Traka Resources Limited (ASX: TKL) has been awarded a $250,000 Queensland Government Exploration Initiative (CEI) grant. This direct cash grant will be applied to drilling four diamond holes on previously defined targets within the company’s 100%-owned Gorge Creek Project in Far North-West Queensland.
Key Points:
The CEI grant reflects the Queensland Government’s support for exploration drilling on previously identified large- scale targets which are considered highly prospective for large-scale copper-cobalt-lead-zinc discoveries within the very large steeply dipping and east-west trending Fish River Faults Zone (FRFZ).
The funds will also be used to test large-scale, flat-lying lead and zinc targets of the Sedimentary Exhalative (SEDEX) style within Mt Les Siltstone sequence. RC pre-collars were previously completed on these targets, however access constraints during the subsequent two years of COVID-19 travel restrictions prevented follow-up diamond drill hole tails being completed to test these exciting exploration targets. Drilling is planned to commence at Gorge Creek in July.
Management Comment
Traka Resources Managing Director, Patrick Verbeek, said the company was delighted to have secured the support of the Queensland Government, via its Collaborative Exploration Initiative, to drill four outstanding base metal targets within the Gorge Creek Project.
“Gorge Creek has been a sleeper within Traka’s portfolio for the best part of three years, mainly due to COVID-19 travel restrictions.
“However, our success in securing the CEI, together with restored access, has made this exciting drill programme a reality.
“We are looking forward to gearing up for this diamond drill programme in the coming months. The targets are located in a favourable structural and geological position along strike from the world-class McArthur River, Walford and Century deposits. These are Tier-1 scale targets and success could transform the face of Traka.
“This is an exciting opportunity to have alongside ongoing work at our Mt Cattlin copper-gold-REE project in the south-west of WA.”