13 Mumford Place, Balcatta, WA, 6021 ph: +61 8 6241 1888 fax:...

13 Mumford Place, Balcatta, WA, 6021 ph: +61 8 6241 1888 fax: +61 8 6241 1811
Website: www.tantalumaustralia.com Email: [email protected]
ACN 009 127 020 ABN 58 009 127 020
040401 ASX Announcement – Hope River
Page 1 of 3
MEEKATHARRA PROJECT – HOPE RIVER RC DRILLING, RESULTS INDICATE
DISCOVERY OF NEW ZONE OF GOLD MINERALISATION
Tantalum Australia NL (“TAA”) is pleased to announce the confirmation of a gold discovery
at its Hope River prospect, through preliminary follow up RC drill testing of bedrock gold
anomalies. Hope River is located 50 kilometres southwest of Meekatharra and about 30
kilometres southwest of the Bluebird Mining Centre in the Murchison Mineral Field of
Western Australia. The gold anomalies were previously defined by wide spaced (400 by 50
to 100 metres) vertical air core geochemical drilling. TAA has received five metre composite
results from the Reverse Circulation (RC) drilling program (14 holes for 972 metres)
completed during early March.
The RC drilling program was designed to conduct a preliminary test of a large bedrock
geochemical anomaly located beneath 10 to 20 metres of cover located 400 metres east of
the existing Hope River mineralisation discovered by TAA in 1999. The anomaly is parallel
to the Hope River mineralisation, up to 200 metres in width and at least 2500 metres long.
The anomaly was tested by 3 traverses of RC drill holes spaced 400 metres and 800 metres
apart respectively. Given the size of the anomaly and the broad spacing of the geochemical
drilling the traverses were staggered to give the best chance of at least one section
intersecting mineralisation. The drilling has confirmed the presence of significant gold
mineralisation in a shear zone located east of the main Hope River trend.
The significant intercept from 5 metre composite results is:
10 metres @ 1.3 g/t Au from 20 to 30 metres down hole
Whilst the grade of gold mineralisation is relatively low, given the size of the associated
bedrock anomaly, the very limited drill testing to date and that the entire strike length of the
anomaly is buried beneath 10 to 20 metres of cover, the company considers the discovery to
be extremely significant.ഊ040401 ASX Announcement – Hope River Page 2 of 3
The drill holes were all completed at a declination of 60 o toward grid west. The orientation of
the mineralisation is uncertain and it is not possible to determine the true thickness of the
mineralised zone. A plan showing the geochemistry, drill hole locations, previous significant
intersections and the surface projection of the Hope River main zone is attached.
Background
The Hope River main zone of mineralisation is located within a 40 to 50 metre wide regional
shear zone (Annean Shear) on the western margin of a quartz dolerite unit beneath 15-20m
of overburden. Strong weathering extends beneath 10 to 20 metres of cover to vertical
depths of about 90 metres. The structure is interpreted to dip about 80 ° west and strikes
north south. Gold mineralisation is associated with silica-chlorite-sulphide-carbonate
alteration with associated quartz veins.
Drilling of the main zone in 1999 tested the southern end of the structure only on wide (80
metre) section spacings. No other RC drilling has been carried out within the 7.5 kilometre
strike length of the Annean shear that occurs within TAA’s tenement holding (TAA 100%).
Reinterpretation of the data from RC and Diamond drill holes in this zone has indicated the
potential for a series of narrow high grade gold lodes developed over at least 2000 metres of
strike.
From a regional structural concept the Hope River mineralisation appears to occupy a similar
position as the Meekatharra-Paddy’s Flat and Bluebird Mining Centres.
The current programme has focussed on a limited test of the eastern anomaly located 400
metres east of the main zone in the southern part of the project area.
Follow up Drilling
A 2000 metre program of RC drilling has commenced at Hope River. The program will focus
on testing the eastern anomaly down dip and along strike from the significant mineralisation.
Further drilling of the main zone is also planned to infill the broad section spacing and test
zones of high grade mineralisation identified by drilling during 1999 and 2001.
Yours faithfully,
Michael Fotios
Managing Director
This report, so far as it pertains to ore or mineralisation, is based on information compiled by and as reported
upon by Mr Michael Fotios, who is a Member of the Australasian Institute of Mining and Metallurgy, and has
more than fire years experience in the field of activity being reported on.