TAS 2.94% 3.3¢ tasman resources ltd

surprised

  1. 1,154 Posts.
    I was surprised at the TAS shareholder reaction yesterday.

    Their Nov announcement clearly says that they found less than 1% sulphides, and that these comprised pyrite with minor chalcopyrite. Copper grades were therefore going to be low.

    <1% sulphide, say 0.8% total sulphides.
    pyrite with lesser chalcopyrite, say 70% pyrite with 30% chalcopyrite.
    Chalcopyrite is about 33% Cu. Pyrite = 0% Copper
    0.8 x 0.3 x .33 = 0.08% Copper

    Gold is associated with (and usually proportional to) the amount of sulphides and alteration present. Low sulphides ~ low gold. Silica alteration is usually a good indicator of gold. Alteration looked weak in the core photos.

    G
 
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