Amazing Resource Potential

As I believe TAM is being intentionally under-sold, I decided to research the past 10 years announcements and reports in order to get a better feel for it's underground resource potential. In particular, I came accross some really interesting results in TAM's 2011 Annual Report (page 10) which referred to deep drilling undertaken by Otter Gold in the 1990's that provided excellent results down to 450 metres on the Carbine deposit located about 10 km south of the CTP plant. Some examples of high grades and wide intersections reported were....19M @ 8.5g/t from 322M; 11M @9.4g/tfrom 408M and 21M @ 5.4g/t from 451metres.

The 2011 annual report also noted that TAM's drilling of the Hurricane-Repulse deposit, which is around 1.5 km in length, provided good results at over 400 metres...."The results of this campaign at Hurricane confirm that mineralisation continues over 300 metres below the surface with strong potential to extend well beyond this level". More recent drilling was carried out on this deposit over the December 2018 quarter, confirming gold in all 23 holes plus the one deep diamond drill hole ...."intersected a wide zone of significant gold mineralisation located approximately 130 metres below the base of the existing Hurricane pit".

TAM's December 2018 quarterly also highlighted ..."diamond drilling beneath the existing Jim's deposit also returned significant intersections up to 170 metres beneath the base of the open pit".

Further, a TAM investor presentation dated 10th Sept 2012 stated in relation to its Groundrush deposit (1.5 km in length)...."If the plunging mineralised shoots can replicate a fraction of the main lode then we estimate potential for another 1 Moz to be conservatively added over time for a 2+ Moz ore body". Historically, drilling on this deposit has produced good intersections below 550 metres and like the other deposits appears open at depth.

Jim's, Carbine, Hurricane and Groundrush plus numerous smaller open pits are spread across an exceptionally long 60 kilometre continuous strike corridor, suggesting excellent potential for significant resource expansion well above the current 2.74 Moz. Historically, Newmont produced 2.1 Moz from the top 125 Metres spread across this 60 km strike zone with drilling limited to around 130 metres. The CTP is only 50 km from Newmont's highly successful Callie underground mine which is currently operating at over 2,000 metres below surface. The CTP shares similar geology.

The CTP area has to be regarded as highly prospective when you combine its unique features of past and current deep drilling success; it's 60 km proven strike corridor; similar geology to Newmont's Callie mine plus the area's general under-explored nature. My personal evaluation is that the CTP certainly has the potential to become one of Australia's top 5 gold resources given its exceptional strike length and likely depth extension. NST's ongoing optimism towards this area is no doubt based on these unique features.

My only real concern is that APAC may be setting up to steal the balance of TAM at say 8 or 9 cents. It is a well capitalised mining house with significant in-house expertise and I'm sure has an excellent understanding of the CTP's geology and resource upside potential...During the past two years, it has certainly taken advantage of "suppressed" prices to build a holding of close to 50%. APAC has certainly benefited from TAM's ongoing low share price and most likely explains management's silence and lack of public enthusiasm.

Given management's on-going silence, I suggest and recommend looking at past reports, particularly 2011 and 2012 where it is clear to see that TAM's management was exceptionally positive for significant further major discoveries. Nothing has changed apart from a much higher Aus gold price and further confirmation of increasing resource at depth.

Unfortunately, management appears quite happy to leave this significant information concealed within historical records and to under-play TAM's real resource upside to the detriment of shareholders and potential investors. Thus in TAM's case it is essential that you DYOR.