Have now had a chance to look over the announcement in more detail
Given its location immediately adjacent to Credo Well it is an obvious strategic fit to current tenements, with the announcement stating that modern exploration (gold) has " identified a broad north-south trending mineralised shear zone extending the length of the lease area."
It would appear that the historical focus has largely been on copper resources but there seems to be a strong correlation between copper and gold mineralisation. Historic drilling is shallow (copper to 80m and gold to 50m) leaving a great deal of exploration upside.
The tenement also has a mined copper stockpile which is amenable to treatment. This potentially fits with TNR strategy of exploiting above ground resources
There is a non JORC compliant copper resource which TNR is confident can be made compliant as a part of the due diligence conducted over the option period. It appears that no gold calculations were done on this resource
The grades look exciting and comparable to Credo Well. Depth is very shallow.
Also worthy of note is the presence of silver credits and potential for high grade Zinc
At $50k plus 5M shares the price looks good
Any thoughts ?
