Taiton eyes large-scale molybdenum potential at Highway project
Special Report: Assays from Taiton Resources’ first drilling program at its Highway project in South Australia have confirmed broad-spaced mineralisation at the Merino prospect up to 1,330ppm molybdenum over 1m.
The company is looking for massive deposits at the underexplored 2,930km2 project, which hosts shallow magmatic-hydrothermal mineralisation interpreted to have formed at the same time as the world-class Olympic Dam deposit in South Australia’s Gawler Craton.
Olympic Dam is one of the one of the world’s largest iron-oxide-copper-gold (IOCG) deposits and the fourth largest copper deposit globally.
Soil sampling earlier this year already identified a coherent molybdenum anomaly and, in September, Taiton Resources’ (ASX:T88) completed its maiden drill program at the Merino prospect.
Now assays have confirmed molybdenum mineralisation at the project.
Molybdenum is primarily used as an additive in alloy steels to improve strength, toughness, and weldability for a range of applications in manufacturing processes such as carmaking, shipbuilding, construction, as well as mining, chemical, oil & gas and energy industries.
All assay results have been received, revealing broad intervals of molybdenum and base metal anomalism, including up to 1m at 1,330 ppm molybdenum.
In addition, samples adjacent to molybdenum anomalism returned elevated levels of lead, zinc and silver.
The company says this drilling suggests Merino is helping vector exploration in the search for a potential core of a mineralised system.
“This is an exciting time for Taiton as we are finally doing real mineral exploration and I am especially excited to finally get some real geochemistry,” T88 executive director Noel Ong said.
“This first phase of our drilling has confirmed our initial belief that the highway project holds the potential for a hidden mineral system that has a significant polymetallic discovery.”
Assay results from the second phase of drilling at Merino are pending.
Based on the current exploration progress at Merino, T88 has expanded exploration efforts within the Highway project, targeting areas with the potential to host mineralisation associated with the Hiltaba Suite Granites (HSG).
Through broad-spaced field traverses, evidence of hydrothermal activity in metasedimentary units within a corridor exceeding 10km in strike length has been identified.
Ong says the results are a clear indication that the project has the hallmarks of a hydrothermal system driven by felsic intrusion.
“The results have identified that we are too high up in the profile and this has prompted exploration to seek the potential boundary of the intrusion,” Ong said.
“The geological evidence is supportive of a mineralised system.
“The broad mineralisation indicates to us that the region is ‘cooking’ something of scale.”
The company has completed a heritage survey to expedite exploration in Q1 2024, enabling soil sampling, gravity surveys, and broad-spaced reconnaissance drilling.
“The exploration team has been quick to move to the next phase of our exploration by completing a heritage survey to allow testing of the regional prospectivity,” Ong said.
“The team has identified regions that appear to be potential for IOCG and related styles of mineralisation.
“Exciting times lay ahead for shareholders and stay tuned for upcoming news.”
This article was developed in collaboration with Taiton Resources, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.