Auroch Minerals (ASX: AOU) is reconsidering its exploration options for the Tisová project in the Czech Republic after receiving mixed results from assay of the first two holes in a four – hole drilling program.
The company said the Copper (Cu) and Cobalt (Co) assay results have not replicated the results obtained from grab samples reported from historic waste dumps on site.
However, it reported that gold results (including 8m@0.9 7 g/t Au) are closer to expectations.
CEO Dr Andrew Tunks said the cobalt and copper results are both: lower grade, and across narrower intervals than expected from the visual logging of the core.
“The assay results to date are disappointing and not in line with our expectations. Thick zones logged as disseminated sulphides have returned lower than expected values for the target metals and where grades are reasonable, thicknesses are narrow and below minimum mining widths. We await the results of the second two holes before formulating our future exploration plans.
“Clearly the material we have drilled is substantially different from the samples we collected from the Tisová waste dumps. This points to a strong metal zonation within the Tisová orebody. We will review the 3D model of the sulphides and look to investigate geophysical methods to identify further sulphide bodies as a possible source of Cobalt mineralisation in the dumps.”
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Samples from the final two holes have been dispatched to the ALS laboratory in Romania and results are expected by the end of December.
With the onset of the northern winter, exploration activity has now been suspended in the Czech Republic and can only resume post snow melts in 2018.
Auroch has been exploring at Tisová is under the term s of an Option Agreement that expires in March 2018. The company has fulfilled its obligations under the agreement – which included 4 drill holes for 1200m (actual 1340m drilled) to test the spatial distribution of Co and Cu (also Au & Ag) at Tisová and will await final results of holes 3 and 4 before making an election on the option arrangement.
Should Auroch elect to proceed with the acquisition there is a further Cash payment of A$75,000 and 4,375,000 fully paid ordinary shares to be issued. There is also a deferred consideration of 5,000,000 addition al fully paid ordinary shares should certain conditions /performance targets be met.
