TNT Mines Ltd (ASX:TIN) is well-funded for its 2021 exploration activities after completing a $3.9 million share placement last year as part of its acquisition of Warriedar Mining Pty Ltd.
During the December quarter, TNT signed a binding share sale agreement to acquire 100% of Warriedar – which owns the Eureka Gold Project 50 kilometres north of Kalgoorlie in the Western Australian Goldfields and the Warriedar Gold Project in WA’s Murchison region.
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.
Eureka, which is under granted Mining Leases and is the initial focus of exploration, contains an existing JORC 2012 indicated and inferred mineral resource of 762,000 tonnes at 1.80 g/t gold for 43,100 ounces of contained gold.
Funding Eureka exploration
The placement funds will be used to undertake significant near-term exploration programs at the Eureka and Warriedar projects.
TNT commenced a 10,200-metre reverse circulation drilling program in December at Eureka targeting high-grade extensions below the historic open pit.
The focus is on identifying extensions to existing mineralisation below the historic open pit located on the project tenements and testing structures along strike to the north and south of the pit.
Following completion of that program, the focus of drilling is expected to shift to the Warriedar project area and the Reids Ridge and Mt Laws prospects where a further 5,000 metres of RC and diamond drilling will be undertaken.
East Canyon Project
The recent placement will also fund exploration at the East Canyon Uranium-Vanadium Project in southeast Utah, USA.
The company received encouraging assay results in October 2020 from the None Such and Bonanza prospects confirming the East Canyon Project’s potential to host high-grade uranium and vanadium mineralisation in economic quantities.
Results included:
2 metres at 0.52% uranium and 2.87% vanadium (None Such);
0.6-metre at 0.69% uranium and 2.82 vanadium (None Such);
0.6-metre at 0.34% uranium and 1.55% vanadium (None Such);
1-metre at 0.22% uranium and 2.29% vanadium (None Such);
1-metre at 1.27% uranium and 4.53% vanadium (Bonanza);
1-metre at 0.38% uranium and 2.46% vanadium (Bonanza);
1.25 metres at 0.26% uranium and 1.68% vanadium (Bonanza), and
1-metre at 0.20% uranium and 1.89% vanadium (Bonanza).
Planning and permitting for an initial drilling program using information obtained from the mapping and sampling activities is underway.
The first phase drilling program will commence following receipt of all regulatory approvals with the company monitoring and adapting to the evolving COVID-19 situation in the US over the coming months.
East Canyon is a strategic asset in that it is only 50 kilometres from the White Mesa Mill, the only fully licensed, fully permitted and operational uranium and vanadium mill in the USA, via major highway.
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