TNT Mines starts gold drilling at Eureka
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Special Report: TNT Mines (ASX:TIN) will soon have a better idea of what’s in its Eureka gold project near Kalgoorlie, with the start of a 10,200m drill program.
Warriedar Mining, which the company is in the process of acquiring, has started the drilling program aimed at identifying high-grade extensions to existing resources below the historical open pit.
Eureka currently has an inferred and indicated resource of 43,100oz of contained gold.
Drilling will also test key exploration targets in lateritic profile at north end of pit, and northern splays off the Bardoc Tectonic Zone structure on known gold occurrences.
On completion of the Eureka reverse circulation program, the rig will move to the Warriedar project to test high grade shear-hosted mineralisation as mined at the historical ‘Reids Ridge’ shaft.
TNT is acquiring private WA gold explorer Warriedar, which was established by Spectrum Metals (ASX:SPX) founders Alex Hewlett, James Croser and other business partners following its acquisition by Ramelius (ASX:RMS), through an all-share deal.
As part of the transaction, Hewlett and Croser will join the TNT board as chairman and a non-executive director, respectively.
Current Warriedar chief exec and veteran geologist Matthew Boyes will become TNT’s new CEO.
Both the Eureka and Warriedar projects have a history of gold production, are located close to operating gold mills, and have the potential for the rapid delineation of significant shallow high-grade gold resources.
Warriedar believes that the strike and depth potential of the Eureka mineralised system has not been fully tested.
This article was developed in collaboration with TNT MInes, 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.