Mining

Tambourah Metals launches into new financial year with busy exploration schedule

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By Lorna Nicholas - 
Tambourah Metals ASX TMB exploration gold battery metals 2021

Tambourah Metals listed on the ASX in August after raising $8 million to advance its gold and battery metal portfolio.

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It was a busy 2021 financial year for junior explorer Tambourah Metals (ASX: TMB) which saw the company first established in December 2020 culminating in its ASX listing last month.

Tambourah was established in mid-December last year and issued almost 10.6 million shares to seed investors at $0.0001 each. The company also issued 9.2 million options at $0.0001 that are exercisable at $0.25 each by 31 December 2024.

In the lead up to the August listing, Tambourah acquired and advanced exploration plans for its projects that are believed prospective for gold and battery metals.

By late June, Tambourah had executed an agreement to acquire 100% of Tambourah, Cheela and Achilles projects. The agreement also allowed for the company to acquire 80% of the Julimar North project.

In consideration for the tenements, Tambourah issued 9.67 million ordinary shares at $0.07 each for $677,250.

Tambourah is still required to pay 3 million ordinary shares at $0.07 each totalling $210,000 on the grant of two further tenements.

Before the end of June, Tambourah lodged a prospectus offering up to 40 million shares at $0.20 each to raise $8 million to fund exploration activities across the assets.

Plans for successful FY 2022

After a successful IPO, Tambourah kicked-off the new financial year with a bang and made its ASX debut in August.

In the coming months, Tambourah plans to compile geological, geochemical and geophysical data for its namesake project in Western Australia’s east Pilbara.

The company will also complete geophysical surveys and use the information to generate targets for drilling.

Tambourah is believed prospective for lithium and gold, with historical drilling returning 10m at 10.6 grams per tonne gold, including 8m at 13g/t gold; 1m at 7.1g/t gold; and 1m at 6g/t gold.

In 2019, another company Baracus Pty Ltd undertook a 1,000m program at the project and intercepted 1m at 5.49g/t; 10m at 5.13g/t gold; and 5m at 3.81g/t gold.

Another of the company’s projects prospective for gold is Cheela. It’s also prospective for iron ore.

Cheela is about 50km from Paraburdoo in the Pilbara.

Historical drilling at this project has unearthed 16m at 4.75g/t gold, including 8m at 8.59g/t gold and 11m at 4.17g/t gold, including 4m at 8.42g/t gold.

Tambourah plans to undertake the same activities at Cheela to develop drill targets.

Nickel-copper-PGE mineralisation

Achilles is Tambourah’s other wholly-owned project and is 200km north of Laverton in WA’s eastern goldfields.

The project is prospective for gold, nickel, copper, and platinum group element mineralisation and was explored by the renowned Creasy Group in 2006.

Upcoming work at Achilles will comprise firming up targets for drilling as well as compiling data.

At the 80%-owned Julimar North project 100km north of Perth, Tambourah will also be exploring for nickel-copper-PGE mineralisation.

Chalice Mining’s (ASX: CHN) Julimar discovery is only 30km from Tambourah Julimar North tenements.

Caravel Minerals’ (ASX: CVV) namesake copper project is also close to Julimar North.

Tambourah’s upcoming plans for Julimar North include arranging land access and compiling data along with field work and generating targets for drilling.