Taiton Resources (ASX:T88) has wrapped up its maiden drilling program at the Merino prospect within its Highway Project in the Gawler Craton of South Australia.
The $12.77 million market capitalisation company’s initial reverse circulation (RC) drilling program included 22 drillholes for 3,062m, testing zones coincident with historical anomalous molybdenum and base metals drill results.
The targets were identified from radiometric imagery and a recent induced polarisation (IP) survey.
Taiton reports most of the drillholes reached planned depth and Executive Director Noel Ong says the company now has a ‘better understanding of the mineral system and where prime mineralisation may be located’.
“The completion of the drilling program has given Taiton Resources clear visibility on the Merino prospect”.
All samples have been sent to a laboratory in Adelaide and initial assay results are expected in about 5 weeks.
Ong says the team will look at the learnings of the maiden program and apply them to the ‘regional prospectivity’ of the Highway project.
Taiton Resources is an early stage mineral explorer focussed on discovering ‘large-scale’ mineral deposits in South Australia and Western Australia.
As of 30 June 2023, the company had $4.63 million cash at hand according to its latest quarterly report.
Write to Carolyn Rebeiro at Mining.com.au
Images: Taiton Resources