “pre-advanced drilling program”
With regard, to not being active at a time when their peers have raced ahead, share price-wise. - “hoping to catch-up on all the lovely looking share price graphs”
On the back of a successful drilling campaign, “a duel listing on another exchange”
“The majors are looking for replacement ounces”, “with the big cash reserves they’ve got in place M&A is very much on their agenda and this is the part of the cycle where they are starting to invest in exploration companies” “we are in an exciting phase of the cycle for the junior gold players and I think we can openly say that we have had every major gold company in Australia and a number of the international ones in our data room looking at our data. We are actively courting them”
Specimen Hill
2018-2019 drilling campaign – “Extremely successful”, “hit mineralisation on every hole”, “up to 35g of gold per ton”
“we’ve taken the huge amount of data generated” & “done detailed analysis” and are “honing in on the high-grade portion”
“multiple targets” already identified. “So we have a pretty high conviction going in there”. “Discovery made, this is a new deposit ready to be drilled out. We are now looking for the high-grade zone within the system”. “a lot of good science, already 65 holes intersecting mineralisation”
Mount Cassidy
“We’ve got some exceptionally high quality targets out of the geophysics”. “The geochemistry confirms a very high-grade prospectivity”. “very excited about the opportunity”.
Southern Copper
“a very exciting discovery” with RIO on the adjacent tenement.
Apologies, that should read:
Currently, only telephone dealing is available.
I should have had my first coffee before posting :)
Thanks HlInvestor.
Hi Steve1366,
Currently online dealing is only available. You will need to phone HL and speak with a dealer. The online facility should become available when Tectonic become dual listed. Although that probably won’t be until sometime next year. Hopefully H1.
GL
Boogles
Deniaport,
There was a trade at 8.20 this morning. Why do you ask, "are we suspended again"?
Hlinvestor,
Welcome aboard.
“This is not intended as a ramp. Am I missing something?” No, I feel like that is a pretty good summary. They are also generating a small amount of non-dilutive income from South African diamond mining with the potential of further divestment cash in the near-term.
It appears to be shaping up to be a very interesting 6 months ahead.
It would appear that the research note and planned drilling campaign have been well received...
All very positive. My particular short-term favourite is "JORC resource expected within 6 months following 3,500m of drilling"
"Identified and proven gold bearing systems in a highly prolific area Tectonic Gold is well positioned to provide the majors with replacement projects. The company has two large, advanced projects, one of which could be a Mt. Morgan (8Moz gold) lookalike, in a highly prolific gold belt. More than 3Moz is now being targeted at each of these two projects after gold bearing systems at each of these projects have been confirmed. Investors benefit from a past £7.5m spend, resulting in compelling discoveries and multiple drill ready targets.
JORC resource expected within 6 months following 3,500m of drilling
There are short-term plans for further drilling at the flagship Specimen Hill which seems to be shaping up to have impressive potential. Already, two principle mineral systems (epithermal and porphyry) consisting of Au/Ag and Cu/Au from multi-phase hydrothermal events have been confirmed.
Rio Tinto has pegged acreage next door to Tectonic’s flagship project
At the large Biloela Project, Tectonic has given up some ground to focus more on the sweet spot found at Specimen Hill. Rio Tinto has also just taken 60% of the ground that was released. The majors are watching.
Peer comparisons suggests considerable upside potential
A highly-leveraged play on the price of gold. We update coverage of Tectonic Gold with a target price of 5.54p and Conviction Buy stance."
Good to see, and hopefully now some real progress can be made in the coming months.