A big yawn from the market cheers Rod AUSTRALIAN STOCK EXCHANGE ANNOUNCEMENT EXPLORATION UPDATE 21st January 2004 LAKE TORRENS PROJECT Summary · Titan · All of the seven drill holes into the greater Titan System (including the two drilled by WMC) have encountered extensive alteration and mineralisation confirming the very large size (13 x 10 km) of the overall mineralised system. Tasman remains convinced of the potential for economic high-grade zones within this system, which will be targeted by drilling planned for the next three to six months. · Assays from TI6 confirm a zone of higher grade copper, 47m at 0.27% Cu and 0.06 g/t Au from 608m, including 5m at 1.14% Cu and 0.25 g/t Au from 620m. The 5m-wide zone consists of steep chalcopyrite-dominated sulphide veining. Such zones are consistent with the grade and dimensions of similar chalcopyrite zones adjacent to highgrade copper mineralisation at Olympic Dam. · Highly anomalous silver and bismuth values (up to 78ppm Ag in a 3m composite, and 120ppm Bi in 5m composite) in TI3. This may reflect the preservation of the upper, more oxidised/cooler and higher-grade parts of the Titan system beneath the Pandurra Formation to the east and/or the close proximity of TI3 to the faulted margin of Titan mineralisation immediately to the west. Potential of this area is also enhanced by gravity inversion modelling. · Possible high-grade targets identified from processing gravity surveys, including untested targets adjacent to TI6, TI4, TI5 and southeast of TI3. · Clara St Dora · Identification of structural controls on the copper and/or gold mineralisation (chip samples up to 3%Cu and 5g/t Au) in the vicinity of the old high-grade Clara St Dora mine. Targets based on this structural understanding together with untested IP features will be tested by shallow drilling during the first Quarter of 2004. · Diamonds · Tasman’s investigations into the diamond potential and prospectivity of the Lake Torrens Project concluded that rocks of Jurassic and older age have potential to host diamondiferous kimberlite and lamproite intrusions. This was overlooked by previous explorers. · Very interesting magnetic targets have been identified from aeromagnetic data. Field checking (loam sampling) as well as stream sediment sampling programs for diamonds and kimberlite indicator minerals are being planned. 2 Titan Prospect Tasman Resources NL (“Tasman”) Titan Prospect is located 30km north of Olympic Dam (see Figure 1). Tasman has received assays from the recent phase of exploration drilling reported in December 2003. As reported, four new deep vertical holes were completed and an earlier hole, TI2, was deepened to a final depth of 862m (see Figures 2 and 3). Drill hole TI6 intersected a zone of steep, vein-style chalcopyrite-pyrite (with trace bornite) mineralisation within a broader zone of vein and disseminated style mineralisation. Assay results from this zone are: · 47m at 0.27% Cu and 0.06 g/t from 608m, including 5m at 1.14% Cu and 0.25 g/t Au from 620m. The copper results are substantially higher than any other mineralisation so far drilled at Titan (although lower than previously reported visual estimates). These results continue to support the potential for highgrade mineralisation on the eastern margin of the Titan system, up to 300m east of TI6 (Figure 3). Cobalt results for TI6 were also strongly anomalous, underscoring the metal endowment of the Titan system. The entire basement intercept in TI6, 261m from 604m depth assayed 135ppm Co, with narrower zones returning higher values, e.g. 7m at 433ppm Co from 732m and 8m at 300ppm Co from 773m depth. Hole TI3, which as previous reported had intersected younger Pandurra Formation, was extended to 958m and intersected highly altered (haematite-chlorite-magnetite-pyrite-chalcopyrite) basement with some anomalous but low-grade copper, uranium and gold values below a fault at 922m depth. The exact relationship of this basement to the rest of the Titan system remains to be resolved. Higher in the hole, strongly anomalous silver (4m at 65ppm Ag from 919m) (preliminary composite core chip and ½ core analysis)) and bismuth values (40m at 24ppm Bi, including 1m at 120ppm, in composite core chip samples) were obtained from within, and at the faulted margin of, the Pandurra Formation. These anomalies may reflect late stage remobilisation of metals from the Titan mineralised system, or possibly an upper, more oxidised and higher-grade part of the system preserved beneath the Pandurra Formation. This latter possibility is supported by gravity inversion modelling which suggests zones of moderately dense rocks occur east of the interpreted fault shown in Figures 2 and 3. Strategies to follow up and test these concepts are being considered. Holes TI4 and TI5 and the extension to TI2 intersected zones of strong alteration and moderate sulphide mineralisation (mostly pyrite-chalcopyrite, with rare bornite). Assay results for copper and gold are not considered economically significant; the best intercept in TI4 was 11m at 0.10% Cu from 859m and in TI5 was 18m at 0.10% Cu from 724m. Regions of re-interpreted higher density, derived from various gravity residual images, adjacent to these holes are now being re-assessed based on the new density data from these new holes to locate further drill holes. All of the seven drill holes into the grater Titan mineralised system have encountered extensive alteration and mineralisation confirming the very large size (13 x 10 km) and significant metal enrichment of the mineralised system at Titan. Tasman remains convinced of the potential for economic high-grade zones within this system, which will be targeted by drilling planned for the next three to six months. Tasman are assessing the suitability of various downhole geophysical techniques to assist in targeting follow-up drilling at Titan. 3 The drilling at Titan has also highlighted the potential for preservation of upper (and higher-grade) portions of Olympic Dam-type deposits beneath newly recognised Pandurra Formation in this area. Opportunities for these situations have been identified in a large area extending for up to 15km east and south of Titan (see Figure 1). However, the gravity station coverage over this area is extremely poor and Tasman consider the acquisition of detailed gravity data to be the key step in the evaluation of this recently recognised target area. Exploration at Titan and the surrounding area will now focus on technical assessment of all Titan data and defining targets for further drilling. Particular focus will be on investigations designed to refine and improve vectors to the location of high-grade mineralisation at Titan. Drilling techniques such as wedging and Navi-drilling are being evaluated for their ability to provide more cost-effective tests in the vicinity of existing holes. Near Surface High-grade Targets Review As previously reported, Tasman has been assessing the potential of the Lake Torrens Project area to host near surface high-grade resources amenable to rapid development. This review has identified the Clara St Dora mine area as the most prospective of the several areas warranting additional work. Mapping and sampling at Clara St Dora identified structurally controlled copper-gold mineralisation hosted by shear breccias. The gold tenor of the area was previously unrecognised as was the clear structural control on the shear zones and the probable magmatic source of the mineralising fluids. The structural interpretation highlights an area of shallow cover to the southwest of the old mine workings which has not been previously drilled as of particular interest. This new interpretation is supported by a number of untested moderately chargeable zones. An RC percussion drill programme comprising several fences of holes is being prepared to test the structural targets identified by the work. Depending upon rig availability, drill testing is planned for the first Quarter of 2004. Diamond Review A recently completed study on the diamond potential and prospectivity of Tasman’s Lake Torrens Project area concluded that rocks of Jurassic and older age have good potential to host diamondiferous kimberlite and lamproite intrusions that were overlooked by previous diamond explorers. Very prospective magnetic targets have been identified from a detailed review of available data. Limited loam sampling is planned to check these targets, whilst stream sediment sampling programmes for diamonds and kimberlite indicator minerals are also being considered. Previous diamond exploration within and adjacent to the current Tasman Resources tenements found diamond indicator minerals, including diamonds, from stream sediment and loam sampling suggesting that diamond source rocks occur close by. Important advances in diamond exploration have taken place since the Lake Torrens project area was assessed for diamonds in the past. Better geophysical surveying and processing tools; better diamond sample processing techniques encompassing finer fractions of stream sediments and loam samples; enhanced analytical techniques for geochemical analysis of outcrop areas; improved understanding of diamond exploration in Australian environments; and an expanded understanding of diamond geology together with recently published geological data and digital exploration data sets, have all combined to greatly increase Tasman’s chances of locating the primary sources of the diamonds in its tenements. All available aeromagnetic data for the project vicinity was re-processed with a focus on diamond targets. A number of highly prospective magnetic “kimberlite-like” targets were identified during this processing, and several of these are located within catchment areas with diamond indicator minerals. Follow-up work is planned. Gregory H Solomon EXECUTIVE CHAIRMAN The results reported by Tasman Resources NL to the extent that they relate to mineralization are based on information compiled by G. M. Jeffress, who is a Member of the Australian Institute of Geoscientists, and who has a minimum of five years experience in the field of activity being reported. It should not be assumed that the reported exploration results will result, with further exploration, in the definition of a Mineral Resource. Any exploration target sizes mentioned are conceptual in nature and do not imply that Mineral Resources have been, or will be, defined. The interpretations and conclusions reached in this report are based on current geological theory and the best evidence available to the authors at the time of writing. It is the nature of all scientific conclusions that they are founded on an assessment of probabilities and, however high these probabilities might be, they make no claim for complete certainty. Any economic decisions which might be taken on the basis of interpretations or conclusions contained in this report will therefore carry an element of risk.
TAS Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held