Thomson Resources Limited (ASX:TMZ) Half Year Accounts
Sydney, Mar 13, 2012 AEST (ABN Newswire) - Thomson Resources Limited (
ASX:TMZ) directors submit their report for Thomson Resources Ltd for the half year ended 31 December 2011.
Directors
The names of the Company's directors in office during the half year and until the date of this report are as below. Directors were in office for this entire period unless otherwise stated.
Lindsay Gilligan Non-Executive Chairman
Eoin Rothery Executive Director - CEO
Greg Jones Non-Executive Director
Antonio Belperio Non-Executive Director
Review and results of operations
The net results of operations after income tax expense for the half year was a loss of $395,459 (2010: loss $188,866).
In the latter half of 2011 Thomson Resources completed an initial phase of diamond drilling on its priority targets. Four anomalies were tested and all four showed similar large scale alteration systems with mineralised veins. Crucially, two of these anomalies, Cuttaburra A and B, yielded high grade intercepts; demonstrating for the first time that these systems have the potential to host economic deposits. The high grades were in a range of commodities in different combinations: up to 4.2% zinc, 113 g/t silver, 2.5 g/t gold, 0.5% copper, 1.8% lead, 0.8% tin and 0.6% tungsten.
Thomson considers that it has come a long way to proving its exploration concept: that magnetic anomalies under cover in NW NSW in the Thomson Fold Belt are associated with base and precious metals mineralised systems. Overall, nine of the most prominent magnetic anomalies, widely separated over a distance of 150km, have been tested so far with eight positive results. This is a remarkable strike rate.
A review has shown that there are several other similar magnetic anomalies under shallower cover which can be tested by cheaper drilling methods (RC). A drilling plan has been put together to test at least 10 of these (which include Cuttaburra A and B) to target shallow mineralisation. The drilling will be carried out after the current flooding in the area clears.
Principal activities
The principal activity of the Company is exploration for the discovery and delineation of high grade base and precious metal deposits specifically within the Thomson Fold Belt of NSW and the development of those resources into cash flow generating businesses.
Dividends
No dividends were paid or proposed during the period.
Significant events after the balance date
There were, at the date of this report, no matters or circumstances which have arisen since 31 December 2011 that have significantly affected or may significantly affect the operations of the Company, the results of those operations, or the state of affairs of the Company, in future financial years.
Auditor's independence declaration
A copy of the Auditor's Independence Declaration to the Directors as required under section 307C of the Corporations Act 2001 is set out on page 13.
Signed at Sydney this 13th day of March 2012 in accordance with a resolution of the directors.
To view the complete Thomson Resources Half Yearly Report & Accounts, please refer to the following link below:
http://media.abnnewswire.net/media/en/docs/ASX-TMZ-671098.pdf
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.
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