Transol Corporation (ASX: TNC) has started a 2,000 metre reverse circulation drilling program that will test the potential of the Southern Cross Bore project in the Northern Territory to host large-scale iron oxide copper-gold.
Drilling has commenced at the Black Angus Prospect, an extensive zone of IOCG gold-copper mineralisation defined over a strike length of 950 metres and averaging up to 200 metres in width.
Black Angus is located about 1.5 kilometres north of the Johnnies Reward Prospect
The drilling program will also test the Wagyu and Brahman prospects.
Transol noted the drilling contractor Australian Mineral and Waterwell Drilling has agreed to accept payment for 30% of drilling costs in Transol shares at a 20% premium.
This reflects the confidence in the project’s potential and allows Transol to conserve its cash reserves.
Separately, Transol has recently received shareholder approval to change its name to Arunta Resources to reflect its focus on the Arunta mineral province. This name change is expected to become effective in late July/early August.
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