Thomson Resources Limited (ASX:TMZ) Chairmans Address to Shareholders at 2011 Annual General Meeting
On behalf of the Board of Directors, I welcome you to the first Annual General Meeting of Thomson Resources Limited since the Company listed on 17 December 2010 after raising $4.6 million through an IPO.
Since listing, Thomson's activities have principally focused on drilling its priority targets at the Cuttaburra and Ares prospects in the far northwest of New South Wales. The Company's exploration is mainly within the Thomson Fold Belt in NSW and includes an extensive rock package that has strong geological similarities to the sequences that host the important Cobar mineral deposits to the south. Thomson Resources holds the dominant ground position in the region totalling 6,758 square kilometres and its portfolio of exploration tenements are believed prospective for a range of deposit types with particular exposure to Cobar-type gold and base metal, porphyry copper-gold, orogenic gold, and intrusive-related mineral systems.
The northwest of NSW is a challenging exploration environment with virtually no mineral exploration activity prior to 2006. The Company has targeted the Thomson Fold Belt as a consequence of the NSW Government's support of exploration in this region through its innovative New Frontiers exploration initiative. The government airborne geophysical programs and follow-up geoscientific investigations have dramatically increased this region's prospectivity.
Thomson Resources is pioneering exploration of the Thomson Fold Belt as it considers it to be the northern extension of the well endowed Lachlan Fold Belt which hosts some of Australia's largest gold and base metal deposits. The Board believes that such areas represent the future for Australian mineral exploration and that the large discoveries of the future will be made in areas where cover has limited previous exploration.
The Board is committed to enhancing the value of the Company's exploration assets through innovative exploration leading to discovery. The Company has made extensive use of geophysics as a targeting tool including both magnetic and electrical techniques. This geophysical data has been critical to the 3D modelling so necessary to modern effective exploration.
The recent drilling of the Cuttaburra magnetic anomalies A, B and Ac has successfully identified large but discrete, hydrothermally altered, mineralised systems as might be expected to be associated with economic deposits. In each of the prospects, the drilling has intersected extensive multiple-vein systems with visible base metal sulphides and strong silicification comprising gold-silver-copper-lead-zinc-tin-tungsten mineralisation. The Company now believes that it may have discovered a previously unrecognised style of mineralisation for this region - the Intrusive-Related Gold System. This style is well documented globally and can yield world-class gold deposits. Drilling to date has been encouraging and this system will be subjected to follow-up drilling.
To date, the Company has initially tested some 25 kilometres of strike length of the Cuttaburra trend. Based on previous drilling and the high-quality airborne geophysical data it is expected that this mineralised corridor may extend for over 140 kilometres.
Many quality exploration targets on the Company's ground will be progressively assessed over 2011/2012. Amongst these is a slice of volcanic arc rocks known as the Warraweena Volcanics. These rocks have similar chemistry to the Macquarie Arc in the Central West of NSW which hosts the important porphyry-style Cadia, Cowal and Northparkes deposits.
In closing, on behalf of your Directors, I would like to thank our CEO Mr. Eoin Rothery for an impressive start to the exploration programme of this new ASX-listed company. He has worked hard to progress your Company's exploration strategy and has assembled a potent exploration team which is already producing very encouraging exploration results.
We look forward to a year of successful exploration in far north western NSW as we travel together on this exciting voyage of discovery in this new mineral province.
Lindsay Gilligan PSM
About Thomson Resources Ltd
Thomson Resources Ltd (ASX:TMZ) is an NSW active mineral explorer. Thomson has several tin projects (including an advanced project near Ardlethan), as well as gold, copper and zinc targets in a range of settings. Thomson has a good record of discovery, with multiple new Intrusion-Related Gold (gold with copper, lead, zinc, molybdenum, tungsten) systems discovered in the Thomson Fold Belt in the NW of the state.
Thomson Resources Ltd