TNT Mines Ltd (ASX:TIN) has made an application to secure a major land position in the Earaheedy Basin, east of Wiluna in Western Australia, that includes a new lead-zinc project.
Following the announcement by Rumble Resources (ASX:RTR) on April 19 of a major zinc-lead discovery at its Earaheedy Project, TIN lodged an application for a licence covering 930 square kilometres directly to the north over the Mount Lockridge fault and sections of the Frere and Chiall formations which host the Chinook discovery.
“Prospective location”
The company now intends to start soil sampling and a suite of geophysical surveys to commence its exploration program once the tenements are granted.
Chief executive officer Matthew Boyes said: “The Mount Lockeridge Fault project gives TNT exposure to a large-scale landholding in what we consider to be a very prospective location.”
Shares have been almost 16% higher to 19 cents intra-day on the news.
Eureka RC drilling
On April 22, TNT received results from its maiden reverse circulation (RC) drilling program designed to test four separate target areas at its 100%-owned Eureka Gold Project north of Kalgoorlie.
Drilling has now been completed for a total of 11,441 metres and 89 holes and all assays, excluding three holes drilled 800 metres south of the pit, have now been received.
TNT will now complete a reinterpretation of the existing mineralisation and prepare an updated resource estimate for Eureka in the coming weeks.
Reids Ridge drilling
Additionally, Reids Ridge drilling is underway with target intersected in the first three holes, expected to be complete by the end of April.
Conditions have been difficult with several holes abandoned due to equipment failure and excessive deviation from planned targets.
Three holes to date have pierced the structure with visible gold encountered in RRRC0003 at 160-161 metres downhole directly adjacent to existing underground workings.
Laboratory assay results are required to determine the widths and grade of the visible mineralisation reported in preliminary geological logging.
TNT will update the market when laboratory analytical results become available.