Taruga Minerals spots high-grade silver and lead at historical WA mine

Taruga Minerals has fielded high-grade silver and lead in rock chips from the historical Thowagee mine in WA.

The company is mapping and sampling around the historical workings in the hunt for a large silver and lead system. Pic: Getty Images.

• Taruga Minerals fields up to 26.3g/t lead and 130g/t silver in rock chips at the historical Thowagee mine in WA

• Company focused on finding silver mineralisation as prices increase to US$34/oz

• Exploration ongoing with more assays expected in the coming weeks

 

Special Report: Taruga Minerals says rock chip assays have confirmed an outcropping high-grade lead and silver system at the historical Thowagee project in WA. 

The company intends to revive the mine, which has gone curiously underexplored since 1956, when 15.2t of lead and 5878g of silver were extracted in a concentrate produced on site, along with hints of gold, copper and zinc.

Taruga Minerals (ASX:TAR) started field exploration this month, looking to exploit the potential riches below high-grade base and precious metals mineralisation in outcrops.

Notably, the program is part of the company’s executed option agreement with Western Silver, providing the right to acquire 100% of the project by paying $15,000 for an exclusive 6-month option.

Now, rock chips have returned.

• 12.9% lead, 103g/t silver, 0.8% zinc, 0.9g/t gold;
• 19.7% lead, 130g/t silver, 3.4% copper, 0.1g/t gold;
• 9.9% lead, 56g/t silver, 14.5% zinc, 0.2g/t gold;
• 17.8% lead, 120g/t silver;
• 26.3% lead, 113g/t silver, 1.3% zinc;
• 21.6% lead, 76g/t silver; and
• 19.6% lead, 49g/t silver.

So far, two distinct polymetallic mineralised trends have been mapped, with historical workings extending over 800m along a north-northeast strike and over 350m along a north-northwest strike.

Hunting for large silver system

Taruga’s fresh approach at Thowagee comes at a time when silver prices are on the rise, sitting at 13-year highs of US$34/oz.

That has been powered by safe haven investment demand and surging solar panel production, with the metal sitting in large deficits for the best part of half a decade, leading bullish analysts to suggest it could return to record levels of US$50/oz not seen (on a nominal basis) since the Hunt Brothers squeeze in 1980.

The results also included some heavily mineralised altered country rock samples adjacent to quartz veins which were the focus of historical workings and production. The company says this could potentially add significant scale to the mineralised system.

“These assay results are exceptional, and the polymetallic nature of the high value metals present is also significant,” director David Chapman said.

“Our initial field visit discovered more workings and a larger strike than historically recorded, with evidence of a mineralised alteration halo that surrounds the main quartz dominant vein system.

“Our exploration efforts are ongoing and we look forward to updating the market further with new results”.

Exploration at Thowagee is ongoing, including an expanded mapping, rock and soil geochemical sampling program.

Additional assay results from rock and soil sampling are expected in the coming weeks.

This article was developed in collaboration with Taruga Minerals, a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.