FREE DAILY STOCK MARKET NEWS

FREE DAILY STOCK MARKET NEWS

Taiton Identify 2.5km Molybdenum Target at Highway Project

26 September 2023 10:59
ASX: T88

Taiton Resources (ASX:T88) has provided an update on its activities at the Highway Project in the Gawler Craton of South Australia, reporting the results from an UltraFine soil survey which identified a 2.5km molybdenum target and indications of a fertile mineral system within the Merino Prospect.

null

Figure 1: Location of Taiton South Australian projects. The pink dot represents the location of the Merino prospect and the current location of the drilling program. Green mines are IOCG deposits.

The Soil Sampling

The Company announced it had completed its maiden drilling program at the Merino Prospect in September, which comprised of 3,062 metres of drilling across 22 RC holes testing for molybdenum and base metal anomalism. However, it is still awaiting assay results from this campaign.

Taiton Resources conducted an initial geological evaluation of the boreholes excavated during the inaugural campaign, affirming that the origin of the chargeable abnormality can be attributed to disseminated pyrite, with volume percentages ranging from less than 1% to as high as 10%.

The soil sampling conducted prior to the drilling in July aimed to further identify areas with geochemical anomalism to focus future drill programs on the most prospective areas due to the potential scale of the system.

Taiton have just received the results from the sampling which employed a ultrafine soil sampling program, consisting of 1122 samples, across an area of approximately 4km by 4.5km on nominal 100m by 100m and 200m by 200m grid spacing.

The sampling program was able to characterise a broad footprint of molybdenum anomalism encapsulating cores with a higher tenor molybdenum. The Company reports these was particularly significant in the northern area of the tenement where a coherent molybdenum anomaly measuring 600 metres by 400 metres was identified.

null

Figure 2: Merino soil sampling locations coloured by molybdenum (Mo ppm) percentiles with drill collars including recent Taiton holes (awaiting assays) and historical collars with selected intervals

Significance of the Results

The significant of the results identified through the sampling program include the coincident of molybdenum anomalism with other anomalous pathfinder elements including base and precious metals.

The Company anticipates these are prospective hydrothermal alteration signatures including phyllic, propylitic and potassic alteration, identified from induced polarisation (IP) and radiometric data and rock samples collected in the field.

Taiton believes the geochemical anomalism is reflective of a mineralised hydrothermal system with higher tenor molybdenum anomalism indicating a potential mineralised zone and the presence of pathfinder element anomalism indicating distal features.

null

Figure 3: A conceptual model illustrating the spatial relationship between intrusion and hydrothermal alteration and molybdenum mineralisation. The red line may indicate the current level of preservation at Merino prospect

Taiton Resources Executive Director Noel Ong said that the Company is looking future exploration endeavours.

“The path forward for Taiton is now about the next drilling program to test the molybdenum anomalism and using the UltraFine soils sampling process on the other regional exploration areas within our Highway project,” he said.

Future Outlook

Taiton has leveraged these findings to refine its selection of drilling targets for upcoming campaigns at the Highway Project. The company is currently in anticipation of the results from the inaugural campaign and is hopeful that these outcomes align with the trial sampling results disclosed today.

Exploration activities at the Highway Project will now focus on the high-priority molybdenum anomalism in the northern area where potential molybdenum mineralisation may be preserved which was indicated through results of up to 47.5 ppm Mo in the soil.

Taiton has updated and submitted the approved EPEPR to include a line of drilling in the north and some additional drilling across the eastern soil anomalism.

Mr Ong said that the results from the ultrafine soil survey were influential in providing the Company with two important pieces of information.

“The first piece of information is that the soils are responding to the ultrafine soil sampling process and the second is it has clearly identified regions of Molybdenum anomalism,” he said.

“The soil results have also identified a region of base-metal mineralisation that complements a fertile mineral system.

“The ultraFine soil results have given us important information that supports the fertility of the Merino prospect. The anomalous molybdenum results to the north of our completed drilling program have helped vector our exploration work.

“The northern region is anomalous in other elements as well which indicates a mineralising event that is consistent with our exploration strategy. The northern molybdenum anomaly is measured with a magnitude of 20 to 40 times the background which gives us confidence. There is a region measuring 500m x almost 1km that is of great interest for our upcoming drilling program.”

Further information regarding the announcement can be found online Taiton’s investor hub.

T88’s Australian Stock Exchange-listed share price is currently selling at 18.5 cents (10.45 am UTC+ 8 hours).

The Market Bull Logo

FREE DAILY STOCK MARKET NEWS

Join our mailing list to receive the latest stock market news.

You have Successfully Subscribed!

Share This