Ann: Lake Torrens IOCG Project - Drilling Update, page-72

Hi,

On Friday last week, GS gave an interview predominantly about TAS and the Vulcan Project.

https://themarketherald.com.au/tasman-resources-asxtas-to-raise-4-8m-for-exploration-2021-03-05/?t=59&__hstc=51568950.7624beb9f86c545ade1f9d092f508137.1595408692442.1615279966557.1615282434839.1287&__hssc=51568950.3.1615282434839&__hsfp=3344265104

The highlights are (from 2.45):

- GS "expects FMG to proceed to 51%" (with regard their stake in the Vulcan Project)

- GS says (with respect to the current drilling at Vulcan North) "if the results are as a positive as the first two drill holes are looking"


Based on the above comments, and with GS saying that FMG have now spent about half of the 4 million that they will have to spend in order to reach their 51% stake in the Vulcan Project, it is pretty obvious that FMG like what they have seen in the drill cores of VUD018 and VUD019, and will therefore spend the other 2 million on further exploration at Vulcan North and/or Vulcan West (where 6 drill targets have already been identified).

In addition, at around 4:20 GS speaks about the depth of Vulcan. His comments clearly align with mine i.e. if the tonnages are there at Vulcan (they are already!), and the grades are good (the upcoming assays will provide the answer to this question) the depth of Vulcan will not be a problem at all i.e. it will then become the next world class IOCG deposit in SA.

Interestingly, GS also made the comment about RIO/BHP only having an average copper grade of 1.4% at their Copper JV. Is GS thus expecting more than this at Vulcan North and with huge tonnages?

Cheers.