Thought I'd start a separate thread to discuss all thing related to Cowan tenements in the lead up to the vote on Friday.
I'm particularly looking at the (very little) exploration that MCT did before TAW acquired their tenements. MCT was more focused on their other projects to do any serious exploration on this ground.
Here is what they had to say from their announcement on the 16/04/2016
The Lake Cowan Project is located immediately south of the Bald Hill Tantalum Mine owned and operated by Alliance Mineral Assets. Tawana Resources NL (Tawana ASX release 11/7/2016) (Figure 2) have recently acquired an Option over three Exploration Licenses located north of the Bald Hill Tantalum Mine. A pegmatite belt striking in a northwest direction over 15km (and potentially up to 25km under transported cover) with a width of up to 4km in some areas has been identified, and where recent mapping and rock chip sampling identified outcropping spodumene bearing pegmatites with assays up to 3.99% Li2O on an adjoining tenement to Metalicity’s tenement applications (Tawana ASX release 11/7/2016).
The geology of the area is dominated by Archaean Mt Belches Formation metasedimentary units, intruded by granites and pegmatites. The pegmatites host tin, tantalum and lithium mineralisation. During a recent field visit, outcrop of all these units were observed within the area covered by Metalicity’s tenement applications. The pegmatite belt is interpreted to extend into the company’s tenement area under a shallow veneer of cover material which obscures much of the bedrock in the area, however outcropping pegmatite dikes were identified within an historical costean (Figure 3).
Limited historical drilling by Haddington Resources in the area indicated some anomalous Lithium and Rubidium in assays from bottom of hole samples (Trautman 2006). Previous work in the Mount Belches-Bald Hill pegmatite belt focussed on Tantalum and Tin with limited exploration focussed on Lithium. Upon grant, systematic surface sampling will be undertaken to vector toward any hidden pegmatites.
This technique was successfully used to discover several hidden pegmatites by the previous owners and operators of the Bald Hill Mine, Haddington International Resources Ltd. Upon grant of the tenements Metalicity plans to follow up these results with an extensive auger and/or RAB sampling program.
TAW Price at posting:
40.5¢ Sentiment: Buy Disclosure: Held
