Tanami Gold NL (ASX:TAM) and Northern Star, its Joint Venture partner in the Central Tanami Project Joint Venture (CTPJV), have approved a A$15 million budget, for exploration and associated activities on the Central Tanami Project for the 2023-2024 period.
The exploration budget includes provision for 36,000 metres of diamond core, reverse circulation and air core drilling directed at a series of targets throughout the Central Tanami Project (CTP), including down plunge extension drilling at the Groundrush Gold Deposit, along strike extension and infill drilling at the Ripcord Gold Deposit and Jims Gold Deposit, near mine exploration between and surrounding the Groundrush and Ripcord, brownfields exploration on other nearby gold deposits and greenfields exploration in the surrounding tenements.
Activities on updating the known Mineral Resources on the CTP will also continue into FY-2024 to allow these Mineral Resources to be reported in accordance with the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves.
In addition to the budget, the CTPJV through Northern Star was also a successful recipient of two, Round 16 Resourcing the Territory Exploration Grants for the Central Tanami Project. The Northern Territory Government will co-contribute a total of A$243,300 towards the three hole Groundrush-Ripcord Link Diamond Core Drilling campaign on ML22934 and the two hole diamond core Beaver Deep Drilling campaign on MLS180.
Reverse circulation and diamond core drilling on the CTP resumed in May, following a six-month hiatus over the northern wet season. Initial programs have focused on finalising programs at Groundrush and Ripcord from the 2022-2023 budget period (FY-2023).
The CTPJV is a 50/50 Joint Venture between Tanami Gold and Northern Star, which was established to advance exploration on the 2,211 sq. km tenement area in the Tanami Region held by the CTPJV.
The tenement area encompasses highly prospective, underexplored geological sequences, in an area that is known to be well endowed with gold mineralisation.
The objective of the CTPJV is to develop and mine Groundrush and any other gold deposits delineated within the CTPJV tenements at the earliest time, commensurate with good mining practice and utilising project infrastructure already in place on the previously operated project area.
