Transition Resources makes multi-billion tonne gold-rich mineral discovery in Cloncurry

Directors behind a privately owned explorer company believe they have struck a multi-billion tonne gold-rich mineral system in North Queensland.

Directors behind a privately owned exploration company believe they have struck a multi-billion tonne gold-rich mineral system in North Queensland.

Transition Resources has identified a previously unknown gold-rich mineral system in its Cloncurry tenements.

Drilling recently confirmed the tenements were capable of producing high-grade gold and new economy metals such as tungsten, cobalt and highly sought heavy rare earth elements used in manufacturing batteries, mobile phones and electric vehicles.

Company founder David Wilson said the new discovery was a game changer for the company, funded by mum and dad investors.

Transition Resources claim to have discovered multi-billion tonne gold-rich mineral system near Cloncurry.

“Transition is the first to predict and then drill test this new gold-rich mineral system, with spectacular early results,” he said.

“The system is regionally extensive and also includes new economy metals including heavy rare earths, that could supercharge the in-ground value of any resources.

“This discovery is an example of how, even in heavily explored brownfield areas, significant new discoveries are still possible.”

Mr Wilson said a new modelling system was used to make the discovery. Laboratory tests of surface samples collected along 13km of the 21km long mineral system confirmed there was gold, scandium, tungsten, cobalt, ytterbium, yttrium, neodymium and dysprosium.

Due to the possible size of the find, Mr Wilson said Transition would have to scale up its activities and needed to find a major backer.

Transition Resources claim to have discovered multi-billion tonne gold-rich mineral system near Cloncurry.

He said there had not been a lot of new major discoveries in Cloncurry in years.

The company does however face plenty of hard work to unearth its possible fortune.

“There’s rocks on the top … it essentially means it’s very hard to explore that ground,” Mr Wilson said.

“It needs a major program to do it justice. This is potentially of the scale that could lead to a big mine, or a number of small mines to make one major project.”

Cloncurry Shire Mayor Greg Campbell said there was a “strong sense of confidence” in the resources industry.

Transition Resources testing what it claims is a multi-billion tonne gold-rich mineral system near Cloncurry.

“As far as I believe Cloncurry is the heart of the Northwest Minerals Province,” he said.

He said the shire’s mining industry had helped keep the region’s economy afloat during the height of the COVID-19 pandemic earlier this year, and aided its recovery following the devastation of the 2019 floods.

Originally published as Transition Resources makes multi-billion tonne gold-rich mineral discovery in Cloncurry