Nightflower Silver Project -
Tartana has signed an option agreement over the Nightflower project. This project is covered by an EPM 27595 application on track for granting. The terms of the option are:
- Exclusivity Fee (until the grant of the EPM): $5,000 payable by Tartana shares valued at 12.5 cents per share;
- Option Fee: $20,000 payable by Tartana shares valued at 12.5 cents per share
- Two-year option period from the time of granting of the EPM
- Minimum spend is the drilling of 150m of RC drilling during this period once it has been granted
- Exercise price of the Option is $1 million payable in Tartana shares at the VWAP at that time.
The Nightflower project is an exciting play as it is open ended and previous explorers have estimated an exploration target of 1.7 – 2 million tonnes @t 4-6 oz Ag, 2-4% Zn 1-2% Zn 0.1 – 0.5% Cu & 0.5 – 1g/t Au inclusive of an indicated resource of 558,000t at similar grades.
It is located on a fault structure which is interpreted by geologists as part of the Mungana transfer zone which connects with the Palmerville Fault. Interestingly while the Nightflower project (including the Digger Lode and Terrace Prospect) lies on a fault structure which intersects the Palmerville Fault near the Mungana and Red Dome mines, a similar structure further north intersects the Palmerville Fault in the Tartana – King Vol area.
The exploration permit contains 7.2 km strike of the mineralising fault, the Digger Lode drilled resource is only 300m of that fault system while the IP anomaly is 2km long and open to the south.
In 2008 Axiom Mining completed the 19 line-kilometre IP/resistivity survey over a 2.2 km strike length along the Nightflower Fault zone corridor covering both the Digger Lode and Terrace Prospect areas. While the Digger Lode has previously been recognised, the inverted IP modelled data defined a second strong chargeability anomaly now named the Terrace IP Anomaly (Axiom Mining announcement dated 1 July 2008).
All drilling to-date has focused on the Digger Lode and with the Global Financial Crisis in 2008, Axiom Mining decided to pull out of the option agreement it had at that time. Hence the Terrace prospect has never been drilled.
A long section of the Digger Lode is presented shows a mineralised zone with a true width up to 15m and open at depth.
This also correlates with the silver mineralisation expressed in Ag ounces per tonne time the width interval In the red zone on the long section shows area greater than 100 oz per metre but note that Tartana is yet to verify this data. However, in Figure 5 the highest reported silver grade was 706 g/t (23 oz per tonne) over a 4m interval within a zone of 39m @ 181g/t.
The Nightflower project has been of interest to Tartana given its high level of prospectivity but in particular:
- Axiom Mining in 2008 published a JORC 2004 inferred resource of 215,534 t @ 193.6g/t Ag, 4.91% Pb, 2.2% Zn and 0.15% Cu for the Digger Lode. However importantly, gold was not assayed in early drillings despite gold grades up to 12.8g/t Au over a 1 metre interval.
- Later reports by other explorers upgraded this resource to 558,000 t @ 151g/t Ag, 3.54% Pb, 1.70% Zn, 0.12% Cu and 0.38g/t Au reported in open file data.
- Both these resources are included in a 1.73-1.96 million tonne Exploration Target.
- Elsewhere rock chip samples have recorded up to 17g/t Au with several 2m channel samples reporting up to 6g/t Au. This sampling has been carried out by Axiom, Kennecott and Newcrest. A significant portion of the Nightflower structure remains untested.