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Tasman Resources Finds More IOCGU-Style Alteration At Vulcan

Tasman Resources (ASX: TAS) has completed the fourth drill hole at its Vulcan Project, located near BHP Billiton's (ASX: BHP) Olympic Dam, which has intersected over 500 metres of iron-oxide copper-gold-uranium-style alteration.

The IOCGU-style highly altered and brecciated rocks are similar to those found in the previous three holes of the current program.

Most intervals in the latest hole only contain minor amounts of visible copper sulphides, and overall assays are not expected to be high.

To date 5,172 metres of the current 12,000 metre program have been completed, and drilling is scheduled to resume at the end of February 2013.

Tasman has entered a Farm-In and Joint Venture Agreement over the project with Rio Tinto (ASX: RIO) Exploration.

Following payment of $10 million from Rio Tinto to Tasman to fund the initial exploration program, Tasman is managing the initial exploration program, which is to be completed within 12 months of the date of the agreement.

VUD12 is the fourth hole to be drilled under the agreement and was designed to further test the very large gravity anomaly, which comprises the southern segment of the Vulcan target.

As with the previous Vulcan holes, the composition of the rocks in this hole is also dominated by minerals which characterise IOCGU ore deposits such as Olympic Dam.

Despite the relative paucity of mineralisation in VUD12 and the three previous holes drilled in this southern segment of the Vulcan IOCGU target, Tasman is still encouraged by the magnitude and large aerial extent of the geological processes that have been operating in this part of Vulcan.

Tasman is still working to find where this very large system has concentrated the copper, gold and uranium normally associated with these IOCGU geological processes.

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