Tambourah Metals Ltd (ASX:TMB) will start trading on the ASX from Thursday after raising $8 million through an initial public offer for its gold, nickel, and platinum group element (PGE) projects in Western Australia.
The company intends to commence on ground fieldwork at Cheela and Tambourah in the Pilbara while geophysical surveys were initiated at Julimar North.
Tambourah Gold Project
At the Tambourah Gold Project the company plans to explore for new areas of gold mineralisation within the historical gold mining centre.
Total production to the end of 1977 from the Tambourah goldfield was 5,247 ounces of gold at an average grade of 30 g/t gold.
In 2019, private company Baracus completed 15 drill holes at Tambourah which confirmed significant gold over a 3.5-kilometre stretch which is open at depth and in all directions.
Cheela Gold Project
At Cheela Gold Project the first stage of exploration work will be to evaluate the previous exploration and drilling information from the last 30 years.
Cheela is between Northern Star’s 1 million ounce Paulsen’s mine and Kalamazoo’s 1.6 million ounce Mt Olympus mine, along the same major mineralised corridor.
Historical intersections such as 16 metres at 4.75 g/t along a 7.5-kilometre long mineralised stretch at Cheela are promising.
Julimar nearology play
Tambourah has the second-largest tenement holding in the Tier-1 Julimar/Jimpeding region, near Chalice Mining’s Julimar discovery.
Chalice’s discovery has opened up the region for new exploration for nickel-PGE and gold-copper within the province
Tambourah has planned geophysical and geochemical analysis at its Julimar North Project in the region.
Achilles Project
Tambourah’s fourth project is the Achilles Project which is 200 kilometres north of Laverton.
Previous exploration work has demonstrated that the Achilles Project area is prospective for nickel-copper-PGE and gold mineralisation and warrants follow-up work.
The company will conduct exploration activities to identify and develop targets for drill testing.