Percussion/diamond hole THRD002, drilled to test the Thrace magnetic anomaly, intersected an 11m interval grading 16.5 grams per tonne of gold at a depth of 254m, including 2m at 80gpt. It also intersected 5m averaging 1.26% copper commencing at a depth of 253m.
Geophysical data suggests the intersection is next to a larger, untested magnetic ironstone body, the company said.
“Downhole logging will be carried out in a couple of weeks to pinpoint the main target for drilling later,” said managing director Nick Byrne.
Giants Reef has 24 geophysical and geological targets lined up ready for drilling. It has already sunk one hole each at Troy Shallows, Macedon and Thrace.
“We actually have 64 targets identified, but on 24 we have prepared the ground and reached agreements with the traditional owners,” Byrne said.
“We will go on drilling one target after another, and do the downhole logging later.”
The Thrace prospect is on a 25-year mining lease granted by the Central Land Council.
Giants Reef is solely a Tennant Creek specialist. “Tennant Creek was the last goldfield discovered in Australia in 1935, but it was the 20 gram per tonne average grade that attracted us,” Byrne said.
“We have agreements with Billiton and BHP to explore for large base metal deposits of Olympic Dam style and size in the Tennant Creek region.
“We are managing the exploration, and Billiton and BHP will take control of any major mining operation.”
The company raised $2.7 million through a share placement with existing shareholders, underwritten by DJ Carmichael, to finance further exploration on its own.
