Thomson Resources positioned to benefit from Wilga Downs success
Hey! Looks like you have stumbled on the section of our website where we have archived articles from our old business model.
In 2019 the original founding team returned to run Next Investors, we changed our business model to only write about stocks we carefully research and are invested in for the long term.
The below articles were written under our previous business model. We have kept these articles online here for your reference.
Our new mission is to build a high performing ASX micro cap investment portfolio and share our research, analysis and investment strategy with our readers.
Click Here to View Latest Articles
DevEx Resources Limited (ASX: DEV) has received encouraging results from the first diamond drill hole (20WD001) completed at its Wilga Downs Project, located within the well-endowed Cobar Basin region of NSW.
This is promising news for Thomson Resources Ltd (ASX:TMZ) as DevEx has an Earn-In Agreement with the company for the Wilga Downs granted tenement EL8136.
Key terms include DevEx committing to spend $90,000 on the tenement in the first 12 months with the right to earn 80% in Wilga Downs Project by spending $290,000 within four years (inclusive of the commitment).
Should DevEx earn an 80% interest, Thomson’s interest will be split between a 10% contributing and a 10% free-carry to completion of a prefeasibility study (PFS).
Harking back to the exploration results, the diamond hole that was completed to a depth of 630 metres, tested a strong magnetic high which exhibited several similarities to other major, gold-polymetallic deposits in the Cobar Basin region.
The target was modelled by DevEx to lie beneath anomalous base metal intercepts from historical drilling (1970s) and proximal to the prospective fault contact between the outcropping Cobar Supergroup (Devonian) and the Girilambone Group (Ordovician).
Drilling identifies copper sulphides
Drilling encountered a 13-metre zone of vein to disseminated pyrrhotite mineralisation (a magnetic iron sulphide) with minor copper sulphides (chalcopyrite), close to the centre of the modelled magnetic high.
Of most interest was a narrow intercept of semi-massive pyrrhotite grading 1 metre at 0.7% copper and 0.7 g/t gold from approximately 550 metres.
Taking into account associated geological trends, management believes there is excellent potential for a body of magnetic, copper-bearing massive sulphide (pyrrhotite) mineralisation close by which may be significantly larger than that encountered in hole 20WD001.
Considering the scale of the magnetic anomaly at the Wilga Downs Prospect and the close association of gold and copper with the pyrrhotite mineralisation, DevEx is of the view that the potential for the discovery of a significant Cobar-style massive sulphide copper-gold deposit remains strong.
DevEx is now preparing for follow-up exploration with a Down-hole Electromagnetic (DHEM) survey of the drill hole (20WD001) designed to further investigate the potential for a significant copper-gold massive sulphide target.
The DHEM survey is expected to be completed in the coming weeks and will determine if any significant off-hole conductors, representing sulphide mineralisation, can be identified, providing further targets for drill testing.
General Information Only
S3 Consortium Pty Ltd (S3, ‘we’, ‘us’, ‘our’) (CAR No. 433913) is a corporate authorised representative of LeMessurier Securities Pty Ltd (AFSL No. 296877). The information contained in this article is general information and is for informational purposes only. Any advice is general advice only. Any advice contained in this article does not constitute personal advice and S3 has not taken into consideration your personal objectives, financial situation or needs. Please seek your own independent professional advice before making any financial investment decision. Those persons acting upon information contained in this article do so entirely at their own risk.
Conflicts of Interest Notice
S3 and its associated entities may hold investments in companies featured in its articles, including through being paid in the securities of the companies we provide commentary on. We disclose the securities held in relation to a particular company that we provide commentary on. Refer to our Disclosure Policy for information on our self-imposed trading blackouts, hold conditions and de-risking (sell conditions) which seek to mitigate against any potential conflicts of interest.
Publication Notice and Disclaimer
The information contained in this article is current as at the publication date. At the time of publishing, the information contained in this article is based on sources which are available in the public domain that we consider to be reliable, and our own analysis of those sources. The views of the author may not reflect the views of the AFSL holder. Any decision by you to purchase securities in the companies featured in this article should be done so after you have sought your own independent professional advice regarding this information and made your own inquiries as to the validity of any information in this article.
Any forward-looking statements contained in this article are not guarantees or predictions of future performance, and involve known and unknown risks, uncertainties and other factors, many of which are beyond our control, and which may cause actual results or performance of companies featured to differ materially from those expressed in the statements contained in this article. S3 cannot and does not give any assurance that the results or performance expressed or implied by any forward-looking statements contained in this article will actually occur and readers are cautioned not to put undue reliance on forward-looking statements.
This article may include references to our past investing performance. Past performance is not a reliable indicator of our future investing performance.
