Traka Resources Limited (ASX: TKL) – $0.030

25 Jul 2020

Traka Resources Limited (ASX: TKL) has secured rights to advance the Mt Cattlin Gold Project located two kilometres north of Ravensthorpe in Western Australia. The Company has agreement with Galaxy Resources Limited (ASX: GXY) to exchange the Company’s Free Carried 20% interest in the Mt Cattlin North Tenements for 100% interest in gold and other mineral potential (excluding pegmatite minerals) on the tenement area.

The Mt Cattlin North Tenements had a long history of gold mining and exploration dating back to the early 1900s prior to focus on lithium and other pegmatite minerals (Figure 1). The Company acquired the tenements in 2004 and commenced gold exploration. However, the gold price was in the low US$400s at the time making the opportunity uneconomical. Results from the Company’s drilling in 2004 include:

  • 2.0 metres @ 24.5g/t gold and 0.29% copper from 67.0 metres;
  • 2.0 metres @ 5.5g/t gold from 58.0 metres;
  • 20.0 metres @2.93g/t gold and 0.26% copper from 52.0 metres.
Figure 1. Mining operations at Maori Queen Mine, Ravensthorpe in 1902 (Source: State Library of Western Australia)

The Company has received a grant of $127,500 from the State Government Exploration Initiative Scheme towards drilling of the intrusive rocks related to gold mineralisation. They will use a high resolution aeromagnetics survey to highlight these intrusives.

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