Thomson Resources Announce the Financial Report for Period Ending December 2013
07.03.2014 | ABN Newswire
Sydney, Australia (ABN Newswire) - The principal activity of Thomson Resources (ASX:TMZ) is exploration for the discovery and delineation of high grade base and precious metal deposits specifically within the Lachlan and Thomson Fold Belt of NSW and the development of those resources into cash flow generating businesses.Review and results of operations
The net results of operations after income tax expense for the half year was a loss of $641,988 (2012: profit $112,075).
Exploration success continued in the Thomson Fold Belt where anomalous tungsten, molybdenum and gold assays in granite at the F1 anomaly provided strong support for the company's Intrusion-Related Gold model. The geochemistry also suggested vectors towards potential mineralised positions on the flanks of the anomaly.
Significant tin potential was identified on Thomson's EL 8011, where the Wilgaroon Granite exhibits highly fractionated geochemistry; similar to the Ardlethan Granite among the granites of the Wagga Tin Belt. Building on that knowledge two new areas were applied for with tin potential - Victory Tin near Wagga Wagga and Basin One near Kempsey. The latter prospect is a tin skarn related to a granitic intrusion which hosts the Mount Jacob gold prospect.
Thomson continued to carefully manage its ground position with four tenements relinquished and four new areas applied for. Agreement was reached with Compass Resources to transfer the Cuttaburra, Louth and Warraweena tenements to Thomson. One tenement was granted and several reduced in area on renewal.
Thomson Resources received $204,319 in January 2014 as part of the Commonwealth's research and development tax incentive. This amount was accrued at 31 December 2013.
To view the full report, please visit:
http://media.abnnewswire.net/media/en/docs/76724-ASX-TMZ-787054.pdf
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.
Contact:
Thomson Resources Ltd.
T: +61-2-9906-6225
F: +61-2-9906-5233
www.thomsonresources.com.au