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TriAusMin hits up to 5.19% copper at Lewis Ponds, New South Wales

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TriAusMin (ASX:TRO, TSX:TOR) has revealed assay results from recently completed drilling at the Mount Nicholas Copper Mine within its Lewis Ponds Project, New South Wales.

Moderate to high grade copper over narrow widths was intercepted, with a maximum grade of 5.19% copper.

Anomalous gold, silver, lead and zinc occur with the copper.

The three hole, 554 metre diamond drilling program tested a strong electromagnetic target located below a line of historical copper workings.

All holes intersected multiple zones of semi-massive to massive pyrrhotite–chalcopyrite with sphalerite and pyrite in quartz-carbonate veins and shears.

The position of the mineralised structures correlate to the mapped veins and modelled plate position.

The modelled plate measures 400 metres along strike and 150 metres down-dip, coincident with rock chip assay values of 4.65% copper, 2.53g/t gold, 49g/t silver, 0.43% lead and 0.34% zinc.

Historic mine records note the occurrence of copper phases including cuprite, covellite, chalcopyrite and chalcocite, with production of 640 tonnes of copper from 4,000 tonnes of ore - a grade of 16%.

The current drill program is the first test of the old mine and corresponding conductor.

TRO is also drilling a four hole, 400 metre drill program on its Overflow gold-silver project in the Lachlan Fold Belt of Central News South Wales.

This drill program comprises 200 metres of Reverse Circulation drilling at the Spooky Hill Gold Prospect and a single 200 metre diamond hole at the historic Overflow Mine.

Overflow covers 15 kilometres of strike on the Coonara-Bluff Fault Zone, which is the controlling structure for mineralisation in the Yellow Mountain-Mineral Hill Belt.

The Overflow Mine was a past producer of gold, silver and lead. Mining ceased in 1942 and outside of the mine
a number of prospects have been delineated.

And in March, TriAusMin revealed its planned merger with Heron Resources (ASX:HRR) to form a well-financed base metals company focused on the development of TriAusMin's Woodlawn project.

The combined entity will be listed on the ASX and TSX, with cash of $36 million and $5 million in investments within a market cap of around $50 million.

Woodlawn contains 8.6 million tonnes of Measured and Indicated Resources at 10.3% zinc, 4% lead, 1.8% copper, plus by-product precious metals.

A tailings deposit containing proven and probable reserves of 11.2 million tonnes at 2.2% zinc, 1.3% lead, 0.5% copper, plus precious metals, generated from the previous Tailings Retreatment operations.

The Woodlawn Underground Project provides exploration upside, whilst the Woodlawn Tailings Retreatment Project could provide early cash flow.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.


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