Thomson Cobar-type Joint Ventures
Sydney, April 20, 2012 AEST (ABN Newswire) - Thomson Resources Limited (
ASX:TMZ) - The discovery of significant Cobar-type deposits at Hera, Nymagee (YTC Resources (ASX:YTC)) and Mallee Bull (Peel Exploration (ASX:PEX)) have further highlighted the prospectivity of the Cobar region for polymetallic deposits. Thomson Resources has been exploring north and northwest of Cobar for similar deposits with significant success at Cuttaburra, but further exploration has been delayed by excessive wet weather.
The company has taken the opportunity to farm-in to three projects with excellent potential for Cobar-type deposits to the west and south of Cobar (Figure 1). While the Cuttaburra discoveries remain the top priority, these new projects give the company more options and flexibility in its exploration program.
Ghostrider
The Ghostrider project is adjacent to the Barrier Highway, 100km west of Cobar and comprises three granted tenements (PlatSearch ELs 7493 to 7495).
At the Bulla Bulla anomaly previous shallow RAB drilling defined a 4km long zone, with maximum values of 1.15% lead, 0.22% zinc, 0.12% copper and 25ppm silver. Limited deeper RC drilling to depths of 100 metres intersected lead sulphides in fresh rock (up to 0.48% lead). The lead anomaly is open to the northwest and east, and appears to be obscured by younger (Late Devonian) sediments to the west.
PlatSearch identified strong IP anomalies in the vicinity of the geochemical anomaly providing immediate drill targets.
Achilles
The Achilles Project is 180km south of Cobar, close to Lake Cargelligo and comprises one granted tenement (PlatSearch EL 7746) and one adjacent application (PlatSearch ELA 4339).
The main prospect in this package is near Mt Boorithumble, which is 26km NNW (on strike) from the Cobar-type Browns Reef zinc-lead-silver deposit held by Comet Resources. The Mt Boorithumble prospect is a 900m long lead anomaly (max 0.24% Pb) defined by 240 shallow RAB holes. A single diamond drill hole BO-1 returned a best intersection of 3m @ 1.95% Pb, 2.0% Zn, 1.20% Cu and 150ppm Ag from 117m.
Thomson initially intends to follow up the mineralised intersection as well as to test other parts of the lead anomaly and further along strike.
Tooroonga
The Tooroonga Project is south of and contiguous with the Achilles Project and comprises of one granted tenement (EL 7891, held by Lassiter Resources Pty Ltd, a private company owned by unrelated third parties).
Several gossans with visible lead-zinc mineralisation outcrop along a fault line extending south from the Browns Reef deposit into EL 7891.
Terms of the Joint Ventures
The joint ventures are all on similar terms where Thomson Resources can earn up to an 80% interest by exploration expenditure over a five year period - $1 million for Ghostrider and Achilles, $500,000 for Tooroonga. Minimum expenditure commitments consist of $250,000 (Ghostrider), $75,000 (Achilles) and $115,000 (Tooroonga), over periods of 2 years (Ghostrider and Tooroonga) and 1 year (Achilles). Once Thomson has earned 80%, the other party's 20% interest is free carried by Thomson to a definitive feasibility study.
About Thomson Resources Ltd
Thomson Resources Ltd (ASX:TMZ) is an NSW active mineral explorer. Thomson has several tin projects (including an advanced project near Ardlethan), as well as gold, copper and zinc targets in a range of settings. Thomson has a good record of discovery, with multiple new Intrusion-Related Gold (gold with copper, lead, zinc, molybdenum, tungsten) systems discovered in the Thomson Fold Belt in the NW of the state.
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