TechGen Metals Kicks Off Stage Two Drilling at Pinnacles Gold Target
TG1 (TG1) Share Update July 2024 Sunday 21st
TechGen Metals Commences Stage Two Drilling at Pinnacles Gold Target
TechGen Metals Limited (ASX: TGX) has announced the commencement of stage two reverse circulation (RC) drilling at its Pinnacles Gold Target within the Ida Valley Gold and Lithium Project in Western Australia.
Instant Summary:
- Stage two RC drilling has commenced at Pinnacles Gold Target.
- Stage one drilling yielded a high-grade gold intercept of 4m @ 6.73g/t Au from 48m.
- Gold in soil anomaly at Pinnacles extends for approximately 1.5km.
- Mineralisation is within altered basalt greenstone along the Mt Ida Fault.
Exploration Update
TechGen Metals Limited has started the second phase of RC drilling at its Pinnacles Gold Target, part of the Ida Valley Gold and Lithium Project. The project is located 90km northwest of Leonora in the Goldfields Region of Western Australia and covers an area of 124 km² across two Exploration Licences, E29/1053 and E36/1015.
The stage one drilling campaign at Pinnacles returned a high-grade gold intersection of 4m @ 6.73g/t Au from 48m in drill hole IVRC0037. This significant find remains open in all directions, indicating further potential for high-grade mineralisation.
Geological Context
The Pinnacles Gold Target is strategically located 40km west of the Bannockburn Gold Mine and 45km south of the Agnew Mining Centre. The Ida Valley Project lies within the northern sector of the Norseman-Wiluna Greenstone Belt, a region known for its rich mineral deposits.
The gold in soil anomaly at Pinnacles extends for approximately 1.5km and is associated with favourable altered basalt greenstone along the Mt Ida Fault. This geological setting is promising for further exploration and potential resource development.
Management Comments
TechGen's Managing Director, Ashley Hood, expressed optimism about the ongoing exploration efforts. 'We wasted no time in a gold bull market by following on the maiden gold intercept at the Pinnacles Target. The promising geology, regional setting, and quality high grade close to surface on the first hole testing the Pinnacles gold in soils anomaly have exceptionally encouraged us,' he said.
Prior to TechGen's targeted geochemistry work in early 2022, the target area had seen no historic exploration despite its location on the Mt Ida shear.
The commencement of stage two drilling at Pinnacles Gold Target is a positive development for TechGen Metals. The high-grade gold intercept from stage one drilling suggests significant potential for further discoveries, which could positively impact the company's stock price. Investors may view this as a strong signal of the project's viability and future profitability.
Investor Reaction:
Investors and analysts have shown interest in TechGen's latest drilling campaign. The high-grade intercept from stage one has generated optimism, with many anticipating further positive results from the ongoing exploration.
Conclusion:
TechGen Metals' initiation of stage two drilling at the Pinnacles Gold Target marks an exciting phase in the company's exploration efforts. Investors should keep an eye on forthcoming drilling results and consider the potential long-term benefits of this promising project.