Tectonic Gold Plc Mount Cassidy IRGS Research Results
22 February 2019 - 6:00PM
UK Regulatory
TIDMTTAU
22 February 2019
TECTONIC GOLD PLC
("Tectonic Gold" or the "Company")
Mount Cassidy IRGS confirmed with CODES Research program
Tectonic Gold plc (TDIM: TTAU), the Intrusive Related Gold System ("IRGS")
exploration pioneer, is pleased to announce that the collaborative research
project run in consultation with the Centre of Ore Deposit Excellence Studies
"CODES" on its Mount Cassidy Prospect has been published and reviewed. The
study confirmed the IRGS nature of the magmatic hydrothermal system which is
the source of the gold discovery at Mount Cassidy.
Highlights:
* Successful research result under to the Company's Australian Federal
Government supported IRGS research and development program
* Shear system at Mount Cassidy hosting dilational gold enrichment
* + 30g/t gold grades confirmed from rock chip samples
* Follow up deep penetrating geophysical mapping planned to provide final
drill targeting on the system
The year-long research study has confirmed the existence of a complex
interaction of two styles of mineralisation at Mount Cassidy:
1. Pre-deformation; stratabound VHMS Copper and Zinc, Gold, Silver
mineralisation
2. Post Deformational; Epizonal to Epithermal IRGS Gold, Silver mineralisation
The successful collaborative research study between CODES and Tectonic Gold has
confirmed a magmatic hydrothermal system at Mount Cassidy that has been
overprinted by a large scale riedel shear system. There is dilational gold
enrichment in structures with gold grades of over 30g/t assayed.
The success of the targeting study validates Tectonic Gold's ongoing research
program into utilising new technologies to identify and delineate Intrusive
Related Gold Systems. A deep penetrating 3DIP survey utilising the same
Canadian DIAS 3DIP technology that successfully identified targets for drilling
at the Company's Specimen Hill project is being planned for final drill
targeting with drill testing to follow.
About the Mount Cassidy Prospect:
The Mount Cassidy prospect is located near Tectonic Gold's flagship Specimen
Hill project, approximately 50km NW of the regional centre of Rockhampton,
Queensland Australia.
A large ovoid 4km2 magmatic hydrothermal IRGS system, confirmed from mineral
chemistry and geophysical research, has been further assessed through a
collaborative research project between CODES and Tectonic Gold.
Gold bearing veins emanating within this porphyry system have been historically
mined with grades of 15g/t Au recorded from selective mining.
Geological mapping of the hydrothermal system at Mount Cassidy has confirmed
classic porphyry style potassic and phyllic alteration over a large area that
has been overprinted by gold bearing fluids emanating from a regional
reidel-style shear system that cross-cuts the prospect.
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 New England Orogen in Eastern Australia, a prolific gold
region that is home to Australia's two largest gold production companies,
Newcrest Mining and Evolution Mining.
At the beginning of 2019 Tectonic reached agreement with VAST Minerals Sands
Pty Ltd ("VAST") to farm in to a 50% economic interest in VAST's diamond
concession on the South African Government's Alexkor diamond mine. Tectonic
plans to utilise cash flows from this project to fund further exploration and
development of the Company's gold portfolio.
All gold assets, namely the Biloela, Clermont and Mount Cassidy Projects in
Queensland are 100% owned and operated by Tectonic Gold.
Funds will be allocated to progressing the Mt Cassidy prospect during the 2019
calendar year with some diamond drilling currently being planned to be
undertaken at the Prospect under its existing drill for equity deal with
Titeline Drilling. 7,500m of diamond drilling remains available on a 50% cash
payment basis under this agreement.
Mr. Brett Boynton, Managing Director - Tectonic Gold Plc
"Mount Cassidy is proving up to be a very promising follow on project to
Specimen Hill. We are fortunate to have two high quality assets in the
portfolio and working across both of them has enabled us to make some key
technical breakthroughs.
The next steps at Mount Cassidy are to repeat the process that has given us
success at Specimen Hill and drill some additional holes later in the year.
Subject to the cash flows from our diamond partnership, we plan to test some
key areas with drilling in the second half."
We have shared a selection of images on the website at www.tectonicgold.com and
on Twitter @tectonic_gold.
Qualified Persons:
Mr Jonathan Robbeson - BSc (Hons1), MEconGeol, MMinEng, (CP Geo) is a full time
employee of the Company's wholly owned subsidiary, 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 James Yaxley - BSc, is a full time employee of Signature Gold Limited and is
a member of the member of the Australian Institute of Geoscientists (AIG) and
the International Association of Hydrogeologists (IAH). Mr Yaxley has
sufficient relevant professional experience in mineralisation and deposit
styles within the Company's tenure. Mr Yaxley qualifies 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 and Mr Yaxley consent to the inclusion in the release of the
matters based on their information in the form and context in which it appears.
Table 1 information required for the reporting of Exploration Results, Mineral
Resources and Ore Reserves' in accordance with the guidelines of the 'JORC
Code' can be found on the Company's website for the Mount Cassidy Prospect.
The Directors of the Company accept responsibility for the contents of this
announcement.
For further information, please contact:
Tectonic Gold plc +61 2 9241 7665
Brett Boynton
Sam Quinn
www.tectonicgold.com.
@tectonic_gold
NEX Exchange Corporate Adviser and Broker
Peterhouse Capital Limited +44 20 7469 0930
Mark Anwyl
Financial Adviser and Broker
VSA Capital Limited +44 20 3005 5004
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.
END
(END) Dow Jones Newswires
February 22, 2019 02:00 ET (07:00 GMT)
Tectonic Gold (AQSE:TTAU)
Historical Stock Chart
From Jun 2024 to Jul 2024
Tectonic Gold (AQSE:TTAU)
Historical Stock Chart
From Jul 2023 to Jul 2024