Tasman Resources To Get Busy Drilling At Vulcan IOCG Project With Rio Tinto

Sep. 10, 2013 3:00 AM ET
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Tasman Resources (ASX:TAS) will pick up activity at its 100%-owned Vulcan IOCGU project, located 30 kilometres north of Olympic Dam in South Australia, with drilling to resume this week.

Further assays have also been received from hole VUD 15.

The project is currently subject to a farm in/joint venture agreement with a Rio Tinto (ASX:RIO) subsidiary. Tasman is managing the exploration program on behalf of the partners.

To date a total of seven holes have been drilled since August 2012, with a further two holes expected to be completed before the end of 2013.

Further Assays Received

Tasman recently announced (15th August 2013) initial encouraging results from the lower, or deeper part of the most recently completed drill hole VUD 15.

Assays for the upper part of the hole include 205 metres down hole from 905 metes at 0.18% copper. When combined with assays from the lower part of VUD 15, the average copper grade over 435 metres down hole from 905 metres is 0.26% copper.

Iron mineralisation

Following the intersection of very hematite-rich rocks in VUD 15, Tasman has re-assayed samples from this hole and others by a more reliable method for determining the iron content.

Averaged assays received include 180 metres down hole at 60% rion from 1,123 metres in VUD 15.

While 240 metres down hole at 61% rion from 840 metres in VUD 9. Iron in both holes is present dominantly as hematite.

If the Vulcan system was much closer to the surface these very iron-rich intersections would have been of economic interest in their own right.

As some of the copper mineralisation intersected in VUD15 is associated with massive hematite there is potential for the high iron content to add further value to any future economic copper intersections at Vulcan.

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