Twenty Seven Co. Limited (ASX: TSC) has confirmed that Rio Tinto Exploration Pty Limited (RTX), a wholly owned subsidiary of the global mining group Rio Tinto, has elected to exercise its option to farm-in to the northern Rover Project exploration licence (E57/1134) in the central Yilgarn region of Western Australia.
TSC entered a binding term sheet with RTX in March 2022 with RTX paying TSC an initial A$25,000 up front for an exclusive initial six- month option to explore North Rover for non-gold minerals.
Following the completion of an initial exploration programme, RTX has exercised its option to earn an 80% Joint Venture interest in the non-gold mineral rights on E57/1134 by sole funding A$5M of non- gold exploration.
During the initial six-month option period, RTX identified a sub-cropping weathered pegmatite unit that may be prospective for lithium (spodumene) and tantalum mineralisation, with an area prioritised for follow-up drill testing.
RTX plans to conduct an initial drill programme of 500-1000m to investigate the interpreted pegmatite unit in early 2023, subject to land access consents and clearances.
“We are encouraged that RTX has opted to exercise its option to farm-in and advance the North Rover Project in WA,” Twenty Seven Executive Chairman and CEO, Mark Caruso, said.
“The positive early results of first stage exploration has indicators that warrant the drill testing to assess the sub outcropping pegmatite target in the northern area of the tenement for potential lithium mineralisation.
“Securing the support of a global miner such as Rio Tinto demonstrates the underlying potential of the North Rover Project, and we look forward to working closely with the RTX exploration team during the farm-in.”
RTX Exploration Summary
RTX’s exploration activities included a review of historical technical information and field mapping in the northern areas of the North Rover tenement that identified a sub-cropping weathered pegmatite unit that may be prospective for lithium (spodumene) and tantalum mineralisation.
Stream sediment, soil and rock chip sampling were then undertaken in the area of interest to better assess the potential for the pegmatite to host lithium (spodumene) mineralisation. On the basis of the sampling results, in particular coherent tantalum and related geochemical anomalism over an area of the interpreted pegmatite unit, RTX believes that drill testing of the pegmatite unit to test for potential spodumene mineralisation is warranted.
Planning for a drilling programme in currently being finalised by RTX.
RTX’s exploration activities during the Option Period were focused on the northern section of the North Rover Project area and comprised:
• Review of historical exploration information and satellite imagery;
• Acquisition and review of existing airborne magnetic-radiometric survey data;
• Field reconnaissance mapping undertaken via walked traverses that identified an area of
interest containing sub-cropping weathered pegmatite and banded aplite
• Collection of 23 stream sediment samples from mostly first order drainages from the identified area of interest, which were assayed for a broad element suite;
• The collection of 51 soil samples in a notional 100m x 50m grid over the catchment with the highest stream sediment Ta anomalism that were assayed for a broad element suite; and;
• Collection of 12 rock chip samples from selected weathered pegmatitic rubble within the area of interest that were assayed for a broad element suite.
For further information please visit: https://www.twentysevenco.com.au/
