Tectonic Gold Plc Statement re. Completion of drilling

 
TIDMTTAU 
 
29 November 2022 
 
                               TECTONIC GOLD PLC 
 
                      ("Tectonic Gold" or the "Company") 
 
                COMPLETION OF DRILLING AND DRILL WARRANT NOTICE 
 
Tectonic Gold plc (TDIM: TTAU), the Intrusive related Gold System exploration 
company, is pleased to announce completion of the drilling campaign at the 
Specimen Hill project in Queensland, Australia. 
 
Highlights: 
 
  * 350m deep diamond core below Goldsmith's Reef completed, intersecting 
    bullseye geophysical target below high-grade historic mine. 
  * Ideal conditions enabled a second 180m deep hole to be completed 
    intersecting an adjacent geophysical target. 
  * Selected mineralised core samples were split and prepared on site for 
    assay, prior to demobilisation. 
  * Assays pending. 
  * Joint venture discussions to be pursued. 
  * Tectonic will be participating in the VSA Capital - Aquis Investor Showcase 
    29th November. 
 
Dangerous weather forced our Goldsmiths Reef campaign to be suspended in 
January 2022. At the time we were completing a critical final hole in the 
campaign, but had less than 200m of a planned 350m deep hole Drilled. 
Mineralisation in the last ten meters returned assays of up to 8.17g.t Au in 
narrow 1m wide veins which we were eager to follow up on. 
 
Goldsmith's Reef is a high-grade historic mine that was in small scale 
operation prior to World War I. Tectonic used advanced geophysical surveillance 
technology to map the depth extension of the known mineralisation at surface, 
This identified a potential source zone for the gold. The 350m deep hole was 
designed to intersect the extension of the mineralised zone below the old 
workings and test the potential source zone. 
 
Geophysical testing also identified a secondary proximal target at 180m depth. 
With ideal drilling conditions over the last few weeks, we were able to drill 
and test this second zone as well. 
 
In-field geological analysis has confirmed multiple intersections of 
mineralisation from these two holes and sample lengths of core have already 
been prepared for assay. Results will be reported as soon as possible, subject 
to laboratory testing availability. 
 
The Company expects to have sufficient information from the completion of this 
campaign to support joint venture discussions for the further development of 
the Specimen Hill project. During the last two drilling campaigns the Company 
hosted a number of large gold producers on site and shared technical with a 
view to partnering on the development of Specimen Hill. These discussions will 
be renewed with additional potential partners also invited to look at the 
upgraded technical information package. Progress will be reported when 
appropriate. 
 
Subscribers under the September 2020 fundraising received a warrant on a 
one-for-one basis whereby each warrant entitled the holder to subscribe for a 
new Ordinary share at 1.4p per share at any time prior to the expiry of 30 days 
after the Company publishes the results of its drilling programme (the "Drill 
Warrants"). These expire 30 November 2022. The Company recognises that these 
warrants are out of the money, however as there is no current need for 
liquidity, the warrants will not be extended. 
 
The Directors of the Company accept responsibility for the contents of this 
announcement. 
 
For further information, please contact: 
 
Tectonic Gold plc                                             [phone] 
Brett Boynton 
Sam Quinn 
www.tectonicgold.com. 
@tectonic_gold 
 
 
Financial Adviser, Corporate Adviser and Broker 
 
VSA Capital Limited 
 
              [phone] Andrew Raca - Corporate Finance 
 
Andrew Monk - Corporate Broking 
 
Ends 
 
The information contained within this announcement is deemed by the Company to 
constitute inside information as stipulated under the Market Abuse Regulations 
(EU) No. 596/2014. Upon the publication of this announcement via a Regulatory 
Information Service, this inside information is now considered to be in the 
public domain. 
 
 
 
END 
 
 

(END) Dow Jones Newswires

November 29, 2022 02:00 ET (07:00 GMT)