Transol Corporation (ASX: TNC) is set to commence a new drilling campaign at the Johnnies Reward Gold Project, located 75 kilometres north-east of Alice Springs in the Northern Territory.
The drilling follows on from an extensive soil sampling program which included nearly 400 samples being collected over the northern extensions of the Johnnies Reward prospect trend.
Transol plans to drill eight reverse circulation holes covering 1400 metres, which follows up recent drilling results which included the highlight of; 24 metres at 4.19g/t gold and 0.33% copper from 79 metres, and 34 metres at 3.83g/t gold and 0.44% copper from 63 metres.
Drilling will test down-plunge extensions of the existing mineralisation at Johnnies Reward, while soil sampling will test magnetic anomalies to provide potential follow-up drill targets.
Exploration programs underway
Along with the new reverse circulation program, Transol has other exploration activities which include metallurgy, mineralogy and soil sampling - which are either planned or underway.
In September 2012, four 5 kilogram metallurgical and mineralogical samples were collected from the bulk samples remaining at the Johnnies Reward drill site and forwarded to AMMTEC in Perth for analysis and metallurgical test work.
Transol secures right to acquire 100% of Johnnies Reward
Recently Transcol secured the right to acquire 100% of the Johnnies Reward Prospect under a proposed variation of the terms of its existing joint venture.
Transol entered into a variation of the current joint venture agreement with Sturt Resources for the Southern Cross Bore Project, now referred to as the Johnnie’s Reward Project, giving it the right to acquire 100% of the project.
The current interests in the joint venture are Transol 51% and Sturt 49%.
Transol has the option to issue a further 60 million shares to acquire 100% of Southern Cross Bore Project plus 100% of Hatches Creek Project
The Hatches Creek Project is located 325 kilometres northeast of Alice Springs and 160 kilometres southeast of Tennant Creek. Historical production of tungsten, gold and copper.
Proactive Investors is a market leader in the investment news space, providing ASX “Small and Mid-cap” company news, research reports, StockTube videos and One2One Investor Forums.