1(A.B.N. 96 095 684 389)P.O. Box 7996 Telephone: (07) 5592...

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(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
3rd February 2005
Australian Stock Exchange
Company Announcements Office
Announcement
•
HIGH GRADE SILVER/BASE METALS INTERSECTED AT SMRV PROJECT
• SHARE PURCHASE PLAN EXTENDED
WD2, the first hole in TasGold’s summer work program at the Wart Hill Prospect in the SMRV
project (EL’s 20/96 and 21/99) intersected excellent silver and base metal values as follows:
3.5m @ 109g/t silver, 5.01% lead, 9.45% zinc and 0.30 g/t gold between 65m and 68.5m
downhole.
This intersection is within a wide, 13.4m interval, of significant mineralisation and includes a
very high grade core of just under a metre of 280g/t silver, 7.86% lead 14.80% zinc and
0.33g/t gold. Summary results are shown in the table below:
Downhole
Interval (m)
Length
(m)
Silver
(g/t)
Lead
(%)
Zinc
(%)
Copper
(%)
Gold
(g/t)
58.1 - 71.5 13.4 55 2.66 4.91 0.07 0.33
inc.62.8 - 68.5 5.7 77 3.99 7.50 0.12 0.35
inc.65.0 – 68.5 3.5 109 5.01 9.45 0.16 0.30
inc. 65.7 – 67.55 1.85 166 5.72 12.48 0.25 0.31
inc. 65.7 – 66.55 0.85 280 7.86 14.80 0.42 0.44
Hole WD2 is approximately 12 metres vertically below TasGold’s hole WD1, which as the last hole
in the 2004 drilling program, intersected 3.9m @ 123g/t silver, 12.6% zinc, 7.2% lead, and
0.6g/t gold. Hole WD2 is particularly significant as it confirms the continuity of the
mineralisation encountered in hole WD1.
Drilling is proceeding to further evaluate the lateral and depth extent of the above mineralisation
and comprehensive results from the next series of holes should be available in mid/late March.
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TasGold holds the premier land position in SW Tasmania in the highly mineralised Mount Read
Volcanic Province (holding >40 kilometres of strike length) and has now drilled two potentially
economic, high-grade and high-value, base and precious metal intersections at the Wart Hill
Project.
The target at Wart Hill is a volcanic hosted massive sulphide deposit such as the Rosebery
Deposit/Mine, which is located ~ 125km to the north in the same Mount Read Volcanic sequence,
with > 32 million tonnes at 146g/t silver, 14.6% zinc, 4.5% lead, and 2.3g/t gold (total contained
metal value of ~AUD$16 billion).
The intersections at Wart Hill are the best results ever drilled at the project area and known in the
entire Mt Read volcanics to the south of the Mt Lyell Mine; it demonstrates the excellent potential
of TasGold’s Southern Mount Read Volcanic Project (SMRV) and the need for additional
systematic exploration and drilling.
In addition, significant gold mineralisation is present in the SMRV area and VHMS Henty
style gold mineralisation is known to occur and will be further evaluated over the coming
months.
TasGold’s excellent drill results demonstrates that high-grade, near surface resources can
potentially be located at Wart Hill and other prospects in the district by future exploration. TasGold
operates it’s own diamond drilling rig year round and has a philosophy of drilling as the prime
method of exploration and means to discover ore deposits.
Other TasGold base-metal prospects are proximal to Wart Hill and have similar potential based on
limited (or no) historical drilling and extensive soil geochemistry, geological mapping and isotope
systematics. These will all be evaluated carefully, systematically and probably through drilling.
Extension of the closing date for the Share Purchase Plan
In light of the excellent results contained in this release (and the gold results from Gowrie Park last
week), the closing date of the current Share Purchase Plan (as announced 18th January 2005) has
been extended from 9th February 2005 to 18th February 2005.
This extension will allow all eligible shareholders ample time to lodge acceptances under the plan
after receipt of these latest drilling results.
For additional information on the SMRV project refer to www.tasgold.com.au and to an ASX news
release dated 28th June 2004.
R.D.McNeil
CHAIRMAN.
This report is compiled by a competent person as
defined in Appendix 5A of the ASX Listing Rules.
TasG/rel/smrv high grade base metals 2 feb’05