Tasman Resources (ASX:TAS) - Executive Chairman, Greg Solomon
Executive Chairman, Greg Solomon
Source: Business News
Market Herald logo


Be the first with the news that moves the market
  • Tasman Resources (TAS) gets results from the second hole drilled at the Lake Torrens Project in South Australia
  • Drilling is being conducted by Fortescue Metals’ (FMG) subsidiary, FMG Resources, to earn a 51 per cent interest in the project
  • The hole was drilled at the Vulcan prospect and returned a wide, but lower-grade interval of copper and elevated gold, palladium and rare earth elements
  • The company says the copper mineralisation in both holes, and the palladium, gold and rare earth elements show the Vulcan system’s ‘highly fertile’ nature
  • Company shares are up 3.57 per cent to trade at 2.9 cents

Tasman Resources (TAS) has announced results from the second hole drilled by FMG Resources at the Lake Torrens Project in South Australia.

FMG Resources is a wholly owned subsidiary of Fortescue Metals (FMG) which is currently earning a 51 per cent interest in the Lake Torrens Project under a farm-in and joint venture agreement with Tasman.

The combined reverse circulation and diamond hole was drilled at the Vulcan prospect to a 1867.2-metre depth. This drill hole aimed to test the southern lobe of the Vulcan North gravity anomaly and intersected altered granite at 880.1 metres downhole below the Neoproterozoic cover.

The hole returned a wide interval of lower-grade copper mineralisation including 321 metres at 0.33 per cent copper including 15 metres 1.25 per cent copper and 0.6 grams of gold per tonne (g/t).

Tasman has also reported the presence of elevated gold, including up to 0.94g/t, as well as palladium which intersected one metre at 2.78g/t from 1660 metres.

What’s more is drilling intersected strongly anomalous rare earth elements of up to 1.86 per cent light rare earth elements over nine metres and 208 parts per million heavy rare earth elements.

These results build on those received from the first hole which intersected 62 metres at 0.55 per cent copper including 13 metres at 1.04 per cent copper and 0.6g/t gold, as well as rare earths such as molybdenum, cerium and lanthanum.

Tasman concluded that the copper mineralisation across both holes, and the elevated palladium, gold and rare earth elements demonstrate the ‘highly fertile’ nature of the Vulcan system.

Drilling is ongoing and aims to uncover higher-grade copper and other mineralisation.

Company shares were up 3.57 per cent to trade at 2.9 cents at 11:18 am AEST.

TAS by the numbers
More From The Market Herald
KGL Resources (ASX:KGL) - Resigning Managing Director, Simon Finnis

" Simon Finnis resigns as MD of KGL Resources (ASX:KGL)

Simon Finnis has resigned as Managing Director of KGL Resources (ASX:KGL), effective May 20.

" Culpeo Minerals (ASX:CPO) identifies new targets Lana Corina

Culpeo Minerals (ASX:CPO) has identified new geophysical targets from a recently completed magnetic survey at its…

" iTech Minerals (ASX:ITM) intersects REE in first drill holes at Ethiopia prospect

iTech Minerals (ASX:ITM) intersects intervals of rare earth elements (REE) in the first drill holes at…

" Firefinch (ASX:FFX) granted three-year convention extension for Morila

Firefinch (ASX:FFX) has been granted a three-year extension to its establishment convention for the Morila gold…