Tartana Minerals reports a significant new gold resource estimate at Cardross alongside robust copper sulphate sales and strategic board changes, positioning itself as a rising copper-gold producer in Far North Queensland.
- Cardross gold inferred resource estimated at 502,000 ounces
- Exploration target extension suggests further upside potential
- Quarterly copper sulphate pentahydrate sales of 203 tonnes generating US$765,000
- Proposed venture with MGMF to refurbish Mungana plant progressing
- Board refresh with appointment of mineral processing expert Mathew Hancock
A New Gold Chapter at Cardross
Tartana Minerals Limited (ASX, TAT) has delivered a compelling update in its September 2025 quarterly report, revealing an inferred gold mineral resource estimate at its Cardross project of 50.4 million tonnes grading 0.31 grams per tonne gold, equating to approximately 502,000 ounces. This milestone not only marks a significant step in defining the company’s gold assets but also underscores the potential scale of the Cardross deposit within Far North Queensland’s emerging gold province.
Adding intrigue, Tartana has outlined an exploration target range extending from 23 to 72 million tonnes at 0.2 to 0.3 grams per tonne gold, suggesting an additional 220,000 to 460,000 ounces could be delineated with further drilling. While this target remains conceptual, it points to promising upside beyond the current resource estimate, particularly along a 2.2-kilometre trend connecting the mining lease application to historic copper workings at Nisha.
Copper Production and Sales Momentum
On the production front, Tartana reported quarterly sales of 203 tonnes of copper sulphate pentahydrate, generating cash receipts of US$765,000. Production continued strongly into October, with an additional 85 tonnes produced, reflecting operational resilience ahead of the wet season. The company is proactively increasing acid and diesel inventories to mitigate potential disruptions caused by seasonal weather, particularly at the Walsh River crossing.
These sales figures demonstrate Tartana’s ability to monetise its heap leach and solvent extraction operations, providing a tangible revenue stream as it advances its broader copper-gold development strategy.
Strategic Venture and Processing Enhancements
Tartana is progressing a proposed joint venture with Mt Garnet Mineral Finance Pty Ltd (MGMF) to refurbish the Mungana processing plant. This initiative aims to process Tartana’s primary copper resources, incorporating crushing and Tomra ore sorting technology to upgrade ore grades to approximately 0.8–0.9% copper. The venture is currently in the due diligence phase, with the robust copper price environment; now above US$11,000 per tonne; supporting the project’s economics.
Importantly, the integration of ore sorting technology, proven in nearby projects, could enable throughput beyond the plant’s nominal 600,000 tonnes per annum capacity, enhancing operational efficiency and project viability.
Exploration and Corporate Developments
Exploration activity is set to intensify with drilling planned at the Beefwood copper-gold target in early November, supported by a $275,000 government grant. This greenfield target, characterised by strong geophysical and geochemical anomalies, represents a high-risk, high-reward opportunity under recent sediment cover.
Additionally, recent sampling near the Tartana open pit at Muscleville has confirmed new zones of copper and gold-silver mineralisation, informing upcoming drill programs aimed at extending these discoveries.
On the corporate front, the company welcomed mineral processing expert Mathew Hancock to its board, replacing retiring director Bruce Hills. Hancock brings extensive experience in mineral processing technology and ore sorting, aligning with Tartana’s strategic focus on processing innovation.
Financial Position and Outlook
Despite operational progress, Tartana’s cash position at quarter-end was modest at $22,000, reflecting timing of receipts and payments. The company maintains several unsecured financing facilities totaling $3.78 million, with ongoing discussions to extend repayment terms and explore additional funding options to support its growth trajectory.
The acquisition of the Mt Molloy exploration permit further expands Tartana’s footprint in the Hodgkinson Province, adding prospective gold and copper targets to its portfolio and enhancing future development optionality.
Bottom Line?
Tartana’s expanding resource base and operational advances set the stage for a pivotal growth phase, though funding and exploration outcomes will be critical to watch.
Questions in the middle?
- Will further drilling convert the Cardross exploration target into a defined resource?
- How will the proposed Mungana plant venture impact Tartana’s production scale and costs?
- What funding strategies will Tartana pursue to sustain operations and exploration?