Twenty Seven Co (ASX:TSC) enters new territory
October 28, 2022Under the transformative leadership of Mark Caruso, Twenty Seven Co has implemented a tactical plan to consider emerging commodities.
The global energy shift has marked a significant diversification opportunity with Rio Tinto Exploration optioning to farm-in to test promising interpreted lithium pegmatite targets at the TSC’s 100% owned Rover Gold Project in Western Australia’s Central Yilgarn region.
The gold-hearted explorer stands ready to move by adding Non-Executive Director Ms Kim Wainwright, bringing additional extensive mining industry experience to the Board.
And following $2.66 million raised in a strong showing of support from shareholders and new sophisticated and professional investors, there is plenty of cash in the kitty for undertaking detailed assessments of projects proposed outside its current remit.
“The Board and management were focused on strategic planning during the quarter in anticipation of a steady flow of project development news over the coming months,” Executive Chairman & CEO Mark Caruso said.
“The last three months have been incredibly important in reshaping the Company in preparation for the optimisation of current projects, well as undertaking in depth assessments of projects proposed outside the current portfolio.
“Management is genuinely excited to guide TSC into this transformational period.”
About Rover Gold Project
Rover Gold Project is a significant strategic tenement holding in Central Yilgarn, prospective for Archean gold and volcanic-hosted massive sulphide deposits.
Rover comprises ~460sq.km of tenure covering two parallel linear greenstone belts. Creasy 1 gold on the Maynard Hills greenstone belt is the most advanced prospect. Shallow high-grade gold mineralisation was discovered in late 2019 during the inaugural drilling program.
RC drilling completed in December 2021 targeted the Harmonic, Four Corners and Blue Hills.
Rio Tinto Exploration Farm-In
Post-quarter end, TSC reported that RIO, a wholly owned subsidiary of the global mining group Rio Tinto, had elected to exercise its option to farm into the northern Rover Project exploration licence (E57/1134) (“North Rover“) in the central Yilgarn region of Western Australia.
As previously reported, TSC entered a binding term sheet1 (“Agreement“) with RIO in March 2022 (see ASX announcement dated 31 March 2022), with RIO paying TSC an initial A$25,000 upfront for an exclusive initial six-month option to explore North Rover for non-gold minerals.
Following the completion of an initial exploration program, RIO has exercised its option to earn an 80% Joint Venture interest in the non-gold mineral rights on E57/1134 by sole funding A$5M of non-gold exploration. During the initial six-month option period, RIO identified a sub-cropping weathered pegmatite unit (Fig. 1) that may be prospective for lithium (spodumene) and tantalum mineralisation, with an area prioritised for follow-up drill testing.
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