A 170-metre stepout hole at Tri Origin Exploration’s (TSE) Lewis Ponds property in southeastern Australia has intersected a 20.5-metre interval with encouraging base and precious metal values.
Hole TLPD-4, drilled to the north of previous holes, returned an average of 4.23% zinc, 2.55% lead, 0.16% copper, 3.77 grams gold and 125 grams silver per tonne — the best assays to date — from 178.5 to 199 metres. Results from holes TLPD-2w and TLPD-3 include 25 metres grading 2.03% zinc, 0.75% lead, 0.2% copper, 0.52 grams gold and 38 grams silver (T.N.M., June 1/92). The new zone, called “The Lower zone,” stratigraphically underlies Spicer’s zone, a former producer in the 1900s. It consists of intervals of massive, stringer and disseminated sulphides within a coarse fragmental unit up to 48 metres thick. A 15-metre massive sulphide interval in hole TLPD-4 assayed 5.56% zinc, 2.93% lead, 0.36% copper, 4.88 grams gold and 138 grams silver. Hole TLPD-5, the last hole in the 5-hole program, is still out for assay but Tri Origin says the significant gold, silver and base metal values found in hole TLPD-4 warrant further investigation through a second-phase, major drilling program.
Recent changes to Australian Foreign Investment Rules have removed the requirement for a 50% Australian equity interest in new mines, Tri Origin says. Foreign companies can also invest a maximum of A$50 million, up from A$5 million, before approval to acquire mining assets is required.
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