Taiton Resources Limited (ASX:T88) has provided a noteworthy update on its Highway Project in South Australia, confirming broad-spaced molybdenum mineralisation at the Merino Prospect, with levels reaching up to 1,330 ppm Mo over 1m, in addition to identifying potential hydrothermal activity and completing a heritage survey for accelerated exploration in Q1 2024.
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.
Merino Prospect Assay Results
The completion of Taiton’s maiden drill program at the Merino Prospect, consisting of twenty-two reverse circulation (RC) holes totalling 3,062 metres to assess targets from an earlier Induced Polarisation (IP) survey, has revealed significant broad-spaced molybdenum anomalism, including higher-grade intervals up to 1,330 ppm Mo over 1 metre.
The Merino drilling intersected zones of low-level molybdenum anomalism, primarily within the Hiltaba Suite microgranite.
Notably, internal zones exhibited elevated molybdenum assay results, accompanied by lead (Pb), zinc (Zn), and silver (Ag) anomalies. The geological characteristics of the region, including aeolian sands, calcrete, and metasediments, provide valuable insights into the potential mineralisation.
Figure 2: Plan section showing collars and selected significant results.
Geological Interpretation & Alterations
Hyperspectral logging using the Hylogger instrument confirmed potassic (K) alteration in the microgranite, while disseminated pyrite in quartzite and microgranite drill chips contributed to the observed chargeable anomaly in the IP survey.
The drilling results suggest the Merino Prospect as a potential core of a molybdenum-mineralised system, further supported by proximal phyllic, propylitic, and potassic alterations with associated base metal anomalism.
Figure 3: Drill hole HRC23-020 demonstrating propylitic alteration (greenish colour) within metasediments (25m – 75m) overlying microgranite (pinkish red).
Expansion of Exploration Efforts
As Taiton awaits the assay results from the second phase of drilling at Merino, the Company has expanded its exploration efforts within the Highway Project.
Targeting areas with the potential to host Hiltaba Suite Granites (HSG), broad-spaced field traverses have identified evidence of hydrothermal activity in metasedimentary units within a corridor exceeding 10km in strike length.
A recent field trip within the broader Highway Project uncovered sub-crop and float samples with iron oxides, indicating potential Iron Ore Copper Gold (IOCG) mineralisation. The presence of an intrusion at the Garfield prospect, marked by discrete magnetic anomalism, further reinforces the exploration potential in the region.
Noel Ong, Executive Director of Taiton Resources Limited, expressed enthusiasm about the exploration progress. He highlighted the confirmation of the Highway Project’s potential for a significant polymetallic discovery, indicating the hallmarks of a hydrothermal system driven by felsic intrusion.
“It has been a long time coming to reach this phase of our Highway Project. This is an exciting time for Taiton as we are finally doing real mineral exploration and I am especially excited to finally get some real geochemistry on the Highway Project,” he said.
“This first phase of our drilling has confirmed our initial belief that the Highway Project holds the potential for a hidden mineral system that has a significant polymetallic discovery. The results are a clear indication that the Highway Project has the hallmarks of a hydrothermal system driven by felsic intrusion.”
“The results have identified that we are too high up in the profile and this has prompted exploration to seek the potential boundary of the intrusion. The geological evidence is supportive of a mineralised system. The broad mineralisation indicates to us that the region is “cooking” something of scale.”
“The exploration team has been quick to move to the next phase of our exploration by completing a heritage survey to allow testing of the regional prospectivity. The team has identified regions that appear to be potential for IOCG and related styles of mineralisation.”
“Exciting times lay ahead for shareholders and stay tuned for upcoming news.”
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 $0.13 (8.20am UTC+ 8 hours).