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Company Announcement: Drilling intersects strong gold-copper mineralisation at Johnnies Reward, NT

30th January 2013

  

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Transol Corporation Limited  (0.69 MB)

Transol Corporation Limited is pleased to advise that it has received highly encouraging assay results from the December 2012 drilling program at its flagship Johnnies Reward gold-copper project, located 75km north-east of Alice Springs in the Northern Territory, laying the foundations for a significantly expanded exploration campaign in 2013. The results include several broad intersections of gold and gold-copper mineralisation, with significant mineralisation intersected in all seven holes that were successfully completed to target depth. Two holes were prematurely abandoned due to technical drilling difficulties.

The Phase 2 drilling program completed in December comprised nine (9) holes of Reverse Circulation (RC) drilling for 1,640m, with the drilling designed to intersect the mineralised zone at Johnnies Reward down-plunge of the Phase 1 drilling completed by Transol in mid-2012. Four of the new holes (JRRC009, 10, 11 and 14) finished in gold mineralisation with one hole, JRRC009, finishing in 12g/t Au at 157m down-hole. These holes will all be extended with diamond drilling during the next phase of diamond drilling at Johnnies Reward.

The drilling confirmed that the mineralisation at Johnnies Reward is predominantly hosted in a pyrite-chalcopyrite bearing magnetite pyroxene skarn with gold-dominant mineralisation also present within the footwall quartz biotite garnet magnetite gneiss (garnet gneiss). Further diamond drilling will be undertaken to determine the significance of the gold mineralisation within the garnet gneiss unit. The mineralized skarn was intersected over significant intervals in all holes assayed including 12JRRC009-012 and 12JRRC014-017 over a strike length of 200m north of the Johnnies Reward gossan.
 

Edited by Creamer Media Reporter

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