Taruga Minerals (ASX:TAR) has exercised its option to acquire the Thowagee Project in the Gascoyne Province of Western Australia.
In November 2024, the company entered into an option agreement to acquire Thowagee, which expands its portfolio to 416.5km2 of contiguous acreage in the Gascoyne Province.
To complete the deal, Taruga will issue $85,000 worth of shares to the vendors based on the 14-day volume weighted average price prior to settlement.
Taruga is conducting ongoing exploration including geochemical soil sampling, additional rock sampling analysis and a review of available geophysical datasets.
The company is also focusing on identifying and sampling gossans adjacent to the Thowagee Mine. Other activities include using geophysical datasets and in-field mapping to trace out the extent of host shear zones and mineralisation potential.
Available datasets include radiometrics, versatile time-domain magnetics, magnetics, mapped outcrop geology and interpreted bedrock maps.
Taruga notes the field observations and verified historical data, including from neighbouring workings and mines, are to be incorporated and interrogated as part of a broader review of the applicable geological models for potential mineralising events.
Taruga Minerals is an Australian copper and rare earths explorer focused on its portfolio of projects in South Australia and Western Australia.
Write to Aaliyah Rogan at Mining.com.au
Images: Taruga Minerals
