Taruga Minerals Limited (Taruga or the Company) is a mineral exploration company listed on the Australian Securities Exchange (ASX:TAR) with a focus on acquiring and developing highly prospective Gold, Copper and precious metals exploration projects in Australia.
Taruga’s highly experienced management team led by Mr Mark Gasson and key advisors Ashanti Capital, has provided the Company with exposure to the exciting, under explored, High-Grade Flinders Copper-Gold-Silver Project on the margin of the Gawler Craton, South Australia. Taruga has an exclusive, 12-month option to acquire the Flinders Project from Strikeline Resources Pty Ltd.
Taruga has outlined an initial 6-month exploration program at Flinders, which will focus along 15km strike of the Warrakimbo Ranges IOCG targets. This program has already commenced and includes:
- Detailed rock-chip, stream and soil sampling programmes
- Reprocessing of government geophysical data (magnetics, gravity, magnetotellurics and seismics)
- High-resolution gravity survey and infill magnetics in primary target areas
- Commencent of drill testing of priority targets
Gold and Nickel geochemical anomalies identified at Taruga’s Yagahong North Project will be followed up with extension and infill auger geochemical drilling.
The Flinders Project (Flinders) covers 647km2 along the eastern limit of the Gawler Craton in a similar structural setting as the nearby Olympic Dam and Carrapateena deposits. Flinders is unique in that IOCG-style mineralisation has been mapped and sampled at surface and not under several hundred metres of sedimentary cover, as is often the case within the highly prospective G2 structural Corridor. Mineralisation usually occurs in intrusive breccias hosted within structures that crosscut the dominant marine metasediments within the prospect area. The breccia often contains clasts of altered mafic volcanics that can be mapped for over 15km along the dominant Mt Stephen Thrust (MST) and at Jenkins North. Sub-structures and fault splays which branch out from the MST have been proven to contain high-grade copper mineralisation, indicating the potential for a larger “fluid system” or mineralised network beneath the surface.
Recent petrology and sampling have revealed diverse mineralisation comprised of high-grade copper, gold, hematite, cobalt, silver, and vanadium, along with anomalous platinum-group elements, light and heavy rare earth elements (LREE and HREE).
While all global IOCG’s are unique, the geochemical and petrological signatures confirm IOCG-style mineralisation at Flinders with similarities to Dahongshan and Lala IOCG’s (China), Rocklands IOCG (Cloncurry, Australia) and the nearby ~1590Ma Carrapateena and Olympic Dam IOCG deposits (Gawler Craton).
Historic Mining and Exploration
A range of copper and iron occurrences have been identified within and adjacent to the Flinders Project area historically. Mining in the licence area started in 1863 and focussed on artisanal mining of the high-grade copper mineralisation occurring in mineralised breccias at the Warrakimbo Main Lode (WML) which received limited development over the next 50 years due to low copper prices, with almost no modern exploration. Later operations focussed on developing the rare industrial-grade micaceous iron oxide present within the breccia at WML. Evidence of historic artisanal copper mining has also been identified at Woolshed, Rambla and Rainy Day Prospects.