Taruga Minerals Ltd (ASX:TAR) is preparing to explore the Martins Well Project in South Australia after a successful bid by its 100%-owned subsidiary Strikeline Resources Pty Ltd under the Competitive Release process.
The 614 square-kilometre project in the Adelaide Fold Belt is underexplored and Taruga believes it is highly prospective for clay-hosted rare earth elements (REEs), copper-gold-silver and zinc-lead.
Several prospects have been identified at the project, including two large diapiric structures, the Willipa Dome and Martins Well Dome, which are considered broad target areas prospective for clay-hosted REEs, Mississippi Valley Type (MVT) zinc-lead-copper-silver and Central African-style sediment-hosted copper.
The Martins Well project geology contains strong similarities to Taruga’s Mt Craig Project, including that seen at Morgans Creek, and therefore, contains strong potential for Morgans Creek-style REEs.
The Martins Well Project ELA 2022-00071 (black outline), showing reported mineral occurrences
Pleased with first-ever bid
Taruga Minerals chief executive officer Thomas Line said: “We are very pleased to have been successful in our first-ever bid under the competitive release process.
"We have learnt much about REE mineralisation in the Adelaide Fold Belt at Morgans Creek and this knowledge has highlighted Martins Well as having prospective geology for further clay-hosted REE mineralisation in a similar style to Morgans Creek. REE-focused exploration has never been conducted at Martins Well.
“Our modelling suggests the Martins Well project also has significant potential for Mississippi Valley Type (MVT) base metal deposits associated with diapiric domes concealed beneath the surface.
"A classic example of the potential of this style of mineralisation are the historical Tunisia zinc-lead deposits in northern Africa, which collectively contained 5 million tonnes of zinc and lead metal.
“As the geology is very similar to the Mt Craig Project, the Martins Well Project is also prospective for Central African style copper like that seen at Wyacca (Taruga), and copper-cobalt-silver like that seen at Mt Gunson, Windabout and MG14."
Little exploration done
While REE-focused exploration has never been conducted on the project, base and precious metal potential has been highlighted at the Mammoth Black Ridge (MBR) prospect, which is a 1.3 kilometre-long iron-sulphide gossan ranging from 5 to 25 metres in thickness.
A historical assay from a 0.8 metre-wide crosscutting vein in the MBR shafts from the Department of Mines reported a grade of 16% copper, 166 ounces per tonne and 15.5 g/t gold.
Only 10 historical drill holes have been drilled over the entire Martins Well tenement, which is now pending the Department of Energy and Mining’s grant.
A desktop review of historical datasets is underway in addition to land access negotiations. Taruga will commence on-ground exploration once the licence is granted.
Tenement map showing Taruga’s South Australian projects in proximity to major South Australian mineral projects.