Tambourah Metals (ASX: TMB) is set for a busy end to the year after an active and successful quarter ending 30 September 2024.
The major area of focus during the quarter was the Tambourah gold project in Western Australia’s Pilbara region, where the company expanded several targets.
The company is now well-funded to advance the project, having received binding commitments for a placement of up to $330,000 plus an additional $45,000 from the board and management, leaving the company’s cash position at $2.18 million.
Subsequent to the end of the quarter, the company received additional support through a $180,000 grant from the WA government.
The funding, provided by the Exploration Incentive Scheme (EIS), will support the company’s exploration efforts at the Alexandria prospect within its Tambourah King project.
The grant will help co-fund 12 diamond drill (DD) holes through and along the strike of Alexandria and follow up on historical drill intercepts from sporadic, shallow drilling.
Tambourah King is one of the significant targets the company aims to advance.
During the recent quarter, Tambourah completed 11 reverse circulation (RC) and DD holes targeting extensions to the quartz lode-style vein system and the untested granite/greenstone contact at the World’s Fair prospect.
This drilling program was also undertaken with up to $75,000 from the WA government under the EIS.
Drilling at Tambourah King has now intersected the mineralised lode structure over a strike length of 150 metres.
These recent results confirm Tambourah’s 2023 RC drilling program, which intersected shallow, high-grade gold at the Tambourah King prospect.
Geological mapping by Tambourah has identified sulphide and gold mineralisation associated with a granitoid intrusion contact over 500m long, adjacent to the World’s Fair prospect.
Multiple electromagnetic conductors, representing potential sulphide mineralisation coincident with this contact, are among the company’s primary exploration targets.
One of the areas the company is eager to explore further is the newly identified intrusion-related style of mineralisation at World’s Fair.
If proven, this mineralisation could significantly increase the scale of the Tambourah project.
The Hemi deposit owned by De Grey Mining (ASX: DEG) is a prime example of this significant new play in the Pilbara region.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.