Gold and copper explorer Torrens Mining Limited (ASX: TRN) has provided an update on the company’s exploration activities at its Mt Piper gold project in Victoria, with a healthy balance sheet and funds secured to further boost the potential of this highly prospective project.
HIGHLIGHTS:
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Reprocessing and re-interpretation of historic geophysical data confirms that prospective stratigraphy and structures exist in the Mt Piper Project area.
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Prospective geological structures have also been identified from the data, for further exploration.
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The reprocessed geophysical databases form an excellent starting point to identify high priority target areas for drill testing and other work programs.
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Torrens is gearing up fieldwork, with the following planned work programs over the next 6 months at Mt Piper:
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Q1 2021 – Infill soil geochemistry to vector into gold rich targets;
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Q1 2021 – Complementary geophysical surveys including aeromagnetics, passive seismic and Induced Polarisation (IP) to optimise drill targeting; and
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Q1 to Q2 2021 – Drill testing of key gold target areas.
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Torrens’ Mt Piper Project is located just 30km south-east of Kirkland Lake’s Fosterville Gold Mine and 1km east of Mandalay Resources’ Costerfield Gold Mine.
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The Project area covers a very under-explored yet prospective section of Central Victoria.
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Torrens’ key target at Mt Piper is Fosterville and Costerfield-style gold mineralisation.
The Company has engaged geophysical consultants Resource Potentials to review and compile all the historical geophysical data within the 1626km2 Mt Piper Project area.
This work has shown the potential for known gold mineralising structures to extend into the Mt Piper area and it has also identified new structures within the area that require further investigation.
Torrens’ next phase of work at Mt Piper will include a series of airborne and ground-based geophysical surveys as well as infill geochemical sampling over the tenement package, and this will be followed by targeted drill testing.
Torrens Managing Director Steve Shedden said: “We believe that the Mt Piper Project’s proximity to the Fosterville gold mine and the even closer Costerfield gold mine makes it an extremely attractive opportunity for the Company.
“The confirmation of prospective gold-bearing structures at Mt Piper is vindication of our exploration model.
“In particular, we consider Northwood Hill within Mt Piper to be one of our most highly prospective prospects for Fosterville-style gold mineralisation, and we plan to rapidly advance it towards drilling in the first half of 2021, once our exploration licence application is granted.”
