Tanami Gold NL is an Australia-based company engaged in gold mining and mineral exploration. The Company is focusing its efforts on the Coyote Gold Project underground mine.
Tanami Gold intersects visible gold in a second drill hole at Coyote in WA Wednesday, September 02, 2009
Investors in Tanami Gold (ASX: TAM) may have brightened considerably, with the first drill hole, at Coyote gold mine, intersecting visible gold during underground exploration.
Now a second drill hole has intersected visible gold in Western Australia.
The second diamond drill hole, targeting extensions to the Bommie Lode intersected a visible gold nugget in the Gonzales and Bommie Lodes at 109.1 metres down-hole.
The first diamond drill hole intersected visible gold at 17-19 metres down-hole (Gonzales Lode), visible gold in quartz veining at 58 metres (Grunters Lode) and visible gold in quartz veining at 96 metres.
The company recently commenced a 9,000 metre underground exploration program at the Coyote gold mine aimed at extending existing resources, converting additional resources to reserves and testing new targets.
Graeme Sloan managing director of Tanami Gold said the Bommie Lode remains open in all directions.
Sloan said the latest Bommie intercept includes a 5.5cm wide quartz vein with multiple occurrences of visible gold including a nugget with approximate dimensions of 4mm x 1.5mm.
He said an extensive surface drill program is planned for the Company’s Western Australian Tanami landholding. Over 30 advanced drill targets, all within 50 kilometres of the Coyote treatment plant, have been identified through previous exploration work programs and in-house geological modelling.
The company has secured a surface RC percussion and diamond core rig, with plans to commence exploration drilling in October 2009.
Assays are pending for all drilling completed to date.
Ends.
Cheers, Pie (:
TAM Price at posting:
4.1¢ Sentiment: None Disclosure: Held
