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Traka Resources Ltd.
Summary
| Project: | Latitude Hill | |
|---|---|---|
| Deposit: | Latitude Hill | |
| Location: | Australia | |
| Commodities: | Copper | |
| Date: | 4/3/2018 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resources Definition | |
| Report details: | 3-4-2018: Traka Resources Ltd. announces an Exploration/Drilling Update report for its Latitude Hill deposit at the Latitude Hill project. Drilling results incl. 25m @ 0.43% Cu from 50m. Chalice Gold Mines Ltd (Chalice) has given notice to Traka of its wi | |
| Resources: | x | |
| CP/QP: | [Overall Report]: Patrick Verbeek (Internal) | |
| ABSTRACT: | Chalice Gold Mines Ltd (Chalice) has given notice to Traka of its withdrawing from the Latitude Hill joint venture. Chalice had an option, after expenditure of $1 million, to earn 51% equity by the additional expenditure of $5 million. Chalice drill tested six airborne electromagnetic (Spectrem) targets with an RC drill program comprising 18 holes for a total of 3,576 metres (Figure 1, Table 1). Copper mineralisation was intersected at the Manyas target where 5 holes were drilled for 956 metres. The best intersections were. The copper mineralisation at Manyas is of hydrothermal origin and hosted in sheared sedimentary rock. The other Spectrem targets were attributed to the presence of electrically conductive carbonaceous rocks. Traka is now evaluating the results made available by Chalice to determine the Company’s future for exploration at Latitude Hill (Table 2). | |
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