Transol Corporation Limited  is pleased to advise that it has secured $40,000 in funding from the Northern Territory Government for diamond drilling at its 100% owned Southern Cross Bore Project as part of the Government’s $2.4 million collaborative funding program. The funds will be used for deep drilling to target the primary gold potential of the Black Angus Prospect where significant surface gold mineralisation has been identified over a 500m x 300m grid. Black Angus lies 2km north of the advanced Johnnies Reward Prospect which Transol has been actively drilling for the past 15 months. Under the collaborative funding program, the Northern Territory Government has committed $2.4 million over three years to increase the intensity of exploration drilling and geophysics in greenfield areas of the Northern Territory. This program co-funds selected exploration drilling and geophysics in greenfields areas where there is a paucity of geological information.

The Southern Cross Bore Project covers a highly prospective but poorly explored area of the Central Arunta geological province. Recent work by Transol has discovered significant gold and copper mineralisation at the Johnnies Reward Prospect within a large IOCG system. A large surface gold anomaly has also been discovered at the Black Angus Prospect which has similar geology to Johnnies Reward.  Transol’s preliminary geological model suggests Southern Cross Bore is a large IOCG system with potential for multiple skarn and vein hosted gold copper deposits. However zones of magnetite destruction along south east trending structural corridors such as at Black Angus may occur which will affect the method of exploring for these deposits. Under the award program Transol will expend an additional $80,000 to complete the diamond drilling program.

3-D modelling of the Johnnies Reward drilling data has suggested a north east plunging magnetite skarn system hosts and structurally controls the mineralisation. This skarn system is relatively easy to discover and model due to the strong associated magnetic anomaly. However at Black Angus and some other geochemical gold anomalies at Southern Cross Bore that occur within similar geology to Johnnies Reward, there is no magnetic signature.  Transol is proposing two (2) diamond holes below the core of the Black Angus gold anomaly to test the existence of primary gold mineralisation occurring within pyroxenite skarn where it is postulated the primary magnetite has been destroyed in a subsequent structural event.

The Black Angus anomaly will also be extensively tested by RC drilling concurrent with the diamond drilling although the RC drilling is not part of the collaborative grant scheme. Commenting on the award, Transol’s Technical Director, Neil Biddle said: “This is a significant result for Transol and a vindication of both the exploration area and Transol’s exploration approach”. “The Arunta has long been considered highly prospective and we are gradually developing a much better understanding of the geological complexity of the province. Recent discoveries of IOCG and SEDEX styles of mineralisation by Mithril Resources in the SW Arunta and Kidman Resources at the Home of Bullion in the northern central Arunta have demonstrated the province is a good target area for gold, copper and associated minerals”.