TNT cracks on with gold exploration in Western Australia

Special Report: TNT Mines (ASX:TIN) is set for a busy year of exploration in 2021 with the completion of its Warriedar Mining acquisition.

The acquisition added the Eureka gold project 50km north of Kalgoorlie and the Warriedar gold project in Western Australia’s Murchison region to TNT’s portfolio.

Both projects have a history of gold production, are located close to established infrastructure including operating gold mills and demonstrate potential for the rapid delineation of significant shallow high-grade gold resources.

And the new management team, which includes Warriedar (now TNT) chief executive officer Matt Boyes and chairman Alex Hewlett, are not sitting still.

Hewlett and TNT’s new director James Croser ran Spectrum Metals from when the then $4m market cap acquired the historical Penny West gold project in the Youanmi region in late 2018 to its roughly $231m takeover by Ramelius (ASX:RMS) last year.

A 10,200m reverse circulation drilling program aimed at identifying high-grade extensions to existing resources below the historical open pit at Eureka along with testing structures along strike to the north and south has been underway since December 2020.

Eureka currently has an inferred and indicated resource of 43,100oz of contained gold.

Once this is completed, TNT’s exploration will shift towards drilling at the Reids Ridge and Mt Laws areas of the Warriedar project.

The company plans to carry out 5,000m of reverse circulation drilling.

Assays from both programs will be reported as they become available.

Uranium exploration

TNT is also progressing the permitting of initial drilling at its East Canyon uranium and vanadium project in Utah.

In October, results from underground channel sampling at both the Bonanza and None Such prospects had confirmed the project’s potential to host high-grade uranium and vanadium mineralisation in economic quantities.

Try 1m at 1.27 per cent uranium and 4.53 per cent vanadium as well as 2m at 0.52 per cent uranium and 2.87 per cent vanadium respectively on for size.

Planning and permitting for an initial drilling program using information obtained from the mapping and sampling activities is underway and will begin once all regulatory approvals are received.

East Canyon is just 50km (easy trucking distance) from the White Mesa Mill, the only fully licensed, fully permitted and operational uranium and vanadium mill in the US.

Separately, TNT is continuing discussions with parties holding North American base metal assets and operations that may be interested in investing in its Pelley Ridge zinc project in Montana.

While Pelley Ridge has excellent infrastructure such as a government maintained road offering year-round site access in place, field operations have been suspended due to COVID-19 restrictions on activities.

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.