Update on Key Drilling Programs

KEY POINTS:

TSC has brought forward the next round of drilling at its Rover Gold Project in WA as a result of COVID delays to NSW drilling
The next drill program at the Rover Gold Project will now commence in early September 2021
Drill hole planning is underway for Rover and will target previous highly anomalous drill results including:
- 10m @ 1.84g/t Au from 44m incl 1m @ 9.17g/t Au from 46m
- 13m @ 1.20g/t Au from 58m
- 1m @ 11.80g/t Au from 59m in (20RVRC020)
In-depth and wide-reaching geochemical analysis from multi-element work is being undertaken on previous RC drilling

Commenting on the upcoming drilling plans for TSC, CEO Simon Phillips said:

“Given the current COVID restrictions in place in NSW, TSC has made the decision to refocus its exploration efforts back to Western Australia for the near-term. TSC has a diversified portfolio of high-quality assets in WA and NSW and this has allowed our team to move quickly to adjust our exploration plans in response to the current COVID situation.

TSC is genuinely excited to bring forward to early September the drilling of some of the best targets we have identified to date at the Rover Gold Project and we are looking forward to testing our targets this quarter.

Whilst we are disappointed to not be able to commence work on our NSW IOCG projects at this time, we are thankful for the ongoing support shown by drilling contractors, landowners and local geological staff and remain committed to advancing our NSW work program as soon as practicable.”

Twenty Seven Co. Limited (ASX: TSC) (“TSC” or “the Company”) advises that, due to current access restrictions associated with the recent NSW COVID outbreak, the planned drilling program at the Midas Project within the Company’s Iron-Oxide-Copper-Gold (“IOCG”) and Base Metals portfolio in NSW has been temporarily delayed. However, TSC has in response to this development moved swiftly to put arrangements in place to bring forward drilling at the company’s highly prospective Rover Gold Project (“Rover”), located south east of Sandstone in Western Australia. Originally planned to be drilled in October 2021, TSC’s exploration and management teams have spent the recent weeks ensuring that the next round of drilling at Rover can commence in September 2021. Drilling approvals are in place for the majority of areas and TSC’s geological staff and drill infrastructure are ready to be mobilised in early September 2021.

TSC is excited to be targeting gold mineralisation at Rover over numerous prospects including Harmonic, Creasy, and Blue Hills. Each of these prospects appear to be geologically similar, however each area appears to have its own unique geochemical fingerprint that has been identified from first pass geochemical analysis.

In the meantime, TSC will continue to monitor the NSW COVID situation with a view to recommencing drill planning as soon as the current restrictions are lifted. TSC’s NSW portfolio, which remains a high priority for future exploration, covers 753km² and is one of the largest license holdings in the highly prospective northern Broken Hill area. TSC has identified three key project areas – Midas, Perseus and Trident, with multiple drill-ready targets prospective for IOCG and Cu-Au mineralisation set to be tested once access restrictions in NSW allow. Extensive groundwork has already been completed by TSC’s technical team and these targets remain well advanced.

Rover Gold Project – Western Australia

Past exploration highlights identified by TSC include:

Harmonic Prospect ^4,5,6,7

10m @ 1.84g/t Au from 44m incl 1m @ 9.17g/t Au from 46m and 13m @ 1.20g/t Au from 58m (20RVRC020) including 1m @ 11.80g/t Au from 59m;
15m @ 1.00g/t Au from 6m incl 3m @ 4.39g/t Au in 20RVRC057
17m @ 0.98g/t Au from 0 incl 1m @ 3.74g/t Au from 1m in 20RVRC054
14m @ 0.93g/t Au from 19m incl 2m @ 3.33g/t Au and 21.20g/t Ag from 26m, in 19RVRC008
10m @ 1.00g/t Au from 71m and 4m @ 1.48g/t Au from 75m in 20RVRC023
Recent soil sampling in an area 10km along strike to the northwest of the Creasy 1 and Harmonic gold prospects has discovered the largest and highest magnitude gold soil anomalies defined to date

Creasy North Prospect ⁸

14m @ 4.05g/t Au from 49m incl 1m @ 51.20g/t Au from 54m in 19RVRC001
4m @ 2.20g/t Au from 56m incl 1m @ 5.56g/t Au from 57m in 20RVRC035

Creasy 1 Prospect ⁸

5m @ 9.33g/t Au from 51m incl 1m @ 44.20g/t Au from 51m in 19RVRC006

And at Blue Hills, Four Corners and Middle Well Prospects ⁹

Three main gold anomalies have emerged in the new 10km x 1km survey area. From south to north, the three targets include:

Blue Hills – a 1.2km long anomaly with an extraordinary peak gold-in-soil value of 1150ppb Au (1.15g/t Au), supported by associated pathfinder metal results including arsenic (As) to 122ppm and copper (Cu) to 85ppm
Four Corners – a very extensive and unbroken 4.7km long anomaly peaking at 60.5 ppb Au and with numerous samples assaying over 10ppb Au. Associated pathfinder metals include As to 182ppm and Cu to 105ppm
Middle Well – a cluster of four anomalies extending over 1.2km of strike, with individual features having peak values including 43ppb Au and 32ppb Au

None of the new anomalies have ever been drill tested and as such they represent outstanding new exploration opportunities to complement TSC’s existing gold prospects at the nearby Creasy 1 and Harmonic.

Figure 1: Location of Rover Project

Figure 2: Geology of the Rover Gold Project showing tenement outline, and prospect names

Figure 3: Rover soil results

NSW IOCG & Base Metals Portfolio Summary

To reiterate, TSC has temporarily postponed drilling in NSW due to COVID restrictions. The NSW assets exhibit significant exploration prospectivity for both IOCG and base metals over numerous targets within the lease package. For the following reasons, TSC’s NSW tenements have the potential to represent an outstanding opportunity for the company’s shareholders:

Geochemical signature similar to the world class, Tier 1 Olympic Dam deposit in South Australia
Numerous and extensive historical workings
Known copper mineralisation identified in rock chip samples
Interesting resistivity anomalies coincidental with anomalous copper in rock samples
Interesting chargeable zones are coincident with resistive areas (suggesting they are not due to conductive shales or clay rich cover)
Close to the well-established mining district of Broken Hill
Close to major Highways for ease of access

Next Steps

Next steps set to be materialising over the coming months, including:

Commencement of drilling in September 2021 at Rover,
Commencement of drilling at the NSW project areas, subject to the easing of COVID related restrictions, and
Review of further work at Mt Dimer.

References

1 – Refer to ASX announcement dated 25^th October 2018: Significant cobalt copper anomalism at Midas
2 – Refer to ASX announcement dated 31th January 2019: Compelling Drill Targets Identified at Benco Cu-Co Prospect
3 – Refer to ASX announcement dated 18^th February 2019: Planned Drilling at Midas: Cu-Au-Co Targets refined
4 – Refer to ASX announcement dated 10^th August 2020: New gold targets discovered at Rover post assay results
5 – Refer to ASX announcement dated 29^th October 2020: Rover drilling results confirm strong potential at Harmonic
6 – Refer to ASX announcement dated 12^th January 2021: Outstanding Gold soil anomalies identified at Rover
7 – Refer to ASX announcement dated 2^nd December 2020: Harmonic prospect 1m re-sampling intercepts up to 8.1gt Au
8 – Refer to ASX announcement dated 3^rd February 2021: Gold and VMS drill targets finalised at Rover
9 – Refer to ASX announcement dated 12^th January 2021: Outstanding Gold soil anomalies identified at Rover

Read full ASX Announcement (PDF)