TriAusMin Commences Drilling at the Overflow Project, Central New South Wales, Australia
05.05.2014 | FSCwire
AurMay 05, 2014 /FSC/ - TriAusMin Limited (ASX: TRO) (TSX: TOR), ("TriAusMin" or the "Company") is pleased to announce that it has commenced a four hole, 400 metre drill program on its Overflow Project, located within the Western Lachlan Fold Belt, of Central News South Wales, Australia. This drill program comprises 200 metres of Reverse Circulation (RC) drilling at the Spooky Hill Gold Prospect and a single 200 metre diamond (DD) hole at the historic Overflow Mine.Background
The Overflow Project comprises two tenements EL 5878 (90.8% TRO) and EL 7941 (100% TRO) centred on the locality of Bobadah, 120 kilometres southeast of Cobar in Central NSW. The two tenements collectively cover 15 kilometres of strike on the regionally significant Coonara-Bluff Fault Zone and overlying felsic volcanics of the Early Devonian aged Majuba Volcanics. The Coonara-Bluff Fault Zone is the controlling structure for mineralisation in the Canbelego - Bobadah - Yellow Mountain - Mineral Hill Belt. The Overflow Mine was a past producer of gold, silver and lead and has been the focus of previous exploration in the area since mining ceased in 1942. Outside of the mine a number of regional prospects have been delineated and warrant further work (Figure 1).
Figure 1: Overflow Project showing combined tenements (ELs 5878 & 7941) outline and regional prospect locations.
To view Figure 1, click onto the following link:
http://www.usetdas.com/maps/triausmin/triausminmay52014002.jpg
Spooky Hill Gold Prospect (EL 7941, 100% TRO)
A preliminary RC drilling program consisting of 4 holes totalling 200 metres has commenced at the Spooky Hill Gold Prospect within EL 7941. The holes are designed to test along strike, and down dip / plunge from gold mineralisation intersected in RC drillholes completed by Delta Gold in 1995. Three RC holes intersected gold mineralisation, the best result being 24 metres grading 0.59 g/t gold including 10 metres grading 1.21 g/t from 28 metres in drillhole BBC3 in transitional material (Figure 2). BBC8 was drilled under BBC3 and returned 6 metres grading 1.0 g/t Au from 88 metres in fresh rock (2 metre minimal internal dilution and 0.1 g/t lower cut-off). BBC2 drilled off the northern end of the prospect may not have tested the main zone of mineralisation.
Mineralisation consists of a quartz-pyrite veined and silicified, poorly sorted, pebbly conglomerate and crystal rhyolitic volcaniclastics that outcrops as a 240 metre long, low ridge. The hostrocks are variably gossanous at surface and feature historical prospecting pits. It is unclear if the mineralisation is preferential (i.e. replacement of porous host lithologies) or is structurally controlled. Geochemical relationships indicate that supergene enrichment may occur and the current program will further test this concept. After completing these RC holes, the drill will move to the Overflow Mine.
Overflow Mine (EL 5878, 90.8% TRO)
Known mineralisation zones at the Overflow Mine are structurally controlled, polymetallic, have relatively short strike lengths and widths but are relatively long in the down-plunge orientation, typical of the Cobar style of mineralisation. The mineralisation is interpreted as discrete, steeply south plunging, high grade shoots on the faulted unconformable contact between the Girilambone Group metasediments and the younger Kopyje Supergroup felsic volcanics and volcaniclastics. The interpreted ore shoots remain open at depth and further drill evaluation is warranted. The host structure generally dips steeply west but is folded dipping vertically and steeply east in places. Mining at the Overflow occurred sporadically between the late 1890's and 1942 and was impeded by the water table. The first documented drillhole was completed in 1957 and numerous drillholes have been completed since with significant results. A summary of significant intercepts are tabulated in Table 1.
Table 1: Selected high grade drill intersections from the Overflow Mine (minimum mining width of 2 metres, 2 metre maximum internal dilution, no specific cut-off grades used.
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Hole_ID From To Downhole Au Ag Cu Pb Zn
(m) (m) Width(m) g/t g/t ppm % %
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BOBRCPC1 194.00 202.70 8.70 1.33 47 481 0.39 0.92
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BOBRCPC5 179.00 181.00 2.00 1.28 6 1865 2.82 3.76
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BOBRCPC6 185.35 190.00 4.65 8.49 79 2159 7.11 13.53
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BOBRCPC7 158.00 162.00 4.00 2.96 6 1708 0.12 0.4
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TBB001 163.00 173.00 10.00 4.44 21 733 1.27 2.98
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TBB003 228.00 234.00 6.00 1.57 5 1191 0.30 0.84
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TBB006 162.00 178.00 16.00 1.13 88 868 0.43 1.15
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TBB006 181.00 185.00 4.00 1.29 31 1131 0.98 1.9
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TBB008 198.00 205.00 7.00 1.67 135 381 0.51 1.35
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TBB008 236.00 243.00 7.00 6.67 19 3239 1.38 1.88
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TBB013 102.00 106.00 4.00 3.32 62 4252 2.71 2.48
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TBB016 165.001 68.00 3.00 5.23 16 1459 1.76 3.72
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TBB017 121.00 127.00 6.00 4.69 39 2132 1.88 2.38
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TBB017 136.00 142.00 6.00 7.55 29 1108 1.55 3.59
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TBB024 269.00 285.00 16.00 1.23 7 765 0.73 1.08
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TBB025 226.00 231.00 5.00 0.89 144 567 0.60 1.83
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TBB026 228.00 233.00 5.00 0.88 137 481 0.42 1.03
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TBB026 239.00 242.00 3.00 1.53 116 888 0.10 0.7
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TBB027 204.00 209.00 5.00 1.25 13 1030 1.00 1.8
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TBOB2 82.00 85.00 3.00 1.87 23 2997 2.54 3.47
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TBOB10 68.00 70.00 2.00 4.35 60 4275 1.69 2.53
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RAB10 18.50 24.50 6.00 4.48 7.75 4572 0.29 0.03
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Figure 2: Map of Spooky Hill Prospect showing historical (BBC_) and proposed (SHTRC_) drillholes. Grid shown is in GDA94.
To view Figure 2, click onto the following link:
http://www.usetdas.com/maps/triausmin/triausminmay52014003.jpg
The single, 200 metre diamond hole will be drilled to test for two possible shoot orientations (as indicated in pink in Figure 3), firstly, a gently south-plunging shoot extending from approximately 20570N through BOBRCPC6 and continuing to an interpreted fault and, secondly, a near vertical shoot extending from Booth's Shaft through TBB001 and BOBRCPC 6. The hole will also fill the current gap between and above significant zones in holes TBB001 and BOBRCPC6 (refer to Table 1 and Figure 3).
Final assay results are anticipated to be received by early June 2014.
Figure 3: Cropped long-section (looking grid west) through the Overflow Mine (local mine grid) showing projected pierce point of the proposed diamond hole and possible grade trends. Red points are mineralised drillhole pierce points, blue non-mineralised drillhole pierce points. Historical mine workings are also shown.
To view Figure 3, click onto the following link:
http://www.usetdas.com/maps/triausmin/triausminmay52014005.jpg
About TriAusMin
TriAusMin is engaged in the exploration and development of base and precious metals deposits in the Lachlan Fold Belt of New South Wales, Australia. TriAusMin's projects include the Woodlawn Project, the Lewis Ponds Project located near Orange, as well as a number of other quality exploration properties in the Lachlan Fold Belt.
For further information, please visit www.triausmin.com or contact:
Australia:
Mr Wayne Taylor, Managing Director and Chief Executive Officer
Tel: +61 02 9299 7800 (Sydney)
inquire@triausmin.com
Canada:
Tel: +1 905 727 8688 (Toronto)
info@triausmin.com
Competent Person Declarations
The technical information in this report relating to the exploration results for the Overflow Project is based on information compiled by Mr Erik Conaghan, who is a Member of the Australasian Institute of Geoscientists. Mr Conaghan is a full-time employee of TriAusMin Limited and has sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 edition of the "Australasian Code for Reporting of Exploration Results and "qualified person" as this term is defined in Canadian National Instrument 43-101 ("NI 43-101"). Mr Conaghan consents to the inclusion in this report of the information in the form and context in which it appears.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION
This news release contains forward-looking statements and forward-looking information within the meaning of applicable Canadian securities laws, which are based on expectations, estimates and projections as of the date of this news release. This forward-looking information includes, or may be based upon, without limitation, estimates, forecasts and statements as to management's expectations with respect to, among other things, the generation of revenues by the Company, the timing and amount of funding required to execute the Company's exploration, development and business plans, capital and exploration expenditures, the effect on the Company of any changes to existing legislation or policy, government regulation of mining operations, the length of time required to obtain permits, certifications and approvals, the success of exploration, development and mining activities, the geology of the Company's properties, environmental risks, the availability of labour, the focus of the Company in the future, demand and market outlook for precious metals and the prices thereof, progress in development of mineral properties, the Company's ability to raise funding privately or on a public market in the future, the Company's future growth, results of operations, performance, and business prospects and opportunities. Wherever possible, words such as "anticipate", "believe", "expect", "intend", "may" and similar expressions have been used to identify such forward-looking information. Forward-looking information is based on the opinions and estimates of management at the date the information is given, and on information available to management at such time. Forward-looking information involves significant risks, uncertainties, assumptions and other factors that could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking information. These factors, including, but not limited to, fluctuations in currency markets, fluctuations in commodity prices, the ability of the Company to access sufficient capital on favourable terms or at all, changes in national and local government legislation, taxation, controls, regulations, political or economic developments in Canada, Australia or other countries in which the Company does business or may carry on business in the future, operational or technical difficulties in connection with exploration or development activities, employee relations, the speculative nature of mineral exploration and development, obtaining necessary licenses and permits, diminishing quantities and grades of mineral reserves, contests over title to properties, especially title to undeveloped properties, the inherent risks involved in the exploration and development of mineral properties, the uncertainties involved in interpreting drill results and other geological data, environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins and flooding, limitations of insurance coverage and the possibility of project cost overruns or unanticipated costs and expenses, and should be considered carefully. Many of these uncertainties and contingencies can affect the Company's actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, the Company. Prospective investors should not place undue reliance on any forward-looking information. Although the forward-looking information contained in this news release is based upon what management believes, or believed at the time, to be reasonable assumptions, the Company cannot assure prospective purchasers that actual results will be consistent with such forward-looking information, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither the Company nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking information. The Company does not undertake, and assumes no obligation, to update or revise any such forward-looking statements or forward-looking information contained herein to reflect new events or circumstances, except as may be required by law.
No stock exchange, regulation services provider, securities commission or other regulatory authority has approved or disapproved the information contained in this news release.
ORC Code, 2012 Edition - Table 1
Section 1 Sampling Techniques and Data
To view Section 1, click onto the following link:
http://www.usetdas.com/maps/triausmin/JORCCode2012EditionTable1Section1.pdf
Section 2 Reporting of Exploration Results
(Criteria listed in the preceding section also apply to this section.)
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