Thomson Resources Limited Acquires Advanced Zinc-Lead-Copper-Gold-Silver VMS Project
04.04.2014 | ABN Newswire
Sydney, Australia (ABN Newswire) - Thomson Resources Ltd. (ASX:TMZ) has entered into a Sale and Purchase Agreement with Newmont Exploration Pty Ltd (Newmont) for Thomson to acquire the Havilah Project (EL 7391) located approximately 20 kilometres southeast of Mudgee, central NSW (Figure 1 in link below).Highlights:
- The Havilah Project in central NSW is prospective for VMS base and precious metals (zinc-lead-copper-gold-silver)
- Best historical intercepts include 4m at 4 g/t Au and 81 g/t Ag from 2m depth; 30m at 0.2 g/t Au from surface and 4m at 1.1% Pb, 0.7% Zn from 26m depth.
- The main target is a surface soil anomaly 1km x 400m, with only 1 drill hole in that area
- Project acquired from Newmont for a 1% royalty
Newmont will transfer the title to Thomson in exchange for a 1% net smelter royalty on all metals mined from the project area. The Havilah Project lies on the eastern edge of the Silurian Hill End Trough, part of the Lachlan Fold Belt (Figure 1). This setting is similar to several other volcanogenic massive sulphide deposits (VMS) near the edges of the Trough such as Lewis Ponds and Sunny Corner.
At Havilah strong sericite-pyrite-silica alteration zone is coincident with Zn, Pb, Au and Ag anomalism in soil and rock chip sampling. The soil anomaly covers a large area of over 1km by 400m, with just one drill hole completed within that area to date. The alteration is hosted in rhyolitic to dacitic volcaniclastics, a typical setting for VMS deposits.
The pyritic alteration shows up strongly in initial IP surveying, which has not been completed over the whole soil anomaly.
Historical drilling largely targeted more distal parts of the alteration system, returning the following intercepts (for full details see Tables 1 and 2 in link below):
- 4m at 4.0 g/t Au, 81 g/t Ag from 2m depth in CPDH10;
- 30m at 0.2 g/t Au from surface in HAV18
- 4m at 1.1% Pb, 0.7% Zn from 26m depth in CPDH4
- 4m at 0.9% Zn, 0.6% Pb from 122m depth in CPDH6 - this is the only hole drilled within the soil anomaly area.
The McPhillamys 2.5 million ounce gold deposit is also considered to have VMS affinities and lies on the western edge of the Hill End Trough in similar age and type rocks to the Havilah Project. The presence of significant gold at Havilah suggests that a McPhillamys-type target is also a possibility.
To view location maps and data, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-TMZ-791704.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