FMG JV Drilling, page-85

FMG after the 5 months, will in my opinion most likely continue to fund exploration by spending another $7 million to get the 80% interest, which I think is the most likely scenario. A less likely outcome is it may decide to walk away from the farm-in agreement and TAS will then retain 100%. FMG is flush with cash and will not be interested in a 51% interest and have TAS as a joint-venture partner.
The joint-venture has only explored the Vulcan prospect and there are still many other highly promising prospects yet to be drilled. A large area to the immediate west of Vulcan is believed by Tasman to be an attractive, if more “grass roots” style exploration target. This area, which includes the Zeus IOCG target is about 90km2 in area and is highlighted by a number of moderate-strength gravity and magnetic anomalies which appear to occupy the area linking the Vulcan IOCG system to another large (but low grade and magnetite dominated) IOCG system at Titan and the adjacent undrilled Zeus prospect. Available drilling data suggests that basement in most of this area is probably shallower than at Vulcan; for example the depth to basement is generally about 600m at Titan.