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Sydney, July 31, 2012 (ABN Newswire) - Thomson Resources (
ASX:TMZ) has moved quickly to commence exploration within the new Achilles joint venture where TMZ may earn up to an 80% interest from PlatSearch NL. Aircore drilling took place at the Mt Boorithumble and Achilles 3 prospects, continuing into July. Both prospects feature gossanous surface outcrop with base metal anomalism from previous soil surveys.
22 aircore holes have been drilled at Mt Boorithumble for 674m. The drilling was designed to test the shallow sections of the prospect where a single previous diamond drill hole in 1981 had intersected 3 metres at 2% lead, 2% zinc, 1.2% copper, 0.5 g/t gold and 150 g/t silver from 117 metres.
The prospect is 26km NNW on strike from the Browns Reef project owned by Comet Resources. Browns Reef has a significant zinc-lead-silver resource and is thought to be of Cobar-type mineralization.
At Achilles 3, 11 aircore holes were drilled for 139m (3 holes for 47m by 30 June). The Achilles 3 prospect has not been drilled before; the anomaly is defined by the outline of lead-copper-gold anomalous soils and outcrop over a 300m strike length.
Portable XRF data on drill samples suggests base metal anomalism at both prospects: this will be confirmed by laboratory assay results which should be available in August.
Warraweena Project
Thomson commenced its aircore program at the Warraweena Project near Bourke (Figure 1). No previous exploration drilling had taken place on this porphyry type target and cover was deeper than the 20m expected. All four holes drilled failed to penetrate the loose gravels, sands and muds of the Eromanga Basin, drilling to depths of between 60 and 102m in holes at 1km spacing (total drilled 327m). Assay results have been received from pyritic arenites encountered in the cover sequence; no significant anomalism was detected, as was to be expected.
RC drilling is required to recover better samples and get through to the magnetic target - this will be included in the RC program planned for later this year.
Byrock Project
Surface exploration continued through the quarter at the company's Byrock project.
Laboratory assay results confirmed anomalous tungsten, lead and zinc in ironstones at the Kenilworth Station prospect. Drill testing is planned.
Elsewhere, at the Grid 4 prospect 6km to the west, aircore drilling is planned to test a copper-silver soil anomaly discovered in 1972, but not followed up by any drilling.
Cuttaburra Project
Major flooding on the Darling and Paroo Rivers abated during the quarter, but still restricted access to the company's priority Cuttaburra and Falcon projects.
Research into the mineralised systems discovered last year continued. Results from the lead and sulphur isotope analysis showed that the Cuttaburra galena samples plotted within the Cobar-type deposit fields defined by recent research (the pmd*CRC) - in particular the copper-lead-zinc field.
However, an age date of 428.3 +/- 2.8 Ma was returned from zircon samples analysed by Geoscience Australia. This Middle Silurian age for the granitic intrusion found at the Cuttaburra A prospect rules out a Cobar-type model (which is younger - Early Devonian) for the gold mineralisation, if it is associated with the granite as it appears to be.
The age date strengthens the idea that Thomson has discovered a unique, new Intrusion Related Gold mineral field under cover.
TENEMENTS
During the quarter, the NSW State Government announced new fees in the form of an annual rental, an administrative levy and increased security deposits. These new fees will greatly increase the cost of operations in the unexplored areas where Thomson is working. Accordingly, Thomson has reviewed its land holding, relinquished several tenements and will reduce others on renewal over the next 12 months.
One tenement was granted during the quarter - EL 7931 ("Chiron"). This EL lies adjacent to Thomson's Achilles and Tooroonga projects. The main interest in the EL is 10km of strike along the structural zone linking Comet Resources' Browns Reef deposit to the south and the Mt Boorithumble prospect on Thomson's Achilles Project to the north.
At 30 June, these changes, together with the new joint ventures announced in April, bring the total area being explored by Thomson at quarter end to 5,396 square km, including 2,932 square km under joint venture agreements.
CORPORATE
Exploration expenditure incurred during the quarter amounted to $193,000. Cash at the end of the quarter was $2.1 million.
For the full announcement including tables and figures, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-TMZ-688004.pdf
ASX:TMZ) has moved quickly to commence exploration within the new Achilles joint venture where TMZ may earn up to an 80% interest from PlatSearch NL. Aircore drilling took place at the Mt Boorithumble and Achilles 3 prospects, continuing into July. Both prospects feature gossanous surface outcrop with base metal anomalism from previous soil surveys.22 aircore holes have been drilled at Mt Boorithumble for 674m. The drilling was designed to test the shallow sections of the prospect where a single previous diamond drill hole in 1981 had intersected 3 metres at 2% lead, 2% zinc, 1.2% copper, 0.5 g/t gold and 150 g/t silver from 117 metres.
The prospect is 26km NNW on strike from the Browns Reef project owned by Comet Resources. Browns Reef has a significant zinc-lead-silver resource and is thought to be of Cobar-type mineralization.
At Achilles 3, 11 aircore holes were drilled for 139m (3 holes for 47m by 30 June). The Achilles 3 prospect has not been drilled before; the anomaly is defined by the outline of lead-copper-gold anomalous soils and outcrop over a 300m strike length.
Portable XRF data on drill samples suggests base metal anomalism at both prospects: this will be confirmed by laboratory assay results which should be available in August.
Warraweena Project
Thomson commenced its aircore program at the Warraweena Project near Bourke (Figure 1). No previous exploration drilling had taken place on this porphyry type target and cover was deeper than the 20m expected. All four holes drilled failed to penetrate the loose gravels, sands and muds of the Eromanga Basin, drilling to depths of between 60 and 102m in holes at 1km spacing (total drilled 327m). Assay results have been received from pyritic arenites encountered in the cover sequence; no significant anomalism was detected, as was to be expected.
RC drilling is required to recover better samples and get through to the magnetic target - this will be included in the RC program planned for later this year.
Byrock Project
Surface exploration continued through the quarter at the company's Byrock project.
Laboratory assay results confirmed anomalous tungsten, lead and zinc in ironstones at the Kenilworth Station prospect. Drill testing is planned.
Elsewhere, at the Grid 4 prospect 6km to the west, aircore drilling is planned to test a copper-silver soil anomaly discovered in 1972, but not followed up by any drilling.
Cuttaburra Project
Major flooding on the Darling and Paroo Rivers abated during the quarter, but still restricted access to the company's priority Cuttaburra and Falcon projects.
Research into the mineralised systems discovered last year continued. Results from the lead and sulphur isotope analysis showed that the Cuttaburra galena samples plotted within the Cobar-type deposit fields defined by recent research (the pmd*CRC) - in particular the copper-lead-zinc field.
However, an age date of 428.3 +/- 2.8 Ma was returned from zircon samples analysed by Geoscience Australia. This Middle Silurian age for the granitic intrusion found at the Cuttaburra A prospect rules out a Cobar-type model (which is younger - Early Devonian) for the gold mineralisation, if it is associated with the granite as it appears to be.
The age date strengthens the idea that Thomson has discovered a unique, new Intrusion Related Gold mineral field under cover.
TENEMENTS
During the quarter, the NSW State Government announced new fees in the form of an annual rental, an administrative levy and increased security deposits. These new fees will greatly increase the cost of operations in the unexplored areas where Thomson is working. Accordingly, Thomson has reviewed its land holding, relinquished several tenements and will reduce others on renewal over the next 12 months.
One tenement was granted during the quarter - EL 7931 ("Chiron"). This EL lies adjacent to Thomson's Achilles and Tooroonga projects. The main interest in the EL is 10km of strike along the structural zone linking Comet Resources' Browns Reef deposit to the south and the Mt Boorithumble prospect on Thomson's Achilles Project to the north.
At 30 June, these changes, together with the new joint ventures announced in April, bring the total area being explored by Thomson at quarter end to 5,396 square km, including 2,932 square km under joint venture agreements.
CORPORATE
Exploration expenditure incurred during the quarter amounted to $193,000. Cash at the end of the quarter was $2.1 million.
For the full announcement including tables and figures, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-TMZ-688004.pdf
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About Thomson Resources Limited
Thomson Resources Ltd (ASX:TMZ) is an Australian-based exploration company focussed on the discovery and development of high quality mineral deposits within the Thomson Fold Belt of northern NSW. Thomson Resources was incorporated on 17 July 2009 with the initial shareholders being Minotaur Exploration Ltd and Platsearch NL, ASX-listed, exploration companies.
All TMZ exploration tenements lie within the Thomson Fold Belt, a region of deformed and intruded sediments and volcanics to the north of one of Australia’s premier metalliferous mining districts, the Lachlan Fold Belt. The belt has excellent exploration potential for large, high grade deposits, particularly Cobar-type.
In 2010, TMZ signed joint venture agreements with Compass Resources over a further 15 tenements in the Thomson Fold Belt and adjacent Lachlan Fold Belt. This gives TMZ a dominant position in a new mineral belt which has had minimal, but very encouraging, exploration so far.
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