Tanami Gold (ASX:TAM) has secured approval from its Joint Venture (JV) partner, Northern Star Resources (ASX:NST), for a $15 million exploration budget for the Central Tanami Project in the Northern Territory.
The $15 million budget is for exploration and associated activities over the financial year (FY) 2024.
Tanami says the budget includes provision for 36,000m of diamond core, reverse circulation (RC), and aircore (AC) drilling directed at a series of targets throughout the project.
Additionally, this includes down-plunge extension drilling at the Ripcord and Jims gold deposits, near-mine exploration between and surrounding the Groundrush and Ripcord areas, brownfields exploration on other nearby gold deposits, and greenfields exploration in the surrounding tenements.
The company notes that work on an updated mineral resource for the project will also be continuing into FY24.
Further to the approved budget, the JV, through Northern Star, has been a ‘successful’ recipient of 2 Round 16 Resourcing the Territory Exploration Grants for the Central Tanami JV Project.
Tanami reports that the Northern Territory Government is co-contributing $243,300 towards the 3-hole Groundrush-Ripcord link diamond core drilling campaign on ML22934, along with the 2-hole diamond core Beaver deep drilling campaign on MLS180.
Tanami says that RC and diamond core drilling on the project resumed in May following a 6-month hiatus over the northern wet season.
The Central Tanami Project is a 50/50 JV between Tanami Gold and Northern Star Resources, established to advance exploration on the 2,211km-square tenement area in the Tanami region.
Tanami Gold is an Australian gold producer focused on its Central Tanami JV Project, located 650km northwest of Alice Springs in the Northern Territory. As of 31 March 2023, Tanami Gold had available cash of $32.295 million.
Write to Aaliyah Rogan at Mining.com.au
Images: Tanami Gold NL