23 November 2020
Auger Results at Jenkins South and Drilling Update at Flinders IOCG Project, SA
Highlights
- Highly anomalous copper reported from near-surface auger drilling at Jenkins South – open in all directions
- Significant results included:
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- 2m at 2,045ppm Cu from 1.5m (JKSAUG017) o 3m at 700ppm Cu from 2.5m (JKSAUG003) o 7m at 405ppm Cu (JKSAUG001)
- Results strongly associated with the northern and southern contacts of the high magnetic anomaly
- Newly identified mineralised breccias outcropping over 1km strike with first visible copper sulphides and oxides in magnetite identified at Jenkins South
- Outcropping carbonate rock chips reported up to 0.6% Cu and up to 0.23% V
- Stakeholder engagement continues at Flinders – Taruga is proceeding towards finalising a voluntary heritage agreement and site survey to ensure drilling can continue as a priority
Taruga Minerals Limited (ASX: TAR, Taruga or the Company) is pleased to announce that near surface mineralisation has been identified from the auger drilling at Jenkins South. Newly identified outcropping breccias on surface in the area further reported Cu grades up to 0.6% Cu and vanadium grades of up to 0.23% V, the latter indicating deep seated hydrothermal fluid flow associated with mineralisation. Anomalous soils and rock chips collected to date have defined an anomaly which covers more than 1km of the magnetic anomaly at Jenkins South.
The auger drilling program will continue once the Company has finalised the voluntary heritage agreement which is currently being completed with Traditional Owners. Taruga planned and commenced drilling in areas of Private Land (perpetual Leasehold) in areas where there is no Native Title land and no recorded or reported Aboriginal heritage sites.
Out of respect for the Traditional Owners of the land Taruga is proceeding into a voluntary heritage agreement in order to continue with its ongoing work programs at Woolshed and Jenkins Prospects.
Taruga CEO Thomas Line commented: “The results of the soils and auger drilling at Jenkins have exceeded our expectations as we had anticipated that mineralisation associated with the massive geophysical anomalies would be buried deeper beneath the surface to align with the deep-seated cores of the modelled magnetic and gravity anomalies. The identification of the first outcropping mineralised breccias at Jenkins at multiple locations, along with magnetite and visible copper sulphides and oxides at Jenkins South clearly demonstrates its potential to host near surface IOCG-style mineralisation.
“The breccias identified at Jenkins contain significant Miox, massive hematite and magnetite alteration, along with high levels of sodic, calcic and potassic alteration. Historical mapping had not identified outcropping mineralisation due to extensive cover over most of the area but the recent discovery by the Taruga team of multiple outcrops exposed in recently formed drainage
lines clearly highlight the mineralisation potential beneath the surface. We look forward to re-starting the auger drilling program, where mineralisation is open in all directions, as soon as access has been finalised. The auger program will help us to better understand the true potential at Jenkins South and will assist with better planning for the Aircore program which has already been expanded, and which will follow the current Woolshed drilling.
“South Australia recently announced a statewide lockdown which has had implications for a potential survey date being arranged with Traditional Owners. Once the lockdown ends, we look forward to visiting our projects together with the Traditional Owners and finalising the heritage agreement which will enable the recommencement of drilling. Taruga is committed to respectfully working in harmony with the Traditional Owners in our areas of operation.”
Jenkins South
Auger results have been received from limited auger drilling at Jenkins South as shown in Figure 1 and in section in Figures 2 and 3 and summarised in Appendix 1. Best results were from calcareous breccias which reported 2m at 2,045ppm Cu in hole JKAUG017 and were anomalous to end of hole at 5m. The weathered dolerite intersected in JKAUG001 was also anomalous to end of hole at 7.5m and reported 7m at 409ppm Cu, 25ppb Pt+Pd and 12ppb Au with intense Miox alteration apparent. Carbonate boulders/clasts on surface in the auger area reported results of 0.4% Cu to 0.6% Cu as shown in Figure 1 and detailed in Appendix 2 contained visible chalcopyrite, chalcocite, malachite (Figures 4, 5, 6 and 7) along with minor bornite. The north-south section shown in Figure 2 clearly shows copper anomalism within 2 discrete zones which are coincident with the projected northern and southern contacts of the strong magnetic anomaly shown at Jenkins South. Both zones are open in all directions, to the north and south and on strike to the west and east where the magnetic anomaly has been defined over 2km.
Stream sediment samples and iron breccia float along the southern contact of the magnetic anomaly located 1.5km to the west of the auger drilling reported anomalous copper (up to 250ppm), very strong vanadium (up to 2,060ppm), LREE (up to 237ppm), silver (up to 320 ppb) and gold (up to 30ppb). Magnetite sampled in streams along this contact returned high purity results, with magnetite grading up to 68% Fe. Vanadium and pure magnetite are both indicative of a high temperature heat source which together with associated path finder elements are supportive of mineralisation in an IOCG system (ASX Announcement on 5 October 2020).
The auger drilling program will re-commence with full coverage of the magnetic anomaly on completion of the survey and completion of a heritage agreement. The auger program is expected to better define drilling target zones which will be tested once the Aircore drilling has been completed at Woolshed and Metabase.
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Figure 1: Soil Sample Contours, Anomalous Rock Chip Samples, Auger Hole Locations and best 1m copper
intercepts and Two Section Lines on the Geophysics at Jenkins South.
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Figure 2: North-South Auger Drill Section (looking East) at Jenkins South
Figure 3: West-East Auger Drill Section (looking North) at Jenkins South
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