- A Fortescue Metals Group (FMG) subsidiary has completed drilling at Tasman Resources’ (TAS) Lake Torrens Project
- The holes intersected substantial downhole widths of hematite breccia, which often hosts significant mineralisation in iron oxide-copper-gold deposits
- The company is awaiting assay results from core samples, which have been delivered to the laboratory for chemical analysis
- Tasman Resources is up 85.19 per cent and trading at ten cents per share
- Fortescue Metals Group is down 2.23 per cent and trading at $22.33 per share
A Fortescue Metals Group (FMG) subsidiary has completed drilling at Tasman Resources’ (TAS) Lake Torrens Project.
Fortescue is currently earning a 51 per cent interest on Tasman’s South Australian Exploration Licence 6416. This is through a farm-in and joint venture agreement with the company.
Fortescue’s subsidiary, FMG Resources, conducted a two-hole, deep diamond drilling program at Lake Torrens. This was done in order to test the iron oxide-copper-gold project’s Vulcan North gravity anomaly, which it situated within exploration licence 6416.
The program started drilling a vertical reverse circulation (RC) hole before switching to diamond drilling. This was followed up by navigational drilling, then a continuation of coring at a low angle.
Both the holes, VUD018 and VUD019, intersected substantial downhole widths of hematite breccia. This kind of breccia is often a significant host to mineralisation in iron oxide-copper-gold deposits, which bodes well for both Tasman Resources and Fortescue Metals.
Chalcopyrite and pyrite are visible in the hematite breccias of both holes drilled by FMG Resources. However, since their presence and variability are complex, an estimate of their abundance has not been provided at this time.
Cutting and sampling of the core is currently in progress, with several batches from the VUD018 hole already delivered to the laboratory for chemical analysis. Both Tasman and Fortescue are eagerly awaiting the assay results and will release them in due course.
Tasman Resources is up 85.19 per cent, trading at ten cents per share, while Fortescue Metals Group is down 2.23 per cent, trading at $22.33 per share at 10:43 am AEDT.