Hotcopper pls note - ASX code TGD does not work.
TASGOLD LIMITED 2003-05-01 ASX-SIGNAL-G
HOMEX - Brisbane
+++++++++++++++++++++++++
TasGold Ltd (TasGold) has commenced exploration on its gold projects
in Tasmania and will initially be operating from bases at Nabowla in
NE Tasmania and Strahan in Western Tasmania.
The company has submitted approx 227 samples (representing approx
450m of diamond core drilling in 3 separate holes) from the Voyager 9
Prospect within the SMRV Project, SW Tasmania for gold analysis. The
Voyager 9 holes were drilled by an earlier license holder and the
core was historically only analysed for base metals and not for gold.
Voyager 9 is located approximately 2km east of the Sassy Creek
Prospect where previous core drilling encountered results to 3m at
17.5g/t gold with 4.5% lead, 4.0% zinc and 12.7g/t silver. It is
anticipated that assay results will be announced in approximately
three weeks.
The above noted samples represent the first part of TasGold's
re-assaying program of previously drilled core which was not
originally assayed for gold. A further 198m of core from Voyager 2
Prospect and 443m from the Wart Hill (Voyager 19) Prospect remain to
be re-sampled and analysed for gold in the first round of re-assaying
and this work will be carried out in the immediate future.
The Voyager 9 Prospect was initially located as an aeromagnetic
anomaly. It was evaluated with magnetic intensity and dipole-dipole
IP surveys, followed by griding of an approx1200 x 1000m area with
cross lines at 50 or 100m spacings. The grid was geologically mapped
and rock chip sampled for Cu, Pb, Zn, Fe, Ag, Sn, W and Ba.
Additional geophysical surveys were then conducted, along with
supplementary C-Horizon soil sampling.
These initial surveys showed a complex magnetic anomaly, a coincident
broad complex chargeability anomaly with a resistivity low,
widespread chlorite-magnetite and sericite-pyrite alteration zones
with significantly anomalous base metals (lead and zinc). A major
copper soil geochemical anomaly was also located at the northern end
of the altered zone.
It was concluded that Voyager 9 was highly prospective for
volcanogenic Cu-Au (Pb-Zn-Ag) mineralisation of the Mt Lyell type.
Three holes were ultimately drilled, with separations of approx500m,
700m and 900m. The first short drill hole targeted a near surface
magnetic anomaly at the southern end of the grid and it intersected
sericitised crystal tuffs with zones of disseminated pyrite and
veining and disseminated magnetite.
The second hole was drilled into a copper/IP anomaly at the northern
end of the grid and was noted to contain intensely brecciated and
massive chlorite pyrite assemblages in a breccia matrix from 54 -
126m (72m) with intense hydrothermal alteration.
A gravity survey was conducted, but it failed to detect any near
surface bodies of dense material over the central part of the grid
and results were consistent with the magnetic interpretation of a
large mass of magnetic rock at a depth of about 500m.
The third hole targeted a zinc anomaly in the NE of the grid and it
intersected a sequence of crystal tuffs with interbedded sandstones,
siltstones, cherty siltstones and pyritic black shale units. Though
no significant base metal mineralisation was encountered, the pyritic
sediments, formed under reducing marine conditions with intermittent
vulcanicity, were regarded as a favourable ore forming environment
which was worthy of additional along-strike investigation using
geophysical and geochemical prospecting.
Additional holes were recommended to test the lead / zinc soil
anomalies and also the large magnetic anomaly, but these were never
undertaken. No drilling was undertaken specifically targeting
structural zones as the Henty / Eskay Creek mines had not been
discovered and their characteristics were therefore not known at the
time.
Later work documented gold anomalies draining the felsic epiclastics
and lavas along an interpreted fault with a major kink covering the
V9 prospect, with pan concentrate analyses including 1.1g/t, 2.0g/t,
2.1g/t, 2.4g/t, 3.6g/t, 7.4g/t, 10.6g/t, 11.3g/t, 12g/t, 13g/t, and
18g/t gold. Another creek draining the contact between the Stoney
Creek granitic porphyry & chlorite altered epiclastics at Voyager 9
has a number of anomalous gold pan concentrate analyses including
1.09g/t, 2.3g/t and 10.9g/t gold.
The Voyager 9 area is viewed by TasGold as being highly prospective
for Henty / Eskay Creek type high-grade, hybrid epithermal / VHMS
gold deposits. The consistent gold mineralisation documented by pan
concentrate sampling in creeks is a very positive indication of the
areas overall potential, however, there is realistically a relatively
low probability that economic grades of mineralisation will be
produced by this round of work. Any gold mineralisation documented by
TasGold's core assaying will be viewed by the company as highly
significant and warranting additional on-ground follow-up work to
refine the exploration model and target higher grade gold zones.
P A McNeil
MANAGING DIRECTOR MSc
This report is compiled by a competent person as defined in Appendix
5A of the ASX Listing Rules.
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