Mining explorer Transition Resources is reporting world-class gold and tungsten assays from drilling at its new greenfield discovery in Cloncurry.
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The privately-owned, research-focused company said the results added add weight to their 2020 claims to have "hit the jackpot", by discovering a possible multi-billion-tonne, gold-rich mineral system within its tenements, dubbed the "Highway Corridor".
Transition say the previously unknown Highway Corridor is over 21km long and includes important critical metals tungsten, cobalt, and high-value rare earth elements such as neodymium, praseodymium, dysprosium, and terbium.
Transition's founder and Managing Director, David Wilson said the critical metals add geopolitical interest to the find.
"This is a significant new find of unknown scale. Every single hole we drill is adding value; most through intersecting mineralisation including up to bonanza grades, and others through providing important vectoring information that contributes to our understanding of this significant new system," Mr Wilson said.
"Through this discovery, Transition is writing a new chapter in the region's mineral evolutionary history."
The company said that in the 12 months following the discovery drill hole, they have amassed an impressive array of exciting drill intersections, despite only a fraction of the Highway Corridor being drill-tested to date.
Mr Wilson said the Highway Prospect appears to be the first genuine greenfield discovery in the Cloncurry District in decades in an area overlooked by historical and modern explorers and Transition attributes its discovery to merging traditional exploration methods with innovative technologies and re-engaging with grassroots exploration.
"By thinking differently, Transition is essentially casting fresh eyes over highly prospective yet overlooked ground," Mr Wilson said.
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"It is like being the first to explore one of the most heavily mineralised regions on the planet. Highway is an exciting new greenfield discovery. Mostly obscured from surface, it is not associated with historical mine workings and is not adjacent to, or along-strike from, existing producing mines. It includes a suite of metals that is unique to the Cloncurry District and like all early-stage greenfield discoveries, its potential scale is completely unknown. It is the kind of discovery explorers dream about."
In the 12 months from the discovery drill hole at Highway, Transition completed over 22,000 metres of drilling, mostly concentrating on a 650m long zone where it is defining multiple orebodies.
Mr Wilson describes a balancing act between completing essential activity to understand its new, regional-scale discovery, whilst concurrently defining mineral resources to provide investor guidance.
"Transition has enough drill targets within the Highway Corridor discovery to keep a fleet of drill rigs busy for years," he said.
The company now plans to drill a significant new high-grade REE discovery in 2022.
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