In a massive step towards uncovering the potential of its flagship project, Taiton Resources (ASX:T88) has been given the go-ahead by the Department of Mines and Energy for a 3,000m Reverse Circulation (RC) drilling campaign at its flagship Highway Project in South Australia.
The explorer has already engaged a drilling contractor and geological crews for the drill program which will focus on a number of high-priority targets within the Project’s Merino Prospect which were identified from geochemical anomalism coincident with alteration halos interpreted from radiometric imagery and the recent IP survey.
Figure 1: Location of planned drilling collars at the Merino Prospect coloured by priority (priority 1 – green and priority 2 – orange).
The campaign’s objective is two-fold, to uncover potential molybdenum-silver mineralisation and to give insight into the type of mineralisation Merino hosts, with evidence so far indicating that the Prospect is home to a magmatic-hydrothermal system driven by an interpreted intrusion.
Taiton noted that it will be taking a systematic approach to the upcoming campaign due to the Prospect’s productivity and potential scale, with the Prospect hosting a potential zone of mineralisation over 3.8km by 2km and having shown highly-compelling rock chip assays that returned molybdenum and silver grades of 1300 ppm and 27 ppm respectively.
The drilling program is set to commence in August and will represent the culmination of months of hard work from the Company and its team since it brought the promising project to the ASX in December, with the explorer having just kicked off a 5km by 5km ultrafine soil sampling program at the Project just a few weeks ago.
The Company noted that results from drilling will help determine a geological model for the Project, with evidence so far pointing towards the Project hosting Climax-type molybdenum porphyry mineralisation, in reference to the world-class Climax Molybdenum which is regarded as the largest molybdenum deposit in the world.
Since Listing, Taiton has maintained this belief that it has a potentially world-class deposit on its hands with Highway, and with drilling set to commence soon, the Company said it is time to prove the productivity of the Project.
“The drilling program is focused on allowing Taiton a systematic approach in dissecting the magmatic system. We have outlined a large alteration outline of 3.7km by 2.6km which requires a thoughtful strategy,” Managing Director Noel Ong Said.
“The pending results from the ultrafine soil survey will hopefully allow the Company to start looking out of the Merino Prospect and begin testing the other prospective parts of the Highway Project.”
Further information regarding the announcement can be found online Taiton’s investor hub.
T88’s Australian Stock Exchange-listed share price is currently trading at 15.7c (2:38 pm UTC+ 8 hours).