Perth-based mineral exploration company Traka Resources has reached agreement with a private company, Cobalt QLD Pty Ltd (Cobalt) to begin drilling in the Gorge Creek Project in North West Queensland.
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Gorge Creek is located on the Queensland-Northern Territory border, around 30km west of Aeon Metals Ltd’s emerging Walford Creek copper-lead-zinc-silver-cobalt deposit.
Traka’s Managing Director Patrick Verbeek told the ASX it was attracted to the project because no systematic modern drilling has been undertaken to test a number of large structures, despite abundant historic exploration work, including geochemistry and drilling, demonstrating that they are mineralised.
“Most of the historic work is more than 20 years old and was carried out without the benefit of new discoveries like Walford Creek or new exploration techniques,” Mr Verbeek said in a statement.
“The lack of sampling or assessment for cobalt on the project offers a particularly exciting objective to pursue.”
Mr Verbeek said the mineralised faults at Gorge Creek were deeply seated steeply dipping features passing through gently south-dipping sedimentary rock sequences.
“The regional scale Fish River Fault Zone extends from Walford Creek itself through the project area with a number of other faults branching from it,” he said.
“Traka will target these faults for high grade mineralisation as grades are likely to diminish laterally away from them.”
Traka will also evaluate untested induced polarisation (IP) geophysical anomalies and areas of rockchip anomalism and gossan so that the project as a whole is fully appraised.
Mr Verbeek said there was 30km of untested faults at Gorge Creek.
“Key areas will initially be selected for testing and work will expand on merit as drill results are received,” he said.
“Exploration work is expected to start in April 2018 at the end of the wet season.”
The company is heading to market with a capital raising with a commitment to $300,000 expenditure within the first year.