drilling results

1
(A.B.N. 96 095 684 389)
P.O. Box 7996 Telephone: (07) 5592 2274
Gold Coast Mail Centre Facsimile: (07) 5592 2275
Queensland 9726 Email: [email protected]
AUSTRALIA Internet: www.tasgold.com.au
31st January 2005
Australian Stock Exchange
Company Announcements Office
Announcement


HIGH GRADE GOLD INTERSECTED IN TWO HOLES AT GOWRIE PARK

New gold intersections in holes 25 and 27 at the Narrawa prospect, Gowrie Park, Tasmania,
together with the recently announced high grade base metal/silver intersection in hole 21,
significantly increases the mineralisation potential and likely eventual definition of a viable
orebody within the Gowrie Park exploration license.
The latest intersections at the Narrawa prospect (Higgs deposit) were:

• hole 27 - 4m @10.5g/t gold between 39m and 43m downhole including a high grade
zone of 1m @ 28g/t gold between 40m and 41m downhole

• hole 25 - 1.5m @ 25.5g/t gold between surface and 1.5m downhole.
These intersections are in addition to the previously reported intersection in hole 21 at the
Narrawa prospect (see ASX release dated 17th November 2004)

• of 9m @ 135g/t silver, 1.4g/t gold, 9.74% lead and 5.90% zinc.

The latest intersections are particularly significant as they test a gold geochemical anomaly outside
the present resource boundary of the Higgs Deposit (where present resource is 215,000t @ 3.5g/t
gold, 1.5% lead, 1.3% zinc and 23g/t silver) and extend the Higgs Deposit to the SE. Further
drilling should lead to an increase in the Higgs Deposit resource.

Hole 27, with 4m of 10.5 g/t gold, terminated in gold mineralisation (last interval of 42m to
43m contained 2.2g/t gold). Drilling problems forced the temporary cessation of the hole prior to
personnel and equipment being shifted to the drilling program at present in progress within the
SMRV project. The hole will be deepened and further drilling undertaken as soon as personnel and
equipment are available.
In addition to the gold in hole 27, significant base metals were intersected over a 1m interval
between 37 and 38m – 2.33% zinc, 1.83% lead, 0.12g/t gold and 20g/t silver.

2
Gowrie Park mineralisation, both silver/base metals and gold, appear to have complex interrelationships
which are not yet fully understood. Both styles of mineralisation are widespread
however and of good grades (both silver/base metals and gold) and further drilling is expected to
lead to extensions to known mineralisation or new discoveries. Many targets remain to be drilled.
Gowrie Park is only one of three exciting areas in Tasmania in which TasGold has defined
potentially economic drill intersections. In an ASX release on the 10th January 2005, high grade
gold intersections, 19.1 and 24.4g/t, were announced in drill hole at the Panama Prospect, Lisle
exploration license, in NE Tasmania, Also TasGold is currently drilling to extend the known
massive sulphide mineralisation (3.9m of 12.6% zinc, 7.2% lead 123g/t silver and 0.6g/t gold) at
Wart Hill in the SMRV Project SW Tasmania.
Initial drill assay results from this program will be available later this week.
TasGold also has an effective 33% interest in a porphyry copper/gold/molybdenum system at Mt
Bini in Papua New Guinea. This deposit has a resource of 750 million lbs of copper and 1.65
million ozs gold with potential for a major increase in resource. Drilling by Joint Venture partner,
South Pacific Minerals is expected to commence in March/April 2005.

R.D.McNeil
CHAIRMAN.
This report is compiled by a competent person as
defined in Appendix 5A of the ASX Listing Rules.