Junior explorer Traka Resources is hoping to build on recent successful results at its Mt Cattlin gold-copper project in Western Australia.
Mt Cattlin is immediately adjacent to ASX 200 lithium producer Allkem's operation of the same name.
Allkem retains the lithium and tantalum rights, while Traka has the rights to all other metals.
The ground produced 23,000 tonnes at 24.56 grams per tonne from 18 separate mines but had no exploration between 2004 and 2020.
Traka defined a maiden indicated and inferred resource of 22,940oz at 3.94gpt gold for the Maori Queen and Sirdar deposits - which are just two of a dozen targets identified.
Traka identified a 3.5km circular porphyry intrusive complex which hosts the historical mines and the 12 targets.
In early January, Traka kicked off the new year with a bang after receiving outstanding results from drilling at the Plantagenet prospect
Reverse circulation drilling intersected high-grade mineralisation at the southern end of a 1km-plus soil geochemical and structural trend.
Results included 4m at 5.1gpt gold, 0.39gpt silver and 0.03% copper from 37m, including 1m at 11.5gpt gold, 1.28gpt silver and 0.1% copper; 4m at 15.07gpt gold, 1.28gpt silver and 0.1% copper from 61m, including 1m at 57.4gpt gold, 0.41gpt silver and 0.02% copper; and 4m at 18.52gpt gold, 1.4gpt silver and 0.05% copper from 14m, including 2m at 34.35gpt gold, 1.95gpt silver and 0.03% copper.
The encouraging results came hot on the heels of results from the Ellendale prospect.
Ellendale returned wide intersections including 19m at 1.25gpt gold, 0.38gpt silver and 0.05% copper from 18m in December, while drilling at the Grafter prospect also returned a peak hit of 1m at 4.34gpt gold, 0.07gpt silver and 0.01% copper from 19m.
About half the assays from the 5000m program are still pending.
The company is already envisaging a significantly larger program for its next phase of drilling but will plan the next round of work once the remaining assays have been received and analysed.
Traka had $809,000 cash at the end of December, but last week announced a placement of 66.6 million shares priced at 1.2c each to raise an additional $800,000.
The funds raised will allow the company to maintain momentum at Mt Cattlin.
With a market capitalisation of less than $10 million, Traka is highly leveraged to further exploration success.
