Thomson moves to 100% of Cuttaburra Project
Sydney, June 14, 2013 AEST (ABN Newswire) - Thomson Resources Limited (
ASX:TMZ) announces the completion of its latest drilling program at several of its top priority projects. The prospects tested were F1, Ghostrider and Mulga Tank. Samples are at the laboratory for the latter two, while F1 awaits diamond core cutting and sampling.
In addition, Thomson reached a milestone at its Cuttaburra Project when meeting the first expenditure requirement of $1.5 million under the joint venture with Raptor Minerals Ltd. Subsequent negotiation has resulted in Raptor agreeing to transfer its remaining interest to Thomson for a nominal sum.
The Cuttaburra project is host to three Intrusion-Related mineral systems at Cuttaburra A, B and Ac which have been lightly tested to date. Standout intercepts include 5.5m at 1.3 g/t gold at Cuttaburra A and 0.7m at 4.2% Zn, 0.5% Cu, 113 g/t Ag, and 0.8% Sn at Cuttaburra B.
Drilling of three holes at F1 has intersected another Intrusion-Related mineral system; but this one is hosted entirely in granite and is at the relatively shallow depth of 100m. This is in line with the model Thomson developed for the anomaly. Alteration consists of silica, carbonate and multiple veins.
Mineralisation noted in the core consisted of pyrite, pyrrhotite, galena and chalcopyrite. Detailed logging will be carried out to define intervals to be cut and assayed for gold. Results are expected in late July.
Drilling at Ghostrider tested IP anomalies adjacent to a 4km long lead anomaly defined in historic shallow drilling. Minor galena and chalcopyrite was noted in RC chips. Samples are at the laboratory and results should be available by end June.
Drilling at Mulga Tank targeted surface copper anomalism; again samples are at the laboratory and results should be available by end June.
There is one hole to be re-drilled later this month; running sands prevented the planned hole at Warraweena from reaching basement. The hole is targeting a large negative magnetic anomaly, thought to be due to remanently magnetized pyrrhotite in an intrusive body. Previous intersections of shoshonitic intrusions 10km to the north suggest the potential for porphyry mineralization in the area.
As part of the drilling contract, the drilling company, Australian Mineral and Waterwell Drilling Pty Ltd (AMWD), accepted shares in lieu of cash for approximately 20% of the bill. Those shares were issued earlier this week at a nominal value of 4.36c. This forms part of AMWD’s “equity alignment’ strategy where they are building long term business and equity interests in companies that AMWD sees having exploration potential.
Thomson remains in a strong position, with $1.7 million in cash (end May 2013) and a dominant position in the New Frontier area of the Thomson Fold Belt in NW NSW. Two new ELs have been accepted for grant recently at Thomson’s Achilles and Byrock projects which add to the company’s portfolio.
To view the location map, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-TMZ-740016.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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