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Taiton Resources Receives Drilling Approval for Molybdenum Anomaly Testing

9 October 2023 14:20
ASX: T88

Taiton Resources (ASX:T88) has received approval from the Department of Mines and Energy in South Australia for its second drilling campaign at the Merino Prospect, located within the Highway Project in the Gawler Craton of South Australia.

The drilling program is designed to test the coherent molybdenum anomaly that was identified from the UltraFine soil survey completed in August.

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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 dots represent mines with IOCG deposits.

The Drill Program

The Department of Mines and Energy granted approval for the campaign in accordance with Environment Protection and Rehabilitation (EPEPR) requirements, allowing Taiton to drill up to a total of 20 additional locations.

The Company completed its maiden drilling campaign at the Merino Prospect in September, comprising of 3,062 metres drilled across 22 RC holes testing for molybdenum and base metal anomalism.

Taiton later announced that an UltraFine soil survey, conducted prior to the drilling in July, had identified a 2.5km molybdenum target and indications of a fertile mineral system within the Merino Prospect.

Following up on the promising findings, the Company applied for further drilling to better test the results by targeting the two main areas of molybdenum anomalism.

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Figure 2: Location of planned new drilling collars at the Merino prospect.

Taiton is now advanced in finalising the process of organising drill contractors and the preparation of drill pads.

The assay results from the maiden campaign are yet to be reported to market, but the Company anticipates it will receive these shortly.

The hope is that these assay results will open up additional drilling opportunities in the vicinity of the initial drill program. Specifically, there are approved drill sites that were not prioritised in the previous reconnaissance drilling effort.

The Company’s Comments

Taiton Resources Executive Director Noel Ong said that the Company’s exploration activities are now gathering pace as it vectors into potential discoveries.

“The culmination of all the hard work over the last nine months is now an important part of our journey to uncover a potential fertile hidden mineral system at our Highway Project,” he said.

We are very appreciative of the pace at which our EPEPR has been approved by the South Australian Mines Department. This has allowed Taiton to initiate this phase of our exploration prior to the end of 2023.”

We are also anticipating the return of our drilling assays in the coming weeks which may potentially open new areas for the company while we have the drill crew on site. The good news is that if the assays identify mineralisation, we have approved drill sites within the last drill program to consolidate the story.”

“The Board would like to continue to thank the team for their efforts in working arduously to get this next phase of drilling in good time. We will update the market as soon as we have more news on the progress of the upcoming drill program.”

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

T88’s Australian Stock Exchange-listed share price has risen 6.756% and is currently trading at $0.197 (2.00pm UTC+ 8 hours).

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