- Write by:
-
Friday, November 20, 2020 - 1:42:38 PM
-
491 Visit
-
Print
Mining News Pro - Carawine Resources has tightened its hold of the Tropicana North gold project in Western Australia with the acquisition of Phantom Resources.
This gives the gold and base metals explorer 100 per cent ownership of four exploration licence applications in the Tropicana region.
The Phantom tenement runs adjacent to Carawine’s Thunderstruck joint venture (JV) tenements and includes a 7-kilometre long geochemical anomaly and a 60-kilometre strike of the Tropicana belt, within 45 kilometres of AngloGold Ashanti and IGO’s Tropicana gold mine.
The combination of these tenements gives Carawine more than 80 kilometres of strike of the Tropicana belt in total.
“Our Tropicana North project gives Carawine a significant position in the active and highly prospective Tropicana gold province,” managing director David Boyd said.
“The addition of the Phantom tenement applications is a big part of this, with an immediate high-potential gold target at the Pleiades prospect and strike extensions of the same and similar rock units and structures to those hosting the tier 1 Tropicana gold mine.”
Carawine is now set to progress the Phantom tenements by preparing and designing exploration programs which will commence mid-2021.
“In the meantime, the company is about to begin drilling at a number of gold targets on the Thunderstruck JV tenements, marking the start of an extended exploration program which is planned to continue throughout 2021,” Boyd said.
The company completed the Phantom acquisition with the issue of 600,000 fully paid ordinary shares to Phantom’s shareholders.
Back in September, Carawine purchased 90 per cent interest in the Hercules and Atlantis prospects from Thunderstruck Investments for two exploration licences at Tropicana North.
With this latest Phantom acquisition, Carawine is now positioned with prospective gold tenements within 10 kilometres of the Tropicana gold mine.
Short Link:
https://www.miningnews.ir/En/News/608442
Barrick Gold faced criticism outside its annual general meeting on Tuesday in Toronto for supporting Malian rulers with ...
Gold wavered as traders looked ahead to a week with a Federal Reserve rate decision meeting and key US jobs data.
Newmont Corp beat Wall Street estimates for first-quarter profit on Thursday, as the world’s largest gold miner ...
China’s Zhaojin Mining Industry said on Wednesday that its A$733 million ($477.8 million) offer to buy Australia’s ...
Toronto-listed miner OceanaGold Corp said on Wednesday it will raise 6.08 billion pesos ($106 million) through an ...
Ghana Mine Workers Union is demanding the termination of the mining lease of Future Global Resources Ltd. because the ...
Gold’s record-setting rally this year has puzzled market watchers as bullion has roared higher despite headwinds that ...
AbraSilver Resource said on Monday it has received investments from both Kinross Gold and Central Puerto, Argentina’s ...
Gold took a tumble as haven demand waned after geopolitical tensions eased in the Middle East.
No comments have been posted yet ...