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Tasman Resources hits broad copper zones with Rio Tinto at Vulcan
Tasman Resources (ASX: TAS) has received the two latest holes drilled under the Joint Venture/Farm in agreement between Tasman and Rio Tinto Exploration at Tasman’s Vulcan Project, which is located 30 kilometres north of Olympic Dam.
As previously reported VUD 15 intersected over 470 metre (down hole) of IOCGU-style alteration, with over 200 metres (down hole) of hematite breccias, and a number of zones of IOCGU-style copper and uranium mineralisation intersected throughout the hole.
Assays from for the lower part of the hole include:
- 145 metres from 1191 metres at 0.49% copper, 0.26g/t gold, 1.21g/t silver and 0.06kg/t U3O8, including:
- 52 metres from 1284 metres at 0.87% copper, 0.46g/t gold, 1.13g/t silver and 0.07kg/t U3O8, including:
- 21 metres from 1310 metres at 1.69% copper, 1.05g/t gold, 1.90g/t siler and 0.09kg/t U3O8.
Greg Solomon, executive chairman for Tasman, spoke exclusively to Proactive Investors today, and said: “What is so encouraging is the thickness of the system, which could be a huge system.
“The joint venture has now hit a significant intersection with all the right elements, including the same rare earths present at Olympic Dam.”
Vulcan is also the same age as Olympic Dam. The Olympic Dam 1975 discovery hole, RD1, hit 38 metres of copper at 1.05%. The first commercial hole was RD10 which hit 170 metres of copper at 2.1%.
VUD 15 is the seventh drill hole to be completed under the joint venture, with the hole testing for high grade IOCGU mineralisation associated with the very large, northern part of the Vulcan target zone.
This follows up mineralisation intersected in drill holes VUD 3 and VUD 8.
The majority of the mineralisation occurs within the very thick sequence of IOCGU-style altered rocks and hematite dominated breccias.
Indications of above 50% iron
Preliminary iron assays indicate that many of the individual one metre assays for these samples are above 50% iron, and due to these very high levels assaying for iron is being repeated by an alternative analytical method to ensure accuracy.
VUD 14
As previously reported VUD 14, did not intersect significant IOCGU-style alteration or mineralisation, and accordingly no significant assay results were received.
New drilling in September
Drilling will resume in early- to mid-September 2013 once site access limitations are resolved, with the joint venture agreeing to extend the latest completion date for the initial 12,000 metre drilling program until 31 January 2014.
A further two holes are to be drilled.
Joint venture details
Tasman has entered a farm-in and joint venture agreement over the project with Rio Tinto Exploration. Following payment of $10 million from Rio to Tasman to fund the initial exploration program, which is being managed by Tasman.
Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.
Story by ProactiveInvestors
Source: http://www.proactiveinvestors.com/companies/news/47128/tasman-resources-hits-broad-copper-zones-with-rio-tinto-at-vulcan-47128.html
