Microsoft Word - 15 02 23 Geotech drilling commences _FINAL.docx
ASX ANNOUNCEMENT
23 February 2015
ASX CODE: TNG
REGISTERED OFFICE
TNG Limited
Level 1, 282 Rokeby Road
Subiaco, Western Australia 6008
T +61 8 9327 0900
F +61 8 9327 0901
W www.tngltd.com.au
E [email protected]
ABN 12 000 817 023
DIRECTORS Michael Evans Jianrong Xu Paul Burton Stuart Crow Rex Turkington Wang Zhigang
COMPANY SECRETARY
Simon Robertson
PROJECTS
Mount Peake: Fe-V-Ti Black Range Iron Manbarrum: Zn-Pb-Ag East Rover: Cu-Au McArthur: Cu-Zn-Pb-Ag
Mount Hardy: Cu-Au-Zn-Pb
Sandover: Cu-Au Walabanba: Fe-V-Ti-Cu-Au Tomkinson : Cu-Zn-Pb-Ag
CONTACT DETAILS
Paul Burton | +61 8 9327 0900
Nicholas Read | +61 419 929 046
Simon Robertson | +61 8 9327 0900
PIT DESIGN AND AQUIFER DRILLING COMMENCES AT MOUNT PEAKE
Diamond drilling to be completed within the proposed pit area to enable pit slope calculation and pit design work to proceed
TNG Limited (ASX: TNG) is pleased to report that geotechnical drilling has commenced at its flagship Mount Peake Vanadium-Titanium-Iron Project in the Northern Territory.
The work forms part of the mining studies being conducted and overseen by Snowden Mining Industry Consultants, which will facilitate the completion of the Mount Peake Feasibility Study by the middle of 2015.
This program will comprise six Diamond drill holes for over 600m of large (PQ) diameter core, and will be conducted over the next several weeks. A local Alice Springs drilling contractor has been engaged to complete the work.
Holes have been sited to test the rock strength in the region of the pit walls to allow the calculation of final pit slope angles, which is required for the overall reserve sign off by Snowden.
The drill core will be geotechnically logged and approximately 200 samples will be collected for geotechnical analysis with several hundred individual tests to be conducted to determine the strength of the wall-rocks surrounding the deposit.
The core will also be geologically logged with mineralised intervals sampled. Three of the holes along the eastern margin of the Mount Peake resource are expected to intersect mineralisation, and these holes will be assayed to complement the resource drilling completed in late 2012. These assay results will be reported when available, and could potentially add to the existing Mount Peake resource estimate.
Drilling is expected to be completed in March, with the geotechnical results to be announced as part of the Feasibility Study mining report to be delivered by mid-year, and the sample results for V-Ti-Fe mineralisation and subsequent analytical results to be reported when available.
Immediately following this program of work, a water drilling program in the broader Mount Peake area will commence over selected paleo-drainage targets. Location of suitable water is required to confirm the source of water for the mining operation, camp supply and magnetite processing plant. This is an essential component of the Feasibility Study, which will allow the study to be delivered by mid-year.
TNG's Managing Director, Mr Paul Burton, said the completion of geotechnical work and aquifer location is one of the important steps required to enable conversion of the Mount Peake Resource into a mineable Ore Reserve.
"We are now in the final stages of completing the Mount Peake Feasibility Study. With the geotechnical and aquifer drilling underway, we are steadily ticking all the boxes towards completion with the information flowing from this drilling representing a critical input into our mining plans and conversion of resources to Ore Reserves," he said.
Paul E Burton
Managing Director
23 February 2015
Inquiries:
Paul E Burton,
Managing Director + 61 (0) 8 9327 0900
Nicholas Read
Read Corporate + 61 (0) 8 9388 1474
Forward-Looking Statements
This announcement has been prepared by TNG Ltd. This announcement is in summary form and does not purport to be all inclusive or complete. Recipients should conduct their own investigations and perform their own analysis in order to satisfy themselves as to the accuracy and completeness of the information, statements and opinions contained.
This is for information purposes only. Neither this nor the information contained in it constitutes an offer, invitation, solicitation or recommendation in relation to the purchase or sale of TNG Ltd shares in any jurisdiction.
This does not constitute investment advice and has been prepared without taking into account the recipient's investment objectives, financial circumstances or particular needs and the opinions and recommendations in this presentation are not intended to represent recommendations of particular investments to particular persons. Recipients should seek professional advice when deciding if an investment is appropriate. All securities transactions involve risks, which include (among others) the risk of adverse or unanticipated market, financial or political developments.
To the fullest extent permitted by law, TNG Ltd, its officers, employees, agents and advisers do not make any representation or warranty, express or implied, as to the currency, accuracy, reliability or completeness of any information, statements, opinions, estimates, forecasts or other representations contained in this announcement. No responsibility for any errors or omissions from this arising out of negligence or otherwise is accepted.
This may include forward looking statements. Forward looking statements are only predictions and are subject to risks, uncertainties and assumptions which are outside the control of TNG Ltd. Actual values, results or events may be materially different to those expressed or implied.