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Twenty Seven Co. (ASX:TSC) in High Spirits After Concluding Inaugural Field Trip to Mt Dimer

Summary

  • Twenty Seven Co. has recently concluded an aerial drone survey and a sampling program at the Mt Dimer Mining Lease in Western Australia.
  • The Company collected 12 grab samples across the tailings storage facility (TSF), recording gold grades up to 1.19 g/t Au.
  • It collated nine grab samples from the heap leach pad, recording gold grades up to 1.08 g/t Au.
  • A follow-up sampling program, updated 3D modelling of the historical data, and regulatory approvals for an initial drilling program are under focus for the near term.

Seasoned gold explorer Twenty Seven Co. Limited (ASX:TSC) has released the results from an initial field reconnaissance program and an aerial drone survey performed at the Mt Dimer Mining Lease in Western Australia (WA). The Mt Dimer Project highly prospective for Archean gold is located within southern portion of the Archaean Diemals-Marda Greenstone Belt within the Yilgarn Block.

The Mt Dimer Project, including the mining lease (M77/515) and an exploration licence (E77/2383), together with the Yarbu and Rover projects, form the Company’s Archaean gold property in WA. Earlier in November 2020, TSC completed the acquisition of the projects.

Also Read: Twenty Seven Co. (ASX:TSC) Acquires Mt Dimer, Trident and Yarbu Projects

Site Visit and Exploration Programs at Mt Dimer

The geological team at Twenty Seven Co. recently concluded a site visit, successfully completed a surface sampling program, performed geological mapping and the aerial drone survey. The program covered –

  • 12 grab samples collected from the historical tailings storage facility (TSF)
  • Nine samples collected from the historical heap leach pad (HLP)
  • Aerial drone survey to examine and assess the old open pit, TSF and HLP
  • Precise differential GPS surveying of the historical drill collars

During last month, Arvista Pty Ltd completed the aerial drone survey at the mining lease to deliver a high-resolution ortho-mosaic image and Digital Terrain Model (DTM). It accurately surveyed the most prominent features of the mining lease including the open-cut pit, the tailings storage facility (TSF), the heap leach pad (HLP) and the waste dump. Moreover, 22 drill collars were precisely surveyed.

Suggested Read: Twenty Seven Co. (ASX:TSC) Surges ~14% Post Oz Gold Acquisition and Quarterly Updates

The data from the aerial survey will be utilised towards the 3D modelling of the open pit mining operations along with the drill hole data and geology to identify the drill targets.

The Mt Dimer Mining Lease includes an open pit mining pit, which was excavated to a depth of ~50 metres in 1990s producing ~8,500 ounces of gold. Historical drilling and open pit mine highlight a potential for a south plunging gold shoot to extend at depth beneath the existing open pit. Historical drilling program recorded gold grades up to 13.32 g/t of gold.

TSF Sampling: An initial sampling program comprising of 12 grab samples was concluded at the TSF. The assay results of the sample are encouraging and range from a grade of 0.13 g/t to 1.19 g/t gold. The average assay gold grade for 12 samples stood at 0.41g/t, outlining the high-grade potential of the TSF.

The historical records highlighted the milled production of 84,159 tonnes of ore at Mt Dimer with the operations closing in 1996. A more detailed auger sampling may be required to better understand the depth of the tailings, average gold grade and test samples for metallurgical test work. TSC has initiated discussions with external parties to evaluate the economics of the tailings storage facility generating early cash flow from the gold project.

Must Read: Twenty Seven Co. (TSC) Stock Skyrockets 14% Post Releasing Preliminary Assay Results for Harmonic Gold Prospect

HLP Sampling: A heap leach pad from the historical mining operations is located south-east of the open pit mine. Nine grab samples were collected from the heap leach pad which resulted in gold grades ranging from 0.24 g/t to 1.08 g/t gold and averaged at 0.51 g/t gold.

The volume of the heap leach pad and the tailings storage facility was estimated from the aerial drone survey. The heap leach pad resulted in volumes of ~ 6,750m3. The results indicate the need for a detailed sampling and assessment program at the HLP, along with the TSF study.

The Way Forward

Twenty Seven Co. plans to progress on the priority tasks in the upcoming few weeks at the Mt Dimer Mining Lease, including:

  • Revised 3D model of the historical drilling data, geology and the open pit mine
  • Finalising planning and securing regulatory approvals for the initial drilling program
  • Follow-up sampling program targeting the mineralised material within the TSF / HLP, along with metallurgical test work and confirming the volume and tonnage estimates

TSC traded at $0.007 a share on 25 November 2020 (AEDT 2:01 PM) with a market capitalisation of $12.65 million.

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