Excalibur Mining Corporation (ASX: EXM) has commenced drilling at its Browns Range project on EL 25207 in the Tanami region of the Northern Territory.
Excalibur considers the tenements prospective for an unconformity style uranium and/or gold mineralisation similar to deposits in the East Alligator region of the Northern Territory.
The drilling program will follow up on the previous airbourne geophysics completed in 2008 that identified a number of attractive targets based on the interpretation of structural and radiometric data.
Tim Lagdon, managing director, said “while it is very early stage exploration, the large targets (some are 2 – 5km long) and the positive geophysics make the modest cost of the first pass reconnaissance drilling compelling.”
The program of 10,000 metres of shallow RAB drilling will conclude by mid-July, with results to be announced thereafter.
The Tanami Goldfield includes some major gold deposits, including Callie/Dead Bullock Soak (+8moz), and the Central Tanami Mines (1.7m oz) amongst others.
Excalibur currently owns the gold rights for the project and is earning a 90% joint venture interest across all minerals through expenditure of $500,000 over 2 years.
Excalibur’s Project tenement, EL 25207, is located wholly on the Supplejack Downs pastoral lease. It is over 1,400 km2 in size.
While Excalibur’s core focus remains at Tennant Creek, the company said the Tanami assets represent a very exciting prospect for a major new discovery.