TMR Progress Tracker
Disclaimer: We are NOT geologists - this document is used by our team to internally to try and visualise the drilling progress made by TMR, it should not be relied upon by anyone to make any decisions. This document will change over time as the project evolves.
Our Big Bet:
“TMR becomes a gold producer following the discovery of enough new gold sources to justify the restart of its onsite gold mill.”
NOTE: The above is what we hope the ultimate success scenario looks like for this particular Investment over the long term (3+ years). There is a lot of work to be done by the company to get to this outcome and obvious risks which need to be considered, some of which we list in our TMR Investment Memo.
Prior to being acquired by TMR, the project had historically produced ~230,000 ounces of gold.
BACKGROUND - TMR acquired the Elizabeth Gold Project
Production was from a gold mill that is currently in place and ready to be started up again if TMR find enough gold (TMR own this gold mill):
To get the project back into production, TMR needs to find more gold in the historically mined vein OR find a significant new vein.
In the past, this project has produced ~230,000 ounces including from the SW Vein.
The SW Vein sits on a hill.
BACKGROUND - TMR acquired the Elizabeth Gold Project
This is the helicopter view of the project (from above). The fat red line is the SW Vein running through the hill:
This is the side view of the SW Vein (under the ground). The colorful dots represent different grade gold hits:
27 September 2021 - New Vein Discovery
TMR accidentally discovers a whole new vein whilst trying to extend its already well understood SW Vein.
Side view of the potential new "Blue Vein” (needs more exploration drilling):
The more “icing layers” TMR can discover, the closer it gets to having enough gold underground to restart the gold mill (which costs money). The thicker the veins, the better.
Think of the gold veins in the hill like layers of icing in a slice of cake.
The red lines are veins of gold:
26 October 2021 - Bonanza grades in assays from newly discovered Vein
TMR names the new discovery – "Blue Vein"
First assays from the new discovery: returns three assays measuring between 8.4g/t gold and 33.7g/t gold
24 November 2021 - More drilling results from the Blue Vein discovery
More gold intercepted at the Blue Vein discovery.
As assay results come in, more dots will appear on the image (right).
We want higher grades of gold, which are more cost effective to mine.
Orange, red, and purple dots are the best (higher grades) bigger and fatter dots are good (longer strikes)
27 January 2022 - More bonanza grade gold intercepted at the Blue Vein discovery
TMR hits a second set of bonanza grade gold intercepts returning 2.7m at 13.4g/t gold, including a higher grade interval measuring 71.3g/t gold (two new purple dots unlocked).
First comparison drawn to the already well understood SW Vein (which has a historic ~144k ounce gold resource).
More gold intercepted at the Blue Vein discovery.
Blue Vein getting thicker.
8 February 2022 - More high grade gold intercepted at the Blue Vein discovery
Another comparison from a different angle
Blue Vein SW Vein
31 May 2022 - 2022 Drilling program commences
TMR kicks of 2022 drilling program.
We want to see more orange, red, and purple dots (big ones) when the results come in from the new drilling (green lines).
This program is going to test:
(The green lines are new drillholes)
7 July 2022 - More visible gold at the Blue Vein discovery
Visible gold intercepted in first three drillholes at the Blue Vein discovery
9 August 2022 - Highest grade gold intercept ever recorded over TMR’s project
Highest grade intercepts to date - almost 8x previous grades.
Blue Vein looking MUCH thicker now.
Really good to see some more purple dots
(highest grade according to the legend)
523g/t of gold over 0.42m
9 August 2022 What’s Next?
TMR has ~15 assays pending from around the Blue Vein discovery testing for extensions along strike and down dip.
We want more orange, red, and purple dots.
Lines in the image show where we are
waiting on assays that will tell us the grade.
9 August 2022 What is TMR chasing with the Blue Vein?
Here we go back to the comparisons made with the SW Vein which has a historic resource of ~144k ounces of gold.
SW Vein:
Blue Vein - What we want to see: (lots of colourful dots between the two black lines:
9 August 2022 What is TMR chasing with the Blue Vein?
If the assays come back with extensive gold mineralisation all along strike and at depths, there is a higher chance the Blue Vein could shape up to be as big as the old SW Vein.
This, we hope, would underpin a resource base that can be economically developed and put back into production using TMR’s existing processing facilities.
9 August 2022 What's next? Drill program to find more new “veins”, determine size and grade of Blue Vein
Green lines are proposed drill holes to do this:
1 2
3 4
1. Trying to find a new vein to the west of Blue Vein
2. Test if Blue Vein is thicker and longer
3. Test if West Vein or Main Vein extends south
4. Test potential Ella Vein
More icing layers in the cake?
Ultimate goal is to have multiple thick gold veins to get a new JORC resource that will justify re-starting the gold mill.
<<use this slide as image in the article intro to link to this deck>
15 August 2022 - Visible gold intercepted at No. 9 Vein
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15 August 2022 - New “icing layer” found at A? (Assays will determine this) �
A: No. 9 Vein (latest intercept - historically drilled in the ‘40s and ‘50s)
B: Blue Vein (newly discovered by TMR on 27 September 2021)
C: No 7 Vein (also found during the 2021 drilling program)
D: SW Vein (the original vein which contributed to ~230k ounces of gold production)
E: West Vein
F: Main Vein
15 August 2022
What’s Next?
5 more drill holes in planned in the “No. 9 Vein” (1), in addition to other exploration in 2, 3 and 4
From announcement:
Awaiting assay results to see the gold grade on the 25m intercept at No. 9 Vein.
19 September 2022 - Highest grade ever intercepted… Again..
Blue Vein looking MUCH thicker now.
Intercept made 20m below the previous highest grade hit and the 310m �
Drillholes 5 & 7 also returned high grade gold to the north-east of the known mineralisation.
310.72g/t gold over 1.05m �
20 More assay results to come:
19 September 2022 - What’s next for TMR?
23 September 2022 - Assay results extend Blue Vein strike to 180m.
TMR hit more high grade gold intercepts extending the Blue Vein strike to a total of 180m.
For context the SW Vein which had a ~144k ounce historic resource had a strike length of 80m.
Blue Vein before:
Blue Vein now:
26 September 2022 - More visible gold at No. 9 Vein
TMR intersected quartz veining containing visible gold in drill hole EZ-22-28, targeting the No. 9 Vein.
Nine holes targeting the No. 9 Vein have been completed with visible gold identified in 3 holes (EZ22-19, EZ-22-20, EZ-22-28).
Assays are pending for all 9 holes.
15 November 2022 - Our 3D visualisation of TMR’s project
To help visualise TMR’s progress we had 3D models made showing the different gold veins.
09 January 2023 - 28.5m thick gold hit from No.9 Vein.
TMR puts out the best drill intercept we have seen since making our first Investment in Feb-2020.
28 July 2023 - Sampling program completed
TMR completes a rock chip sampling program leading up to its 2023 drill program.
Maiden JORC resource now scheduled for August/September.
21 September 2023 - TMR enters Canadian lithium sector
TMR acquires an option over two lithium projects in Manitoba.
One of the projects sits next to $18M capped Leeuwin Metals.
The other project has historic pegmatite intercepts up to ~33m thick that have never been assayed for lithium.
See our deep dive on the note here