Transol Corporation (ASX: TNC) has uncovered a large anomalous zone of gold-copper mineralisation immediately north of the Johnnies Reward Prospect in the Northern Territory through recent soil sampling.
The Johnnies Reward Prospect forms part of the Johnnies Reward Gold Project, located 75 kilometres northeast of Alice Springs.
Soil sampling has highlighted an anomalous northwest to southeast trending corridor of +50 parts per billion gold and +25 parts per million copper located 1.5 kilometres north of Johnnies Reward.
The new anomaly, dubbed the Black Angus Prospect, is 300 metres long and 180 metres wide and occurs on the eastern edge of the grid with a peak value of 84 parts per billion gold, compared to a background value of <10ppb gold.
Black Angus is open to the southeast and is coincident with a southeast trending fault zone which may be an important transfer structure for migrating mineralised fluids between the Pinnacles line and the Johnnies Reward corridor.
Investigation of the historical database for the project has identified a rock chip of 0.29 grams per tonne (g/t) gold and 194 parts per million copper on the southern edge of this anomaly.
Follow-up rock chip samples have been collected with results pending.
Soil sampling program
During November 2012, a total of 394 2 millimetre soil samples were collected north of the Johnnies
Reward Prospect to extend the original Alcoa soil grid by 2 kilometres to the north.
The sampling program was designed to cover the area of higher magnetic response outlined by a regional magnetic survey.
A single line of sampling, comprising seven samples, was completed over the Johnnies Reward Prospect for orientation and reference.
The Johnnies Reward gold results ranged from 1 part per billion to a peak of 18 parts per billion gold, with an associated copper high of 586 parts per million.
The Black Angus anomaly will now be the focus of additional sampling and mapping prior to reconnaissance drilling later this year.
Phase two drilling complete
A phase two reverse circulation drilling program was completed at the Johnnies Reward Prospect during December.
The drilling was designed to intersect the mineralised zone down-plunge of the phase one drilling completed in July last year which returned significant results including 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.
Assays are expected late January.
New ground
Transol has applied for vacant ground to the east and south of Johnnies Reward. This is a new application (EL 29827) covering 16.6 square kilometres.
The company decided to apply for this ground after completion of ground reconnaissance in late 2012 which identified a major northwest to south tending structure which is co-incident with the Black Angus anomaly.
The Johnnies Reward Project, which was previously known as the Southern Cross Bore Project, is the subject of a joint venture with Sturt Resources.
Transol has acquired an immediate 51% interest in the project through the issue of 60 million shares to Sturt.
Transol and Sturt will fund $350,000 respectively in their proportionate interests (Transol 51% and Sturt 49%) on the planned work program.
Upon completion of the work program, Transol will have the right to acquire Sturt’s interest to move to 100% ownership of the Johnnie’s Reward Project.
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