VSA Morning Miner, 12/02/21
Tectonic Gold (NXX:TTAU)
Tectonic Gold (NXX:TTAU) has announced further progress and assays from Specimen Hill. Hole 27 yielded 2m at 2.09g/t Au and 0.39% Cu from 50m. At spot prices the copper is roughly an additional 0.48g/t AuEq and byproducts in the region have been a critical factor in mine economics.
Management highlights that Hole 27 indicates the presence of stacked veins, we assume that this is based on the XRF analysis used as screening for assays which will have shown the presence of other vein type mineralisation within the drill hole in addition to the highlight presented in the announcement. TTAU announced recently that it was using XRF in this manner.
The drilling now demonstrates that the mineralisation extends over a strike of at least 4km and to at least 100m in depth with geophysics indicating the structures extend to well below 500m. Stacked vein mineralisation close to surface would represent an attractive early target to build an initial resource around. This is in line with the hypothesis the company presented ahead of the start of drilling and TTAU is steadily realising the potential at Specimen Hill.
We reiterate our Speculative Buy recommendation.
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