(MENAFN - ProactiveInvestors - Australia) Tasman Resources (ASX: TAS) has received further encouragement that its Vulcan Project, part of the Tasman/Rio Tinto JV in South Australia, can host a major iron-oxide copper-gold-uranium deposit.
The third drill hole under the JV returned assays of 137 metres at 0.14% copper, 0.18 grams per tonne gold, 0.08 kilograms per tonne U3O8, 130ppb palladium and 24% iron from 1,027 metres.
This includes higher grade zones including:
- 12 metres at 0.2% copper, 0.24g/t gold, 0.17kg/t U3O8, 115ppb palladium and 28% iron from 1,094 metres; and
- 36 metres at 0.23% copper, 0.10g/t gold, 0.04kg/t U3O8, 210ppb palladium and 21% iron from 1,128 metres.
Tasman noted the hole VUD 11 was targeted at a large, dense portion of the southern gravity Vulcan target, but has only glanced the extreme northern margin of this target.
It added that despite the hole's marginal position and the relatively low grades, it still provided encouragement that Vulcan can host a major IOCGU deposit.
The company also said it was unclear about the significance of thick low grade palladium as the element is not well known in IOCGU deposits.
Drilling under the Tasman Rio Tinto FarmIn/Joint Venture is expected to resume at Vulcan in early March 2013.
Tasman is managing the initial exploration program for the joint venture, which Rio Tinto is funding with a 10 million payment.