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Lake Torrens Project: Iron-oxide Copper-Gold-Uranium (IOCGU deposits), 100% Tasman
Tasman has a very large and strategic tenement holding (over 2,000 km2) adjoining BHP Billiton's world class Olympic Dam deposit in central South Australia (Figure 1). The prime target is iron-oxide associated copper-gold-uranium deposits of the Olympic Dam style, although potential for other base metal and diamonds deposits has been recognised.
Tasman has been exploring these tenements for a number of years, with drilling having been conducted at a number of prospects, including Titan, which contains sub-economic IOCGU-style mineralisation.
In late-2009 Tasman drilled the first hole at its Vulcan IOCGU prospect, located about 30km north of Olympic Dam (Figure 1). The hole was drilled on the north western margin of a large gravity anomaly (about 5 km across), which compares very favourably in size with other IOCGU deposits such as Olympic Dam or Carrapateena (see Figure 2). The prospect also exhibits interesting magnetic and seismic anomalies, and is located very favourably with several of the key tectonic lineaments which were part of the original targeting tools used in the discovery of Olympic Dam (Figure 1).
This first drill hole, VUD 001 intersected over 240m of variably altered, brecciated and IOCGU-style mineralised volcanic rocks beneath 870m of cover sediments. Assay results confirm the IOCGU nature of the mineralisation, and include 53m at 0.10% Cu, 0.04g/t Au and 0.02kg/t U3O8 from 907m within which is an intersection of 10m at 0.2% Cu, 0.05g/t Au and 0.047kg/t U3O8 from 936m. Although clearly sub-economic, this result from the first hole is considered highly encouraging considering the very large size and quality of the target which is otherwise totally untested.
An interpretative plan and cross section of the possible Vulcan IOCGU system is given in Figures 3 and 4, which also show the location of possible follow up drill holes.
Further drilling of this high priority target will be undertaken as soon as an Aboriginal heritage issue is resolved, and this is expected in early 2010.
To view Figures 1 to 4 click on the link below (to download 479kb pdf file)
Figures 1 to 4
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Parkinson Dam Epithermal Gold-Silver (Lead-Zinc) Project, 100% Tasman
Tasman discovered this new epithermal-style system in mid-2005, following regional targeting of the area and the follow-up of anomalous geochemistry from previous explorers. The project is located about 60km west of Port Augusta in South Australia, and is strategically well located close to major highways and infrastructure and regional centres.
Mineralisation is mostly hosted by the Mesoproterozoic-age Corunna Conglomerate and is characterised by quartz veining with sericite, chlorite and sulphide alteration halos, and occurs over about 4.5kmē. Tasman's initial drilling returned intersections up to 3.4g/t Au and 45g/t Ag over 3m, with thick zones of low grade lead and zinc (eg 96m at 0.2% Pb and 27m at 0.4% Zn). The first follow up diamond drill hole returned a 1.66m intersection of 7.6% Pb, 10.5% Zn, 0.4% Cu, 1.2g/t Au and 120g/t Ag.
In 2007 an intersection of 21m at 21g/t Au and 83g/t Ag (including 9m at 31g/t Au and 152g/t Ag) was obtained in a vertical diamond drill hole. This encouraging result has been followed up with further drill holes, but unfortunately this high grade mineralisation appears to be fairly limited in extent.
Further drilling, designed to follow up encouraging thick zones of associated lead-zinc mineralisation hit in previous drilling is being considered. At least one deep hole may be drilled down dip of holes PD 70 (50m @0.9% Zn, 0.4% Pb) and PD 71 (55m @0.6% Pb and 0.4% Zn).
Tasman has also identified uranium potential within the project area, and this is being evaluated by uranium-focussed explorer Mega Hindmarsh, under joint venture with Fission Energy Ltd. Fission have a uranium only joint venture agreement with Tasman.
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Central Gawler Gold Project, 100% Tasman
Central Gawler, which includes the Skye, Birdie and Gof North prospects, is located about 95km southwest of Coober Pedy. Archaean structurally controlled gold targets (including the Challenger-type) have been identified based on regional calcrete sampling and geophysical interpretation. These prospects were originally drilled by previous explorers. Tasman′s objectives are to both explore around mineralisation identified earlier, but poorly tested, and to test new anomalies and zones defined by follow up exploration. Drilling by Tasman at the Skye prospect has located a 15m wide low grade mineralised zone at depth including 6m @ 2.9g/t with potential for narrow high grade plunging shoots.
Southern Gold have reported encouraging results from drilling at the Golf Bore prospect, located several hundred metres southwest of Tasman's Golf North prospect, which was discovered by an earlier explorer.
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Mirrica Gold - Base Metal Project, 100% Tasman
The Mirrica project is located at the edge of the Simpson Desert, 150km northwest of Bedourie and 350km south-southwest of Mt Isa, in southwest Queensland. Tasman's exploration targets are basement hosted gold and/or base metal mineralisation under relatively thin cover rocks of the Eromanga Basin and Simpson Desert sands. The area is characterised by:
- Relatively shallow cover;
- Virtually untested province;
- Palaeoproterozoic terrane with potential similarities to the Tanami, Tennant Creek or Challenger (South Australia) gold provinces;
- Located near major regional structures and possible extensions of the Mt Isa block;
- Unexplained significant gold anomalism in soils, lag, calcrete and aircore chips;
- Complex structural setting with folding, faulting, interpreted mafic units, demagnetised zones and alteration noted in the limited drilling;
- No Native Title claim over the area; and,
- Regional government airborne magnetic and radiometric survey recently completed.
Krucible Metals Ltd. have reported very encouraging results from exploration on an adjacent tenement along strike to the north of Tasman's Mirrica tenements. Results from Krucible's initial drilling programme at the Champ Prospect included an intersection of 27m at 0.40% Cu from 9m (including 3m at 2.3% Cu from 12m). The mineralisation may be related to the Toomba fault, which is interpreted to continue within Tasman's tenements.
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Garford Project, Columba Oil Shale Prospect, 100% Tasman
The Garford project is located 80km southwest of Coober Pedy and 30km west of the Port Augusta to Darwin railway. Drilling by Tasman to test an interpreted Mesozoic-Permian trough for coal, encountered 7m to 30m thicknesses of strongly carbonaceous black organic rich Tertiary mudstones at various points along its 40km length at shallow depths of around 7m to 15m metres. One 2m composite sample of carbonaceous material from one hole was tested to determine its oil shale potential. After a series of preliminary tests on the sample, a pyrolysis gas chromatography analysis was conducted and indicated extremely good potential for oil generation. Follow up work is required to determine the oil shale potential.
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SA Diamond Project, Diamond JV with Flinders Mining Ltd
Diamonds and indicator minerals are known in several areas of South Australia. The central Gawler Craton has an area with thick cool Mesozoic crust considered prospective for diamondiferous kimberlites.
Tasman has partnered with Flinders Mining Ltd to assess Tasman's Central Gawler and Lake Torrens licences for diamond deposits. Flinders are undertaking an integrated programme of detailed airborne magnetics over targets selected from regional data; target ranking based on Flinders experience with locating kimberlites; ground magnetic follow-up of selected targets and drilling testing of priority targets.
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OTHER INTERESTS
Alternative Energy
Through its holding in Eden Energy Ltd, Tasman has interests in various alternative energy technologies involving hydrogen, coal seam and abandoned mine methane and geothermal energy.
Cobalt - Nickel and Uranium
Through its holding in Fission Energy Ltd, Tasman has an interest in the Mt Thirsty Co-Ni-Mn oxide deposit located near Norseman in Western Australia. Indicated and Inferred resources are currently 29 million tonnes grading 0.56% Ni, 0.12% Co and 0.88% Mn. The Mt Thirsty Joint Venture is working closely with consultancy firms to define the best development options for the project. A pre feasibility study is planned to commence in August 2010.
Fission also has a number of uranium exploration projects on The Gawler Craton in South Australia and one uranium prospective application in Western Australia.
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