Tambourah Metals to target intrusion-related gold mineralisation after successful quarter
Tambourah Metals (ASX: TMB) is set for a busy end to the year after an active and successful quarter ending 30 September 2024.
The major area of focus during the quarter was the Tambourah gold project in Western Australia’s Pilbara region, where the company expanded several targets.
The company is now well-funded to advance the project, having received binding commitments for a placement of up to $330,000 plus an additional $45,000 from the board and management, leaving the company’s cash position at $2.18 million.
Government support
Subsequent to the end of the quarter, the company received additional support through a $180,000 grant from the WA government.
The funding, provided by the Exploration Incentive Scheme (EIS), will support the company’s exploration efforts at the Alexandria prospect.
The grant will help co-fund 12 diamond drill (DD) holes through and along the strike of Alexandria and follow up on historical drill intercepts from sporadic, shallow drilling.
Tambourah King target
Tambourah King is one of the significant targets the company aims to advance.
During the recent quarter, Tambourah completed 11 reverse circulation (RC) and DD holes targeting extensions to the quartz lode-style vein system and the untested granite/greenstone contact at the World’s Fair prospect.
This drilling program was also undertaken with up to $75,000 from the WA government under the EIS.
Lode structure
Drilling at Tambourah King has now intersected the mineralised lode structure over a strike length of 150 metres.
These recent results confirm Tambourah’s 2023 RC drilling program, which intersected shallow, high-grade gold at the Tambourah King prospect.
Geological mapping by Tambourah has identified sulphide and gold mineralisation associated with a granitoid intrusion contact over 500m long, adjacent to the World’s Fair prospect.
Multiple electromagnetic conductors, representing potential sulphide mineralisation coincident with this contact, are among the company’s primary exploration targets.
Intrusion mineralisation
One of the areas the company is eager to explore further is the intrusion-related style of mineralisation recently identified at World’s Fair through an electromagnetic ground survey.
If proven, this mineralisation could significantly increase the scale of the Tambourah project.
The Hemi deposit owned by De Grey Mining (ASX: DEG) is a prime example of this significant new play in the Pilbara region.
The recent gold-in-granite find at New England by Yandal Resources (ASX: YRL) – which is another attracting strong market interest – also bears a similarity to World’s Fair and Tamborah is already planning its next drilling campaign at the site while waiting for the assay results.