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Tivan Limited (ASX:TVN) is preparing for the “journey ahead” after discovering high-grade gold and copper mineralisation across multiple locations at its Turiscari Project in the Democratic Republic of Timor-Leste.
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Australian traders may not be super eager − TVN was down -2.3% at Friday’s open − the explorer is already expanding its geology team on-site.
They’ll be sniffing after the first 90-chip samples that came in this week, which returned strong copper grades of up to 9.65% and gold grades of up to 7.19 grams per tonne, alongside anomalous zinc results; 6.17%.
Further exploration activities remain underway, Tivan has confirmed, with the team recently hauling in another 201 rock chip and 236 stream sediment samples. The latter will form the cornerstone for finding priority drilling targets.
“Much credit is due to our local team, who have approached the task at hand with great dedication,” Tivan’s chairman, Grant Wilson, said today.
“While we have a journey ahead, Tivan has already seen enough to warrant further investment and accelerated scaling of local capabilities. This will support more regular reporting as we pursue what is now a singular and unbounded opportunity in Timor-Leste, and contribute to building the nation.”
Turiscari covers seven exploration and evaluation licences across 344 square kilometres south of Dili in Timor-Leste. The tenements span the municipalities of Manufahi, Ainaro, and Manatuto, and have long been considered prospective for copper-gold deposits thanks to the region’s geological characteristics.
Tivan’s in-country geo team has been working in the field since June; they had originally spotted visible copper before launching systematic sampling.
The explorer’s plans to expand its geo team include flying in more specialists (the geologist roster is up to five) and hiring several more local workers to help at Baucau and Ossu, both of which were recently acquired.
To mid-morning, TVN shares have been at 22c each.
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