+++++++++++++++++++++++++ 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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