Sydney, Nov 18, 2005 AEST (ABN Newswire) - TasGold Limited (ASX: TGD) - Drilling Success at Narrawa Creek - Higgs Deposit Continues, with 13.85m grading 1.91g/t Au + 27g/t Ag + 1.8% Pb + 1.3% Zn
TasGold is currently undertaking a diamond drilling program of approximately 800m, that began in mid-September 2005. To date, ~444m has been completed in 7 new holes and 1 re-entered/ extended hole. The program is designed to increase the Inferred Resource known at the Higgs Deposit - Narrawa Prospect by extending the mineralised zone to the SE, down plunge/dip and through evaluating additional proximal mineralised areas.
Gold is notably spotty indicating significant free "nuggety" gold is present. Averaged gold analyses have been utilised when calculating significant intervals. Peak gold returned was 11.2g/t over 0.5m from 46.5m in NC 029. Gold results for hole NC 030 gold have been returned and all analyses are below detection.
Management are pleased to report that new models/ concepts are being successfully applied to the search for further potentially economic mineralisation at the prospect. Significant exploration potential for south-west dipping mineralised veins has now been shown, in addition to the previously known moderate/steeply NW dipping strata replacement mineralisation and this significantly increases the entire Narrawa Prospect area resource potential. Folding may play a stronger role in localising or controlling the location of mineralisation than previously perceived as repetitions of the mineralised zone are recognized in a north-easterly trend. Alternatively they may represent different mineralised horizons.
Future drilling will utilise this revised model and target this new concept at various locations within the prospect area, likely to include along the back top side of the entire Higgs Deposit/Workings. Some very high gold grades (to 58.7g/t) in the West Higgs Prospect will also be re-assessed.
TasGold is focussed on exploration in Tasmania and Papua New Guinea with a policy of 'Year Round Drilling' with its two environmentally friendly, man-portable diamond core drilling rigs. Targets are high-value mineral deposits including various porphyry copper/gold, epithermal and intrusive related gold, VHMS silver/base metals. The company has 5 exploration licences (including 1 JV with BHP Billiton /Malachite) in Tasmania totalling approximately 100km 2 .
In PNG, TasGold holds 4 EL applications (2,500km 2 ) and has an agreement/JV with South Pacific Minerals Corp (TSX-V: SPZ) that grants a 15% free carried interest to completion of bankable feasibility study + financial closure on all 'mining leases' granted on 3 ELs+5 ELAs (7,500km 2 ). The company also has 3 million shares or ~14.5% equity in South Pacific.
Contact
TasGold Ltd
P.A.McNeil
M.Sc Managing Director
+61 8 9295 0388
www.tasgold.com.au
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