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On 9 January 2019, mineral and exploration company, TopTung Limited (ASX:TTW) provided an update on its Lorraine project in which the company has outlined the extent of underground development and identified potential drill targets at Lorraine Mine. Following this news, the share price of the company decreased by 10 percent as on 9 January 2019.
TopTung Limited âs consultants Orix Geoscience (Orix) and Core Geophysics have been collecting historical data for the Lorraine Project tenements, for the past few months.
Orix Geoscience has compiled the drilling and geophysical data from Ministry of Energy and Natural Resources (MERN). As per the data of Ministry of Energy and Natural Resources (MERN), the mine has produced 600,000 tonnes of ore at 1.08% Copper and 0.46% Nickel plus 14,000 ounces of gold, 86,000 ounces of silver with an unspecified PGE credit.
The data from the Lorraine Mine has confirmed the gold potential of the footwall felsic volcanic/metasediment sequence. The channel sampling from the 6th level âdriftâ at Lorraine Mine has returned 28.04m at 37.42 grams per tonne gold and 33.74 grams per tonne silver. A drill intercept from the sixth level returned 1m at 44.12 grams per tonne gold and 102.91 grams per tonne silver. The company has not yet confirmed the location of the high-grade gold sampling on the Lorraine Mine 6 Level drifts.
The company is going to review the data in the first quarter of 2019, after meeting Orix and other associated parties in Toronto, Canada. After reviewing all the data, the company will start the evaluation of the gold potential of the Lorraine Mine and wider Project area.
As per the companyâs announcement, the review of the geophysical data by Core Geophysics has delineated additional gabbro units as extensions undercover to the known outcrop/mineralized bodies. The review has also highlighted the fact that the previously flown VLF EM survey (2015) was not an effective test for massive sulfide conductors within the property.
During the first quarter of 2019, the company is going to plan and start the exploration over the Lorraine claims including the VTEM (Versatile Time Domain Electromagnetic) survey. As per the announcement, the Company will also assess the status of the Lorraine Mineshaft and environs and make inquiries regarding permitting requirements for dewatering and underground drilling.
Recently, TopTung Ltd entered into a conditional agreement to fully acquire Canadian Nickel Corporation Pty Limited whose portfolio comprises of three highly prospective and advanced Ni-Cu-PGE-Co projects which have a strategic fit for the Company.
As at 30 September 2018, the company had cash and cash equivalents of $3.44 million.
In the last six months, the share price of the company decreased by 50 percent as on 8 January 2019. TTWâs shares traded at $0.018 with a market capitalization of circa $4.14 million as on 9 January 2019 (AEST 4:00 Pm).
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