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  • Tasman Resources Intersects IOCGU Potential From Drilling At Vulcan 0 comments
    Jun 27, 2013 3:11 AM

    Tasman Resources' (ASX: TAS) most recent hole drilled under the Tasman/Rio Tinto (ASX: RIO) Joint Venture at the Vulcan Project in South Australia has intersected IOCGU-style alteration over most of the 470 metres of basement.

    This included over 200 metres of downhole hematite breccias and a number of IOCGU-style copper and uranium mineralisation were intersected throughout the hole.

    The intersection of mineralised, highly favourable host rocks in VUD 15, the seventh drill hole to be completed under the joint venture coupled with the encouraging results in the nearby drill holes, has substantially enhanced the prospectivity of this northern section of the Vulcan gravity target.

    Following receipt of assay results for VUD 15 and geological review new drill targets in this part of the anomaly are considered likely.

    Drill hole details

    VUD 15 was designed to test for high grade IOCGU mineralisation associated with the very large, northern part of the Vulcan target zone, following up on narrow, high grade mineralisation intersected in VUD 3 and anomalous mineralisation in VUD 8.

    VUD 15 intersected the basement rocks of interest at 905m down hole, and then a very thick sequence of highly IOCGU-style altered and variably mineralised basement rocks over more than 400 metres down hole.

    The main alteration minerals are hematite, sericite, chlorite and barite, with several intersections of essentially pure hematite breccias, including one over 200 metres thick

    IOCGU-style copper-uranium mineralisation occurs throughout much of the drill hole.

    Most of this mineralisation occurs in a series of separate, weak- to moderate-strength intersections of pyrite-chalcopyrite mineralisation, showing elevated uranium levels and trace molybdenite.

    A mafic dyke was intersected at 1310 metres, and the first seven metres of it contains vein and disseminated chalcopyrite - pyrite copper mineralisation and elevated uranium.

    Assay results are not expected until the drill core can be split sampled and chemically analysed, and this process is expected to take a number of weeks.

    Further work

    Further drilling under the Tasman/Rio Tinto joint venture has been temporarily suspended until current site access limitations can be resolved.

    It is envisaged that drilling will resume in early- to mid-September 2013.

    In order to accommodate this delay, Tasman and Rio Tinto have agreed to extend the latest completion date for the initial 12,000 metre drilling program currently being undertaken until 31 January 2014.

    A further two drill holes remain to be drilled to complete this program.

    Assay results are for all three drill holes completed since the resumption of drilling in March 2013 are still awaited.

    Tasman is managing the initial exploration program for the joint venture, which Rio Tinto is funding with a $10 million payment.

    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.

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