Taruga’s Thowagee produced high grade lead and silver in a concentrate in 1956. Pic: Getty Images
Taruga takes the Lead to revive historic Gascoyne mine
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- Taruga Minerals begins fieldwork at WA mine which produced high grade lead and silver close to 70 years ago
- Option agreement boosts Taruga’s major +400km2 land package in WA’s emerging northern Gascoyne
- Renewed exploration push comes as silver prices hit 13 year high
Special Report: ASX explorer Taruga Minerals is turning its attention to a forgotten lead and silver mine in WA that has laid dormant for 70 years, joining an exploration rush in WA’s northern Gascoyne region.
Prospected by old timers for over a century, the minerals rich province on WA’s coastline has received a new lease on life, with major discoveries in rare earths, gold, lithium and more shining a spotlight on the district.
The time could be right to revive the Thowagee mine, which has gone curiously underexplored since 1956, when 15.2t of lead and 5878g of silver were extracted in a concentrate produced on site, along with hints of gold, copper and zinc.
It will receive renewed focus from a reconfigured Taruga Minerals (ASX:TAR), which commenced field exploration in the past week looking to exploit the potential riches below high-grade base and precious metals mineralisation in outcrops.
The project is contiguous with ground applied for by Taruga comprising 416.5km2 of prospective tenure in the northern Gascoyne, and already boasts impressive grades in historic rock chips including:
- TH9 – 286g/t silver, 59.3% lead
- TH16 –134 g/t silver, 0.6g/t gold, 30.3% lead
- TH25 – 86g/t silver, 22.1% lead, 3.95% zinc
- H12 – 88 g/t silver, 0.39g/t gold, 15.5% lead, 4.35% copper; and
- TH 8 – 19.5% copper, 0.55g/t gold.
Mapping and sampling has begun at the Thowagee mine, with reconnaissance exploration also taking place in surrounding areas within the tenement.
“The commencement of field work in the Gascoyne represents an exciting new chapter for Taruga, as we pursue base and precious metal targets in an area with numerous high grade outcropping workings, with minimal modern exploration,” TAR non-executive director David Chapman said.
Experience tapped
Also joining the Taruga team with the option over the Thowagee project, which contains an additional historic mining site at Thowagee Bore, is geologist Luke Blais.
His knowledge of the region is a major asset, having shared the AMEC Prospector of the Year Award with the team behind Dreadnought Resources’ (ASX:DRE) Yin rare earths discovery in 2023.
Rock chip sampling has already begun around historic workings with the cooperation of the Buurabalayi Thalanyi Aboriginal Corporation and Yamatji Marlpa Aboriginal Corporation, representing the Thalanyi People and Budina Group on whose lands Taruga is exploring.
The lead sulphide mineral galena has been extracted from these workings, with lab assay results expected in four to six weeks.
“Initial reconnaissance has confirmed numerous historical workings extending further than expected from historical reporting along the two distinct mineralised trends with historical workings extending over 200m along each north-northeast and north-northwest trend,” Taruga noted in a recent ASX announcement.
The Thowagee Bore prospect sits further to the south and is reported to be galena dominant with evidence of lead, silver, copper and zinc mineralisation, but the location and historical production of the exact site has not yet been verified.
Taruga has secured the six month option via a $15,000 payment to vendor Western Silver Pty Ltd, and can exercise its right to the tenement by issuing Taruga shares to the value of $85,000 at any point within that exclusive period based on the 14-day VWAP prior to settlement.
Historical exploration at Thowagee and three contiguous applications focused on base and precious metals.But no drilling has occurred, presenting a major opportunity to generate value through modern exploration.
Taruga’s fresh approach at Thowagee comes at a time when silver prices are on the rise, sitting at 13-year highs of US$34/oz.
That has been powered by both safe haven investment demand and surging solar panel production, with the metal sitting in large deficits for the best part of half a decade, leading bullish analysts to suggest it could return to record levels of US$50/oz not seen (on a nominal basis) since the Hunt Brothers squeeze in 1980.
This article was developed in collaboration with Taruga Minerals, 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.
