Thomson Resources Limited - Quarterly Activities Report, 2014
31.07.2014 | ABN Newswire
Sydney, Australia (ABN Newswire) - Thomson Resources Ltd. (ASX:TMZ) provide the Quarterly Activities Report for the period ending June 2014 with significant highlights.VTEM Survey
A VTEM survey (Versatile Time-Domain Electromagnetic geophysical system) was flown by Geotech Ltd. of Canada over several priority prospects. VTEM is widely considered the best helicopter TEM massive sulphide detection and imaging tool with notable successes including the discovery of the Mallee Bull deposit in the Cobar Basin and the recently announced discovery in Queensland by our major shareholder Minotaur Exploration (ASX:MEP) (see announcement dated 31 July, 2014 on Minotaur's website.
A total of 564 line km was acquired over five targets: Havilah (EL 7391), Wilga Downs (EL 8136), Furneys (EL 8251), Kenilworth (ELs 7642 and 7643) and the Wilgaroon tintungsten target (EL 8011).
Final levelled and processed results were received after the quarter end (on 29th July) and only very preliminary interpretation has been carried out. Full results will be presented when the interpretation is finalised.
Mt Jacob Project (EL 8256)
EL 8256 was granted on 9th April 2014. Thomson has moved to gain access permission from the various stakeholders. The EL contains two adjacent priority prospects: Basin One and Mt Jacob. At the Basin One prospect work by CRA Exploration defined a skarnhosted tin-copper-zinc deposit adjacent to the old Willi Willi copper mine. The mineralisation consists of chalcopyrite, cassiterite, sphalerite, pyrite, and arsenopyrite, and is essentially stratiform, dipping to the northwest at about 30 degrees. Planned drilling seeks to confirm and extend the tin and copper mineralisation.
At the Mt Jacob gold prospect, previous work has identified a stratiform occurrence of gold which is inadequately tested. Thomson Resources has planned follow up drilling to test below the bedrock gold anomaly for the intrusion-related feeder system.
Cooperative Drilling Grants
The NSW Government announced it will provide grants of up to half the direct drilling costs to exploration companies called the "New Frontiers Cooperative Drilling program".
Applications are to be favoured that propose drilling in frontier regions, or in areas where there is significant cover over the target. Thomson has applied for grants for several of its prospects including Cuttaburra A and F1 where intrusive-related gold (IRG) mineralisation has been identified as well as Cuttaburra B (polymetallic mineralisation, also probably IRG) and Mt Jacob (another possible IRG system).
Kidman Joint Venture (ELs 7746, 7891, 7931, 8103)
Kidman Resources (Kidman) (ASX:KDR) has commenced exploration on the Achilles joint venture with geophysical surveys. Kidman has had early success drilling at the adjacent Browns Reef deposit (see announcement dated July 15, 2014 on Kidman's website.
Tenement Holdings
One tenement was granted during the quarter - EL 8256 (Mt Jacob). No other significant changes occurred.
Corporate
Exploration expenditure incurred during the quarter totalled $256,000. Cash at the end of the quarter was $638,000.
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http://media.abnnewswire.net/media/en/docs/ASX-TMZ-809181.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