Golden Deeps (ASX: GED) has officially locked-in the exploration licence for Tuckers Hill in New South Wales paving the way for drilling to begin in search of a major gold discovery.
The NSW Department of Mining, Exploration and Geoscience granted the licence for a six-year term spanning from 7 December 2020 to 7 December 2026.
Preliminary work has already been competed at the project which as confirmed the location of gold reefs and historic workings that were identified by previous explorers.
This initial work comprised reconnaissance geological mapping and rock chip sampling – with 45 samples submitted for analysis and results pending.
Historic workings were noted over 1.5km by 800m along the ridge of Tuckers Hill’s eastern edge.
Golden Deeps has already selected drill pad locations for an initial reverse circulation and diamond drilling program at the project.
This program has been designed to drill under historic workings to target quartz veins.
Over at the Eldorado prospect on the Meroo trend, Golden Deeps will carry out a soil sampling program to firm up drilling targets.
Tuckers Hill gold project
Surrounding the historic Hargraves Goldfield and close to Mudgee in NSW, Tuckers Hill has undergone little modern exploration.
However, limited records have revealed 1,900t of ore was mined between 1896 and 1908 and again between 1916 and 1939.
The average gold grade was 38 grams per tonne.
Previous exploration in 1963 at the project returned a peak rock chip of 705g/t gold, while a sampling program in 1981 generated assays between 1g/t gold and 28g/t gold.
Tuckers Hill is close to Peak Minerals’ Hill End gold project, which has a resource of 4.68Mt at 3.3g/t gold for 501,552oz.
The project also adjoins the southern boundary of Silver Mines’ (ASX: SVL) Bowdens silver project, which has resource of 128Mt at 40g/t silver, 0.38% zinc and 0.26% lead.
Cashed up to accelerate exploration
To underpin an accelerated exploration program across Tuckers Hill and its other projects, Golden Deeps has received binding commitments to raise almost $3.3 million before costs.
Golden Deeps noted the raising was “substantially oversubscribed” and that it was “delighted” with the outcome.