Taruga Minerals Ltd (ASX:TAR) has welcomed the start by Peak Minerals Ltd of ground geophysics work at the Green Rocks Project as the company has an interest in one of the prospects to be covered.
Peak has started Moving Loop Electromagnetics (MLEM) surveys at the Rixon, Lady Alma and Target B prospects with the intention of optimising drill targets, resolving conductors and detecting new, buried targets.
Part of earn-in
Taruga will be closely watching the progress at Target B as it is part of an earn-in agreement between Taruga and Peak where the latter has the option to acquire up to 80% of the tenement that is prospective for nickel.
A small, northern portion of Rixon prospect is also part of an earn-in agreement with Technology Metals Australia Ltd (ASX:TMT) where Peak has the option to acquire up to 80%.
Outcomes for surveys
Key outcomes for the surveys are to:
- Confirm and constrain significant conductors identified from a recent Heli-EM survey;
- Identify additional anomalism at greater depths (below approximately 250 metres); and
- Optimise identified and existing drill targets.
Ground geophysics is the final step in Peak’s staged exploration plan and these surveys are a critical step before drilling Heli-EM conductors.
A total of 13 lines and 22 line kilometres of surveying is planned with four lines at Target B and nine lines at Rixon and Lady Alma.
The surveys are expected to resolve conductors identified by the Heli-EM survey and detect new, buried targets. Results are expected by the end of May.