Figure 3. A Long-Section of the Sirdar Mine showing mineralisation associated within intrusive rocks

Figure 2. A long-section of the old Maori Queen Mine showing the mine working and drill hole intersections around it.

(Information updated 21 June 2021)

Traka Resources’ Mt Cattlin Gold Project is located in south-western Western Australia in a proven mining district that includes Galaxy Resources’ Mt Cattlin Lithium Mine (located immediately to the south of Traka’s tenements), the Ravensthorpe Nickel Mine (FQM) and the Ravensthorpe Gold Project (Medallion Metals).

History

The Mt Cattlin Gold Project has a long history of gold mining and exploration, with reported historical production of 23,000 tonnes grading 24.56g/t Au from 18 separate mines.

Traka acquired the project in 2003 with a focus on gold exploration, and delivered high-grade results from drilling at the Maori Queen and Sirdar Mine targets including:

   •    2m @ 24.5g/t Au (RAGC01) – Maori Queen

   •    2m @ 5.48g/t Au (RAGC02) – Maori Queen

   •    15m @ 5.2g/t Au and 0.25% Cu (RAGC19) – Sirdar

   •    20m @ 2.93g/t Au and 0.26% Cu (RAGC06) – Sirdar

However the low prevailing gold price at the time (US$400/oz) and the lack of gold mills in the region saw the Company’s focus move elsewhere

Galaxy Resources acquired an 80% interest in the tenements in 2009 focused on lithium and tantalum exploration, with Traka retaining a 20% free-carried interest

In July 2020, Traka exchanged its 20% free-carried interest for 100% of the rights over all metals excluding lithium and tantalum.

With no gold exploration conducted on the tenements between 2004 and 2020, the Mt Cattlin Gold Project offers an outstanding opportunity for modern technology to unlock new discoveries

Current Exploration

Since re-commencing exploration programs at Mt Cattlin, Traka has undertaken high-resolution aeromagnetics, Induced Polarisation, geochemistry, drilling (~4000m) and geological mapping programs.

Diamond and RC drilling has been completed at the historical Maori Queen and Sirdar mine workings to in-fill 2004 results and extend mineralisation down-dip and along strike. Results from these programs will underpin the completion of maiden Mineral Resource Estimates for both prospects, which will enable Traka to convert the existing Exploration Licences into Mining Leases.

In addition to the known gold occurrences, the Company’s recent exploration activities have also delivered a new geological interpretation that all historical mines and newly-identified targets at Mt Cattlin are part of a large 2.5 x 1.5km centrally-located porphyry style intrusive complex.

Traka believes there is excellent scope to discover large gold-copper resources within this complex, with follow-up exploration now underway.

Latest updates on exploration programs are provided in the Company’s ASX Announcements.