Torrens Mining Limited (ASX: TRN) announced that the reprocessing and re-interpretation of historic geophysical data has confirmed that prospective stratigraphy and structures exist in the company’s Mt Piper Gold Project in Victoria. TRN said that prospective geological structures were also identified from the data, for further exploration.
Torrens reported that it is gearing up fieldwork and has various planned work programs at Mt Piper over the next 6 months.
Mt Piper Project
Torrens’ Mt Piper Project is located just 30km south-east of Kirkland Lake’s Fosterville Gold Mine and 1km east of Mandalay Resources’ Costerfield Gold Mine.
The Project area covers a very under-explored yet prospective section of Central Victoria. Torrens’ key target at Mt Piper is Fosterville and Costerfield-style gold mineralisation.
The project comprises one granted exploration licence (EL6775) and five exploration licence applications (ELA’s 7331, 7337, 7366,7380, and 7481)
Reprocessing of historic geophysical data
The Company had recently engaged geophysical consultants Resource Potentials to review and compile all the historical geophysical data within the 1626km2 Mt Piper Project area.
Torrens said that this work has shown the potential for known gold mineralising structures to extend into the Mt Piper area and it has also identified new structures within the area that require further investigation.
The company said that the reprocessed geophysical databases form an excellent starting point to identify high priority target areas for drill testing and other work programs.
Work programs at Mt Piper
Torrens announced that the next phase of work at Mt Piper will include a series of airborne and ground-based geophysical surveys as well as infill geochemical sampling over the tenement package, and this will be followed by targeted drill testing.
The company announced the following timelines for various planned work programs – Q1 2021 – Infill soil geochemistry to vector into gold rich targets; Q1 2021 – Complementary geophysical surveys including aeromagnetics, passive seismic and Induced Polarisation (IP) to optimise drill targeting; and Q1 to Q2 2021 – Drill testing of key gold target areas.
Management comments
Torrens Managing Director Steve Shedden said: “We believe that the Mt Piper Project’s proximity to the Fosterville gold mine and the even closer Costerfield gold mine makes it an extremely attractive opportunity for the Company.
The confirmation of prospective gold-bearing structures at Mt Piper is vindication of our exploration model. In particular, we consider Northwood Hill within Mt Piper to be one of our most highly prospective prospects for Fosterville-style gold mineralisation, and we plan to rapidly advance it towards drilling in the first half of 2021, once our exploration licence application is granted.”
