MMN macmin silver ltd

tasgold ann - can anyone put in plain english pls?

  1. 762 Posts.
    Hotcopper pls note - ASX code TGD does not work.


    TASGOLD LIMITED 2003-05-01 ASX-SIGNAL-G

    HOMEX - Brisbane

    +++++++++++++++++++++++++
    TasGold Ltd (TasGold) has commenced exploration on its gold projects
    in Tasmania and will initially be operating from bases at Nabowla in
    NE Tasmania and Strahan in Western Tasmania.

    The company has submitted approx 227 samples (representing approx
    450m of diamond core drilling in 3 separate holes) from the Voyager 9
    Prospect within the SMRV Project, SW Tasmania for gold analysis. The
    Voyager 9 holes were drilled by an earlier license holder and the
    core was historically only analysed for base metals and not for gold.

    Voyager 9 is located approximately 2km east of the Sassy Creek
    Prospect where previous core drilling encountered results to 3m at
    17.5g/t gold with 4.5% lead, 4.0% zinc and 12.7g/t silver. It is
    anticipated that assay results will be announced in approximately
    three weeks.

    The above noted samples represent the first part of TasGold's
    re-assaying program of previously drilled core which was not
    originally assayed for gold. A further 198m of core from Voyager 2
    Prospect and 443m from the Wart Hill (Voyager 19) Prospect remain to
    be re-sampled and analysed for gold in the first round of re-assaying
    and this work will be carried out in the immediate future.

    The Voyager 9 Prospect was initially located as an aeromagnetic
    anomaly. It was evaluated with magnetic intensity and dipole-dipole
    IP surveys, followed by griding of an approx1200 x 1000m area with
    cross lines at 50 or 100m spacings. The grid was geologically mapped
    and rock chip sampled for Cu, Pb, Zn, Fe, Ag, Sn, W and Ba.
    Additional geophysical surveys were then conducted, along with
    supplementary C-Horizon soil sampling.

    These initial surveys showed a complex magnetic anomaly, a coincident
    broad complex chargeability anomaly with a resistivity low,
    widespread chlorite-magnetite and sericite-pyrite alteration zones
    with significantly anomalous base metals (lead and zinc). A major
    copper soil geochemical anomaly was also located at the northern end
    of the altered zone.

    It was concluded that Voyager 9 was highly prospective for
    volcanogenic Cu-Au (Pb-Zn-Ag) mineralisation of the Mt Lyell type.

    Three holes were ultimately drilled, with separations of approx500m,
    700m and 900m. The first short drill hole targeted a near surface
    magnetic anomaly at the southern end of the grid and it intersected
    sericitised crystal tuffs with zones of disseminated pyrite and
    veining and disseminated magnetite.

    The second hole was drilled into a copper/IP anomaly at the northern
    end of the grid and was noted to contain intensely brecciated and
    massive chlorite pyrite assemblages in a breccia matrix from 54 -
    126m (72m) with intense hydrothermal alteration.

    A gravity survey was conducted, but it failed to detect any near
    surface bodies of dense material over the central part of the grid
    and results were consistent with the magnetic interpretation of a
    large mass of magnetic rock at a depth of about 500m.

    The third hole targeted a zinc anomaly in the NE of the grid and it
    intersected a sequence of crystal tuffs with interbedded sandstones,
    siltstones, cherty siltstones and pyritic black shale units. Though
    no significant base metal mineralisation was encountered, the pyritic
    sediments, formed under reducing marine conditions with intermittent
    vulcanicity, were regarded as a favourable ore forming environment
    which was worthy of additional along-strike investigation using
    geophysical and geochemical prospecting.

    Additional holes were recommended to test the lead / zinc soil
    anomalies and also the large magnetic anomaly, but these were never
    undertaken. No drilling was undertaken specifically targeting
    structural zones as the Henty / Eskay Creek mines had not been
    discovered and their characteristics were therefore not known at the
    time.

    Later work documented gold anomalies draining the felsic epiclastics
    and lavas along an interpreted fault with a major kink covering the
    V9 prospect, with pan concentrate analyses including 1.1g/t, 2.0g/t,
    2.1g/t, 2.4g/t, 3.6g/t, 7.4g/t, 10.6g/t, 11.3g/t, 12g/t, 13g/t, and
    18g/t gold. Another creek draining the contact between the Stoney
    Creek granitic porphyry & chlorite altered epiclastics at Voyager 9
    has a number of anomalous gold pan concentrate analyses including
    1.09g/t, 2.3g/t and 10.9g/t gold.

    The Voyager 9 area is viewed by TasGold as being highly prospective
    for Henty / Eskay Creek type high-grade, hybrid epithermal / VHMS
    gold deposits. The consistent gold mineralisation documented by pan
    concentrate sampling in creeks is a very positive indication of the
    areas overall potential, however, there is realistically a relatively
    low probability that economic grades of mineralisation will be
    produced by this round of work. Any gold mineralisation documented by
    TasGold's core assaying will be viewed by the company as highly
    significant and warranting additional on-ground follow-up work to
    refine the exploration model and target higher grade gold zones.


    P A McNeil
    MANAGING DIRECTOR MSc

    This report is compiled by a competent person as defined in Appendix
    5A of the ASX Listing Rules.
 
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