Thomson strikes new mineralised zone at Silver Spur
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Thomson has intersected a new zone of base metal-silver mineralisation with just the second hole at the historical Silver Spur Mine in southeast Queensland.
Hole TX002RCD of its initial drill program intersected the base metal-silver veins within a broad interval of quartz veining and alteration in the footwall of the Stokes Fault on the northern margin of the mine.
Drilling targeted the Silver Spur Cluster of chargeability anomalies which is one of multiple chargeability anomalies identified by Thomson Resources’ (ASX:TMZ) Dipole-Dipole Induced Polarisation (DDIP) survey.
Core from the hole is now being processed with assays expected in September.
However, the drill program has been severely constrained due to unprecedented rainfall making it difficult to access most planned sites.
“It is encouraging that mineralisation has been intersected in this early hole in our Silver Spur exploration program. The mineralisation is over a broad interval and is located in a new position that has not been tested previously highlighting the exploration potential at Silver Spur and the broader Texas area,” executive chairman David Williams said.
“The program has been a bit disjointed due to the land where the holes were planned still being extremely saturated from the ongoing unprecedented rain events.
“We have had to drill those planned holes where we could safely bring the drilling rig, which has severely curtailed our program.”
The quartz veining, base metal mineralisation and associated silicification is interpreted to extend west beyond the footwall of the Stokes Fault System that controls the mineralisation at both the Silver Spur mine and Twin Hills mine to the north.
This is outside the domains used for the previous resource estimate at Silver Spur and could represent a new zone.
Silver Spur is part of the Texas District deposits – including Twin Hills and Mt Gunyan, which have combined resources of 19.5Moz silver equivalent.
Any further drilling will have to wait until the ground has a chance to dry with the company halting operations and flagging that a track-mounted rig might be needed to complete the planned drill program.
The early success at Silver Spur comes as the company fills its coffers through a $2.25m share placement agreement with Lind Global Fund II.
Proceeds from the placement priced at 1.98c per share will progress its New England Fold Belt Hub and Spoke Strategy, which seeks to bring together new economy metals including silver from a number of deposits located in northern New South Wales and southern Queensland.
“Lind has been there supporting us in previous placements and have therefore become familiar with Thomson Resources and its New England Fold Belt Hub and Spoke Strategy. To now have Lind supporting us with a direct investment as a meaningful stakeholder is fantastic,” Williams added.
This article was developed in collaboration with Thomson 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.