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Tasman Resources to resume drilling at Vulcan IOCGU Project

Tasman Resources (ASX: TAS) has announced drilling at its promising Vulcan IOCGU Project in South Australia is scheduled to resume in mid-April.

The company said additional, detailed gravity data and geophysical modelling, as well as further geological investigation of drill core from the first hole confirm Vulcan’s quality, size and potential.

Geophysical modelling of the gravity and magnetic data has delineated a continuous higher density, potentially hematite rich, drill target over +12km in length and of a similar area  (11km²) to the Olympic Dam breccia complex.

On 10th November 2009, Tasman announced the discovery of a new Iron – Oxide Copper Gold Uranium (IOCGU) system in the first drill hole VUD 001 at the 11km² Vulcan Project. This hole was drilled on the north-western portion of two previously untested gravity anomalies.

Assay results confirmed the IOCGU metal association, with an intersection of 53m down hole from 907m at 0.10% Cu, 0.04g/t Au, 0.021kg/t U3O8 and 0.4g/t Ag. This interval included a 10m intersection from 936m at 0.20% Cu, 0.05g/t Au, 0.047kg/t U3O8 and 0.5g/t Ag.

Anomalous molybdenum and fluorine are also present. There is a distribution and strong correlation of copper, gold and uranium in the hole.

The company said whilst these assays are not commercial grade, they are extremely encouraging for an initial dwill hole into such a large target (approximately 11km²).

Drilling  will initially focus on further evaluation of the north-western anomaly in reasonably close proximity to the first drill hole. Between two and four drill holes are initially planned, depending upon results.

Testing of the apparently more complex, probably shallower and possibly more interesting southern anomaly still requires resolution of an Aboriginal heritage issue.

Executive Chairman Greg Solomon said drilling of the initial holes is expected to take up to about eight weeks to complete, although significant results will be released as they are received. Sampling and core assaying is expected to take an additional two to four weeks after the completion of each drill hole.

Disclosure: The author holds no positions in the company