Côte d’Ivoire and Mali Project locations – Birimian geological sequence highlighted, with location of Taruga projects and known gold mineralisation. Nangalasso Project located in southern Mali
Taruga has acquired the rights to projects in southern Mali – the Nangalasso and Diendio projects. The projects comprise six option agreements with local owners of granted concessions. The option agreements grant the Company exclusive access to the ground for exploration and also grant the right to purchase 100% of the concessions for an agreed amount and granting a NSR royalty on gold production varying between 2% and 3% depending on the agreement with the local owners. All option fees have been paid through to mid-October and Taruga is intending to continue rapid exploration to determine the potential of the ground to host significant gold mineralisation.
The Mali projects have been subject to initial exploration programs, with surface geochemistry and wide-spaced drilling returning encouraging results. At the Nangalasso project significant intersections including 1m at 7.8g/t Au and 3m at 7.84g/t Au, including 1m at 13.5g/t Au at end of hole, located on drill traverses located approximately 2km apart.
Nangalasso Project – drill hole location and outline of gold anomalous zones. Note all drilling on Nangalasso licence targeting geochemical anomaly as labeled. Note extensive anomaly defined on Sotian licence. Background RTP aeromagnetic image
- Reconnaissance drilling completed – initial wide-spaced drilling of extensive surface geochemical anomalies has returned intersections including: 1m at 7.8g/t gold in drill hole NAAC004*, 3m at 7.84g/t gold in drill hole NAAC021* includes 1m at 13.5g/t gold from 16m
- Aircore drilling completed on wide-spaced lines with over 2km between lines and targeting one gold anomalous trend. A total of 61 aircore holes for 1,979m completed
- Gold anomalous zones extending for over 10.5kms defined by extensive surface geochemical sampling – in excess of 5,000 samples collected with anomalous samples up to 1.3g/t gold in termite sampling and 1.3g/t gold in rock-chip sampling of quartz veining*
- Multiple gold anomalous trends defined and associated with strong geological structures and felsic intrusive. Majority of gold anomalous zones untested by drilling
- Initial trench sampling of central gold anomaly returns broad gold anomalism up to 18m at 0.36g/t gold, including 3m at 1.5g/t gold • Nangalasso Project located in southern Mali 30km from the 7Moz Syama mine and hosts a geological setting analogous to the Morila (Randgold Resources, LN: RRS) and Tengrela (Perseus Mining, ASX/TSX: PRU) style of mineralisation.
As announced on 30 July 2013, Taruga has acquired the rights to the Nangalasso Project, located in southern Mali. The Nangalasso Project consists of two options over granted concessions (Nangalasso and Sotian concessions) extending over an area of 345km2. The option agreements grant the Company exclusive access to the ground for exploration and also grant the right to purchase 100% of the concessions for an agreed amount, as well as granting a Net Smelter Royalty (NSR) on gold production varying between 2% and 3% depending on the agreement with the local owners.
A summary of the work completed on the Nangalasso Project:
- 61 Aircore drill holes for a total of 1,979m drilled. Drilling completed on wide spaced traverses (over 2km apart) and only completed in the Nangalasso concession (refer Figure 2).
- Surface geochemical sampling consisting of over 4,400 termite samples, over 400 auger samples and over 150 rock-chip and soils samples.
- Trench sampling – one trench completed
- Geological mapping and interpretation completed
The exploration completed has returned encouraging results:
- Surface geochemical sampling has defined multiple gold anomalies extending for over 10.5km of strike. Gold anomalous zones are interpreted to be associated with felsic intrusive units and geological shears and fault systems. Sampling has returned anomalous samples up to 1.3g/t gold in termite sampling, up to 1.3g/t gold in rock-chip sampling of quartz veins and up to 0.38g/t gold in auger samples. Reconnaissance drilling has been completed on only one portion of the extensive gold anomalies and the majority of the zone remains untested.
- Reconnaissance aircore drilling returned significant intersections including: 1m at 7.8g/t gold in drill hole NAAC004, 3m at 7.84g/t gold in drill hole NAAC021 includes 1m at 13.5g/t gold from 16m
- Follow-up drilling is required to determine the extent of high-grade mineralisation. Additional reconnaissance drilling is planned for broader gold anomalies located within the Nangalasso Project.
- Trench sampling returned broad gold anomalism up to 18m at 0.36g/t gold, including 3m at 1.5g/t gold. This is the first sampling targeting the extensive surface gold anomalism in the southern portion of the Sotian concession and confirms that the surface anomaly indicates a primary gold source.
The Diendo project is made up of four licences totalling 206km2 located 30km south of the 0.59Moz gold Tiekoumala resource. Surface geochemical anomalies have been defined by the initial geochemical sampling including 5,647 surface samples (majority termite mound sampling) and 819 auger holes. . The geochemical anomalies are coincident with an interpreted 15km structural corridor. Limited drill testing has been completed over the southern 5km of the trend with anomalous gold results returned.