Quarterly Activities Report
Sydney, April 30, 2018 AEST (ABN Newswire) - Thomson Resources Ltd (
ASX:TMZ) provides the Company's Quarterly Activities Report.
- Strong tin drill results continue at Bygoo North and new prospect Bald Hill
- Encouraging shallow, wide, gold intersections at Harry Smith
- Follow up drilling planned to commence shortly
- Further funding received
Bygoo Tin
Further drilling at Bygoo North during the quarter (12 holes for 1,104m) discovered a new shallow zone of mineralisation running north-south through the historical shallow Dumbrells pit (see ASX release of 19 March 2018). First drilling of a new prospect at Bald Hill, south of Ardlethan, intersected strong tin at shallow depths (see ASX release of 5 April 2018). The standout intersections were -
Bygoo North
- 10m at 1.0% Sn from 22m depth (BNRC51)
- 12m at 0.6% Sn from 26m depth (BNRC44)
- 8m at 0.8% Sn from 62m (BNRC46)
Bald Hill
- 15m at 0.4% Sn from 19m depth (BHRC01)
Thomson has now discovered four potential greisen zones in EL 8260, all of which are open and have potential to extend along strike and down dip. Two occur at Bygoo North, one running north-south through the old Dumbrells pit; the other a complex zone with multiple greisens running approximately east-west and situated a little way to the south of the workings. Further south the Bygoo South greisen appears to run southeast from the old Smiths historic workings. The fourth find is at Bald Hill 25km south of Bygoo.
These four discoveries are at the first three prospects tested on EL 8260; several compelling prospects are still to be investigated, particularly at the Big Bygoo group of historic workings. Drilling is planned in the next quarter to extend the four known greisens and follow up the new potential.
Harry Smith Gold
Five holes for 558m were drilled on EL8531 near old workings along the 400m strike length of the known lode (see ASX release of 26 March 2018). The standout intersection of 54m at 1.0 g/t Au from 8m depth in HSRC004 suggests strong shallow potential and the occurrence of multiple gold bearing quartz veins. An amendment to the Bygoo Farm In and Joint Venture Agreement excised this EL8531 from the JV and accordingly it reverted to 100% ownership by Thomson Resources from 5 April 2018.
Tenement Holdings and Joint Ventures
During the quarter Kidman Resources (ASX:KDR) and Variscan Mines (ASX:VAR) withdrew from the Browns Reef Project and Achilles Joint Ventures. The tenements involved, now wholly owned by Thomson, are ELs 7746, 7891, 7931 and 8604 (the latter replaced EL 8103). After a review of prospectivity EL7891 was surrendered. The tenement group is prospective for Cobartype deposits at the southern end of the Cobar Basin. The ELs surround (but do not include) the Browns Reef zinc-lead-copper-silver-gold deposit.
A further significant payment of A$350,000 under the Bygoo Farm In agreement signed with Canadian investors (see ASX announcements of 5 April 2018, 7 June 2017, 17 March 2017 and 21 November 2016) was received after the quarter end. This brings the total cash received to date to A$1,190,000 of the $3 million initial investment to earn 51%.
Corporate
Exploration expenditure incurred during the quarter totalled $181,000. Cash at the end of the quarter was $176,000. A further cash contribution of $350,000 as part of the Bygoo Tin Farm- In agreement was received after quarter end, and a further $350,000 is due in early May.
Thomson has 103,728,149 shares on issue currently.
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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