Taruga Minerals reports progress on multiple Western Australian exploration licences, highlights promising high-grade rock chip results at Thowagee, and maintains a robust cash balance of $1.8 million as it navigates regulatory challenges in South Australia.
- Progress towards grant of three contiguous exploration licences in Gascoyne province
- High-grade polymetallic rock chip samples at Thowagee confirm mineralisation potential
- No on-ground exploration at Mt Craig and Flinders projects during the quarter
- Strong cash position of approximately $1.8 million with no debt
- Aboriginal heritage authorisation denied for Flinders Project, impacting exploration plans
Exploration Momentum in Western Australia
Taruga Minerals Limited (ASX: TAR) has made notable strides in advancing its portfolio of exploration projects across Western Australia during the March 2025 quarter. The company is progressing towards the grant of three contiguous exploration licence applications, E08/3733, E08/3734, and E08/3752, covering the Uaroo West and Uaroo East projects in the highly prospective Gascoyne province. These licences encompass areas with historical small-scale, high-grade production and favourable geology marked by significant structural features such as the Goordeman and Uaroo Faults, which are considered key conduits for mineralisation.
Particularly compelling is the 1km structural corridor within the Uaroo East project, situated between the polymetallic mines of Donelly Kooline and Uaroo/Hill. This corridor forms part of a broader 5km high-grade polymetallic trend extending from Mount Alexander to the Monte Carlo deposit. Taruga’s geological team is also reviewing the lithium and rare earth element potential in the region, prompted by historical reports of pegmatites and leucogranites near Moodong Well.
Thowagee Project Delivers Encouraging Sampling Results
Complementing its existing portfolio, Taruga holds an option to acquire 100% of the Thowagee Project, which features two historic mining sites with known high-grade polymetallic mineralisation. Recent reconnaissance and rock chip sampling have yielded impressive results, including samples with lead grades up to 17.8% and silver concentrations reaching 120g/t. These findings reinforce the project's potential and justify ongoing exploration activities such as geochemical soil sampling, detailed rock analysis, and geophysical data reviews to delineate mineralised zones and host structures.
South Australian Projects Face Mixed Progress
In South Australia, Taruga’s Mt Craig Copper Project remains a key asset with copper and rare earth element prospects centered around the Worumba Anticline. However, no on-ground exploration was conducted during the quarter, following a period of active rock chip sampling and shallow core drilling in prior quarters. Meanwhile, the Flinders Project faces regulatory headwinds after the South Australian Minister for Aboriginal Affairs declined authorisations under the Aboriginal Heritage Act 1988, effectively halting exploration activities in key prospect areas Jenkins and Woolshed. This decision introduces uncertainty around the project's near-term advancement.
Manjimup and Meekatharra Projects Maintain Strategic Focus
Taruga continues to pursue exploration licence grants for its Manjimup Project in the Greenbushes region, targeting nickel, platinum group elements, and lithium mineralisation analogous to nearby successful deposits. The company is carefully navigating land use considerations in this agriculturally and environmentally sensitive area. Additionally, the Meekatharra Magmatic Ni-Cu Project, held in joint venture with Peak Minerals Ltd, remains under review with no new fieldwork reported this quarter.
Financial Position and Corporate Outlook
Financially, Taruga Minerals is well positioned with approximately $1.8 million in cash and no debt as of 31 March 2025. The company invested $124,000 in exploration activities during the quarter, reflecting a disciplined approach to capital allocation amid ongoing project evaluations. Director consulting fees amounted to $10,000 for the period. Taruga also continues to assess complementary acquisition opportunities both domestically and internationally, signaling a proactive growth strategy.
Bottom Line?
Taruga’s steady exploration progress and strong balance sheet set the stage for potential breakthroughs, though regulatory hurdles in South Australia warrant close monitoring.
Questions in the middle?
- When can investors expect formal grant of the Uaroo West and East exploration licences?
- What are the next steps and timelines for drilling programs at Thowagee following encouraging rock chip results?
- How will the denial of Aboriginal heritage authorisations impact the future of the Flinders Project?