Quarterly Activities Report
- Bygoo Tin - follow up drilling planned to commence shortly
- Ongoing Canadian funding makes for positive cashflow Quarter
As part of a more aggressive exploration effort for 2018, the Company has planned an initial drilling 1500m programme to test a number of key tin targets in and around Bygoo, as well as to extend the known greisens at Bygoo North, and expects to commence the programme within the next 2 weeks. Results from this exploration will help frame an expanded drilling programme, including Resource drilling with a view to defining a JORC compliant resource by mid to late 2018.
Further significant payments of A$520,000 under the Bygoo Farm In agreement signed with Canadian investors (see ASX announcements of 7 June 2017, 17 March 2017 and 21 November 2016) were received during the quarter. This brings the total received to date to A$890,000, with the remainder of the $3 million initial investment to be received by June 30, 2018 (see ASX release of 16 October, 2017).
Tenement Holdings and Joint Ventures
There were no changes to tenement holdings during the quarter.
EL 6631 (Yantabangee) was renewed until 6 September 2023. This EL contains the F1 goldmolybdenum- tungsten anomaly hosted in a granodiorite intrusion. Drilling nearby by the Geoscience Australia-Geological Survey of NSW on a similar anomaly may yield relevant results. This drilling, part of the Southern Thomson Orogen Project (see Note 1 below) yielded granodiorite core which will be extensively analysed over the next few months.
During the quarter Kidman Resources informed Thomson of their intent to withdraw from the Browns Reef Project Joint Ventures. The tenements involved are EL 8604 (Thomson 100%), EL 7891 (held by Lassiter Resources Pty Ltd, wholly owned by Thomson) and ELs 7746 and 7931 (subject to a joint venture with Variscan Mines Ltd; ASX:VAR). The tenement group is prospective for Cobar-type deposits at the southern end of the Cobar Basin. The ELs surround (but do not include) the Browns Reef deposit for which Kidman in December 2014, announced an exploration target consisting of:
27 to 37Mt grading at 1.3-1.4% Zn, 0.6 - 0.7% Pb, 9-10g/t Ag and 0.2-0.3% Cu (see Note below)
After Kidman's withdrawal Thomson's interests will be: 100% (ELs 7891, 8604) and 49% (ELs 7746 and 7931).
Exploration expenditure incurred during the quarter totaled $136,000. Cash at the end of the quarter was $391,000.
1 Go to the Southern Thomson Orogen Project (Stratigraphic Drilling) page on the NSW Department of Resources and Energy website for further information.
2 "The potential quantity and grade is conceptual in nature and there has been insufficient exploration to define a Mineral Resource. It is uncertain if further exploration will result in the determination of a Mineral Resource." For details refer to the ASX announcement by Kidman Resources (ticker "KDR") of 29 December, 2014.
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.
Variscan Mines Limited
Thomson Resources Ltd