.[B]*** TASGOLD***SUPERNEWS***[/B] - 500 Beiträge pro Seite

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Nach dieser Meldung heute in Australien 33,3% gestiegen

8th April 2004
Australian Stock Exchange
Company Announcements Office
Announcement
HIGHLY SUCCESSFUL JOINT VENTURE AGREEMENT INDUCES NEW
APPLICATIONS FOR EXPLORATION LICENCE IN PAPUA NEW GUINEA
TasGold’s initial tenement applications (ELAs) in Papua New Guinea met with rapid joint
venture agreement success to Celtic Minerals and this success has prompted the company to
apply for a further 5 highly prospective ELAs in that country through 100% owned subsidiary
Island Arc Mining Ltd.
�� Historical results from Island Arc’s applications include trenches with 205m of 1.9g/t Au (incl. 55m
of 5.8g/t) and 10.9m of 26.9g/t Au (incl. 1.0m of 147.8g/t) in separate prospects and neither have
been evaluated by drilling.
�� The excellent deal with Celtic Minerals announced last month (also Harmony’s purchase of
controlling equity in Abelle, DRD’s activities and others) shows there is a substantial appetite in
North America and South Africa to acquire and / or joint venture into prospects in geologically
prospective Papua New Guinea.
�� The Celtic deal relieves all financial responsibility from TasGold until project construction. A
20% carried equity on a major mining project would have substantial benefit to TasGold. New
Guinea Mining achieved a market capital of ~$1.5 billion on a similar JV deal (but only 10%
carried equity) with Kennecott in the 1980’s.
�� The long term experience in PNG of the Managing Director allowed him to rapidly identify the best
districts containing many high value projects with significant past exploration results and acquire
them.
DETAILS
Island Arc Mining Ltd recently applied (100%) for 5 ELs covering 7,220 km2 in the ‘Islands’ of PNG to create an
exploration subsidiary based on a specific highly geologically prospective region.
Available geological and geochemical information has confirmed that these properties have good potential for very
large epithermal, various intrusive related, skarn, quartz- sulphide vein, porphyry copper / gold, and/or platinum group
metal deposits and excellent potential for smaller to medium tonnage, medium to high grade gold deposits.
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The company will either work these areas itself, joint venture them or a combination of both, depending on
circumstances. The ELAs cover several well defined, high quality prospects with immediate drill targets, many less
advanced targets and numerous grassroots drainage anomalies requiring follow-up exploration. Regional reconnaissance
to be undertaken will likely define additional areas for follow up sampling, trenching and drilling. TasGold estimate that
more than US$10 million was spent between the mid-1960’s and early 1990’s bringing the projects and database to its
present form.
Highlights of some of the prospect areas are listed, but as yet the data has not yet been compiled on the porphyry copper
/ gold targets and as such they are not discussed below.
EAST NEW BRITAIN ELA
Bukuam Prospect
Prospect has significant untested potential. Limited trenching returned 205m of 1.9 g/t Au (incl. 55m of 5.8 g/t Au,
incl. 5m of 13.1 g/t Au), 10m of 5.1 g/t Au and 70m of 1.7 g/t Au. Only 3 holes drilled with results such as 6m of 2.2
g/t Au + 9.5 g/t Ag + 1.2% Zn, 2m of 3.5 g/t Au + 9.5 g/t Ag and 10m of 1.7 g/t Au + 2.7 g/t Ag + 4.8% Zn. The gold
grade in the skarn could increase towards the shear zone with a possible bonanza zone at the contact. There are
porphyry copper deposits/ mineralisation locally nearby that have had only initial evaluation and no work for about 25
years (basically somewhat after discovery , when gold was generally not even analysed for). The 205m intersection has
not been tested / evaluated by drilling to date and scout drill testing is required.
Doilene Prospect
Bulldozer trenching returned 10.9m of 26.9 g/t Au (incl. 40cm of 136.4 g/t Au and 1.0m of 147.8 g/t Au), 2m of
16.9 g/t Au, 4m of 9.84 g/t Au, 3.5m of 5.14 g/t Au and 3m of 4.65 g/t Au. Visible gold and anomalous pan
concentrate gold values are noted associated with an altered intrusive dyke and previous soil sampling was quite limited.
Scout drill testing is required.
Mali
A toxic element anomaly was defined over an 80 km² area with a large area of argillic alteration associated with the
Sikut caldera. The LK1 breccia prospect returned outcrop sampling to 2.5m of 9.6g/t Au + 0.198%Cu + 12 g/t Ag with
grab samples to 17.8 g/t Au. The Palang Hill prospect is a 500m by 100m brecciated and veined zone with trenches to
+ 0.198%Cu + 12 g/t Ag in the central part of the prospect and 15m of 2.13 g/t Au in the northern section of the area.
Outcrop grab samples returned 16.7 g/t Au + 0.189%Cu +122 g/t Ag, 17.8g/t Au + 3.44%Cu + 134 g/t Ag, 16.2g/t
Au + 1.56% Cu + 30 g/t Ag, 10.5g/t Au + 3.32% Cu + 69 g/t Ag, 3.16 g/t Au + 5.10% Cu + 112g/t Ag. Several
holes have not been successful but there are additional areas of strong alteration requiring bulldozer costeaning.
Angbitki Creek Pt-Pd-Au Prospect
The presence of alluvial platinoids (Pt, Pd) and gold in two adjacent tributaries is a relatively recent discovery. Results
of some of the panned concentrates are 29.44 g/t Au (385ug), 22.7 g/t Pt (282ug) and 0.45 (5.5ug Pd) and 1.49 g/t
Au (23.5ug), 4.9 g/t Pt (78.8ug) and 0.10 g/t Pd (1.5ug). Intensive panned concentrate sampling upstream of the
discovery samples confirmed the widespread occurrence of alluvial platinoids and gold, but there has had no follow-up
in the 3 km2 target area. The occurrence is unique in the New Guinea islands and there is no obvious ultramafic source
for the platinoids.
Kairak-Akaket
Adjacent to New Guinea Gold’s proposed Sinivit Mine, and prospective for repetitions and extensions of the Wild Dog
vein systems. Stream sediment defined two gold and associated toxic element anomalies at Akaket with possible
collapsed caldera structures. An active hot spring has been located peripheral to the stream sediment anomaly and a
fossil sinter deposit has been found at another location within the anomaly. The Kairak area covers the eastern section of
the large Keravat Caldera and quartz vein material, similar to that found at Sinivit, is found in the main drainage
Marambu
Gold can be panned from a number of the creeks associated with a high level, strongly argillically altered diorite.
Maximum from pit sampling was 1.6 g/t Au.
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CENTRAL NEW BRITAIN ELA
Mt Du Faure
The prospect covers a partially eroded extinct Quaternary volcano with excellent logistics near the provincial capital -
Kimbe. The prospect is a fracture controlled, northwesterly trending zone (5 kms by 1 -2 kms) with of advanced
argillic alteration on the northern side of Mt Du Faure. Soil sampling delineated a series of arsenic and mercury
anomalies in an area of strongly altered volcanics. A small area of strongly anomalous arsenic in soil values was
subsequently gridded showing a 300 x 100 -200m arsenic anomaly peaking at 1.83% As, with low gold values. Only
very limited bulldozer costeaning has been undertaken to date and was centred on a fossil hot spring.
Kulu
Located ~15 kms SW of Kimbe with several acid to intermediate plutons. Stream sediment sampling delineated two
gold major anomalous areas –Iglik with up to 233 g/t Au in PC and North Iglik with 16.5 g/t Au, plus several others.
At Iglik, bulldozing showed quartz porphyry dykes with quartz-limonite vein stockworks with up to 3m of 4.5 g/t
Au. Three other 3 metre intervals returned values of between 1.03 g/t Au and 1.21 g/t Au. Selective grab sampling
returned up to 5.0 g/t Au. Four inconclusive holes were drilled.
TANGA ELA
Dawal and Sereng Prospects
The I.P. surveys revealed a strong chargeability and resistivity anomaly, almost circular, 250m in diameter, at
Sereng creek. The coincident low resistivity could be an altered zone from a fossil geothermal system. The low
resistivity is open to the southeast. To 1.9 g/t Au in float. Soil are weakly anomalous over most of the surveyed area.
Hand / dozer trenching and limited air core drilling completed, documenting strong hydrothermal alteration,
argillisation, pyritisation, hydraulic fracturing, brecciation, silicification and open vugs infilled with pyrite
indicative of boiling. These were noted in 9 of the 12 holes drilled. The best gold intercept was 2-5m (3m) of 0.23g/t
in hole TDH-6. Volcanic breccia with pyrite and strong limonite clays associated with bleached light coloured (smectite
clays ?) were mapped as similar to sections in the Lihir deposit.
Put Cliff Prospect
Strongly ferruginous weathered (possible smectite clay altered) cliffs were observed west and northwest of Put village.
Fault breccia boulders were found in a creek east of Put village and rocks northeast of the village were described as
having strongly altered groundmass but no noticeable sulphides. No significant assays were obtained and the area was
considered as low priority. Geophysics was abandoned, six air core holes were completed with no significant
mineralisation but major zones of strong hydrothermal alteration (argillisation) and associated pyritisation. The
best gold intercept was 23-24m (1m) of 0.20 g/t from TDH-1.
Main (Central) Range Prospect
Boulders and outcrops of fractured lava and pyroclastics containing up to 20% fine pyrite and silica veined volcanics
with minor sulphides.
Bitlik and Bitbok Islands Prospect
Widespread kaolin-like clays, opal with minor chalcedony and pyrite alteration., plus magnetite to hematite alteration
and leaching in gossanous looking rocks. Strong argillic alteration to NW end of each island and milled breccia
zones with pyritised fragments. The highest rock assay was 0.12ppm gold.
Salkangkis Prospect
The thermal area, with strong bleaching of the surrounding basaltic lava and H2S gas, pyrite being deposited and nearby
thermal activity (~2km E) with As to 175ppm, Hg to 3900ppb and Cu to 288ppm.
NEW HANOVER ELA
A highly prospective, broad discontinuous northwest trending zone of approximately 15 kilometres in length and
an as yet undefined width on the south coast of the island.
There are many prospects and mineralised areas identified by floats and sub-crops of intrusives which have been
hydrothermally altered, brecciated and mineralised by cherty and fine grained silica, quartz, pyrite and
arsenopyrite. Hot springs and anomalous gold in pan concentrates define the zone.
Significant BLEG anomalies in the Sania and Taimo Rivers, quartz veins up to several metres wide contain gold grades
up to 5 g/t. The New Hanover ELA has very good, only marginally tested potential for large `high sulphidation` gold
deposits.
SOUTHERN NEW IRELAND ELA
Danlillian River Prospect
Four by two kilometre area of intense argillic alteration with pan concentrate anomalies and low gold in rocks.
Quartz-alunite, propylite and dickite alteration minerals and low tenor gold at Danlillian are positive indicators of a
high- sulphidation epithermal system and gold is often depleted and its geochemical signature is poor in such an
environment.
Palabong Prospect
Gold in stream sediment and pan concentrates with silicified and clay altered rocks in a large area of intensely
altered granodioritic intrusive / acid volcanics has never been followed up.
Hirudan Prospect
Area of gold in drainages at the south-eastern end of the Palabong/Hirudan Plutonic complex that is prospective for
epithermal vein and disseminated precious metal mineralisation.
Papua New Guinea hosts mega gold mines/ deposits at Lihir (>45Moz), Porgera (>26Moz) & Misima (>5Moz),
porphyry copper/gold deposits such as Ok Tedi (>10MozAu + 3Mt Cu), Panguna (>16 Moz Au + 5Mt Cu), Frieda
(>9Moz Au + 5.3Mt Cu) & Grasberg (Irian Jaya - >52MozAu+12.5Mt Cu) and nickel/cobalt at Ramu (~220 Mt of
0.98% Ni+0.1% Co) and has a long history of profitable resource developments.
TasGold’s ELAs have mineralisation potential, geologic and structural characteristics similar to the above mines /
deposits.
Australia administered PNG prior to independence in 1975, it has a stable democracy with a Westminster style
democratic government, separation of political and judicial powers, well defined mining / taxation law (based on
Australian models) and English language. The sovereign /country risk levels assigned to PNG are drastically overstated
and TasGold are comfortable working and trying to develop mineral resources there.
TasGold is in a good financial position and will be quite capable of meeting Island Arc Mining Ltd’s expenditure
commitments (Year 1 for all the ELAs is only ~A$600,000) after they are granted. The management team is competent,
accomplished and financially committed to the company’s success.
The ELAs are subject to normal granting procedures, Mining Advisory Board recommendation and Ministerial
discretion.
Please see TasGold’s website at www.tasgold.com.au and previous releases for additional information on the company

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ENCOURAGING DRILLING RESULTS RETURNED FROM THE SMRV PROJECT,
SOUTHWEST TASMANIA
SUMMARY
The Pleiades (V30) Prospect was drilled for the first time ever and it produced the best assay result from the
batches just returned. Drill hole SC006 had an intercept of 3m of 1.00g/t Au + 2.00%Zn + 0.67% Pb, from 37
to 40m downhole, with strong silica-sericite alteration and intense shearing showing many similarities to the
Henty Gold deposits of the northern Mount Read Volcanics. This result is considered to be very encouraging,
as the hole was noted to be proximal to a major fault that could have acted as a mineralising conduit and
additional work is planned as and when possible.
A wide gold zone was intersected at Sassy Creek including a 94.4m interval (entire sampled interval) of
geochemically anomalous (0.09 g/t Au) mineralisation, but it was not of sufficiently high tenor to explain the
consistent visible and high grade gold in pan concentrate anomalies noted proximal to and upstream of the
holes in sub-parallel drainages located to the NW and SE of the drilling. Further drilling is required.
DETAILS
Assay results from the ongoing diamond drilling program at the SMRV Project (ELs 21/99 and 20/96) have now been
returned for holes NW001 (North Wart Prospect), SC004, SC005, SC006 (additional sampling pending – only 5m
sampled initially), SC008 and SC009. Results for holes SC007, SC010 and SC011 are pending and SC012 has just
been completed and that core will be despatched to the laboratory tomorrow. See table 1 below for details relating to
hole collars, end of hole depths and assay results.
Prospect Name BHID Easting Northing RL
(m) Azm Dip Depth
(m)
From
(m)
To
(m)
Length
(m)
Au
(g/t)
Pb
(%)
Zn
(%)
Sassy Ck (V24) SC004 378180 5247370 70 270 -60 150
Sassy Ck (V30) SC005 378325 5246360 55 270 -60 221.2 31.0 32.0 1.0 0.43 - -
Sassy Ck (V30) SC006 378715 5246125 65 270 -60 186.6 37.0 40.0 3.0 1.00 0.67 2.00
Sassy Ck (V30) SC007 378720 5246370 66 270 -60 186.6
Sassy Ck (V30) SC008 378652 5246175 60 90 165.1 39.0 40.0 1.0 0.15 - 0.16
92.0 93.0 1.0 0.11 - 0.12
95.0 96.0 1.0 0.26 - 0.07
102.0 103.0 1.0 0.13 - -
Sassy Ck (V24) SC009 378370 5247650 78 270 -55 105.0 10.6 105.0 94.4 0.09 - -
incl. 22.0 32.0 10.0 0.34 - -
incl. 30.0 31.0 1.0 2.18 - -
sampling commenced at 10.6m downhole
Sassy Ck (V24) SC010 378380 5247700 81 270 -65 140.0
Sassy Ck (V24) SC011 378380 5247700 81 270 -45 120.0
Sassy Ck (V24) SC012 378120 5247400 70 270 -45 30.0
North Wart (V33) NW001 379111 5252700 142 60 -60 56.0
= 1210.5
No significant results.
Table 1. Drilling summary
Total
Results Pending
No significant results.
m
5m sampled -Remaining Results Pending
Results Pending
Results Pending
Results Pending
2 of 3
Drill holes SC006 and SC008 were designed to test the strong gold soil and coincident VLFEM anomaly in the centre
of the Pleiades (V30) grid.
The first 26m of drill hole SC006 intersected deeply weathered quartz-crystal rich volcaniclastic sandstones.
Recoveries were poor, particularly near the top of the hole, with much of the ‘core’ washing away. From 26m to 54m
the hole intersected quartz crystal-lithic volcaniclastic breccias intense pervasive sericite alteration with silica-pyrite
altered lithic clasts. The altered volcaniclastics contained variable amounts of disseminated pyrite and sphaleritegalena
stringer veins to 5%. Particularly intense alteration and sulphide veining was noted around 36 to 39m.
Sphalerite veins are folded and deformed and obviously predate the foliation suggesting the hydrothermal alteration is
Cambrian and possibly of volcanogenic origin.
Best results from this zone was 3m of 1.00g/t Au + 2.00%Zn + 0.67% Pb, from 37 to 40m downhole. The
alteration is very similar to the sericite-silica halo (MV) around the massive silica lenses (MQ) that host
mineralisation at the Henty Deposit. The silica sericite alteration at Pleiades (V30) has the same distinctive
yellow / green colouration as the Henty deposits and contains similar anomalous gold values. This is highly
encouraging and this zone will be further tested near the end of April (time permitting) or next field season.
The host breccias are massive bedded and grade down hole suggesting a westerly facing to the sequence. Alteration
intensity also decreases down hole. The coarse volcaniclastics possibly acted as an aquifer for ascending
hydrothermal fluids. A quartz-feldspar phyric rhyolite lava or intrusive was intersected between 85.4m and 116.5m.
The rhyolite contained abundant large (4mm) quartz phenocrysts and carbonated altered feldspar phenocrysts. The
matrix of the rhyolite is strongly sericite altered and foliated.
From 116.5m to the end of hole at 186.6m the hole intersected a coarse sequence of rhyolitic volcaniclastic breccias
composed predominantly of quartz-phyric rhyolite clasts. This unit may represent a partially reworked hyaloclastic
breccia associated with the rhyolite lava. The breccias were again sericite-carbonate altered. These breccias, although
altered did not contain the distinctive yellow sericitic alteration. Assay results for the rest of the hole (only 5m were
analysed initially) are still pending.
The volcanics are increasingly foliated towards the base of the hole with numerous brittle-ductile faults. This appears
to be part of a major shear zone, which has been interpreted as a NE-SW trending fault with a sinistral strike slip
offset from the limited information available.
SC008 was designed to test the SC006 hole down dip and 40m north of the sericite-carbonate altered volcaniclastics.
The hole was collared 60m to the west and 50 m north and was drilled back to the east. The hole intersected identical
rhyolitic quartz crystal lithic sandstones and breccias as those logged at the top of the SC006 hole. The volcaniclastics
were similarly altered with pervasive yellow/green sericite and silica-pyrite altered lithic clasts, however, only minor
sphalerite stringer mineralisation was noted in the altered zone. It is likely that the host horizon has been offset to the
west between SC006 and SC008. This offset is possibly related to the intense shearing noted in the base of SC006.
SC008 intersected rhyolitic volcaniclastic sandstones and breccias to a depth of 108.3m before intersecting a large
brittle/ductile fault zone. The fault zone contained sheared and foliated volcaniclastic breccias, quartz-phyric rhyolite
and greywacke. The eastern side of the fault defines the boundary of the Stoney Creek granitic porphyry. Narrow
intervals of weak gold and base metal mineralisation were noted over 4 separate intervals including 1m of 0.15
g/t Au + 0.1% Zn from 39 to 40m, 1m of 0.11 g/t Au + 0.12%Zn from 92 to 93m, 0.26 g/t Au from 95 to 96m
and 0.13 g/t Au from 102 to 103m. The presence of low grade gold mineralisation is encouraging and indicates
possible narrow structural control and proximity to a gold bearing system.
SC007 was targeted on the gold soil anomaly and a coincident VLF anomaly to the north of the SC006, SC008 area.
The hole did not intersect any significant megascopically visible alteration or mineralisation, but may not have gone
far enough to fully test the target. The hole was collared in siliciclastic conglomerates of Precambrian derivation and
passed into siliclastic sandstone intruded by a quartz phyric rhyolite. The rhyolite displays excellent peperitic textures
with the fine siliciclastic sandstone. A distinctive quartz-biotite-(hornblende?) porphyritic intrusive with a strongly
chlorite altered groundmass overlay the siliciclastics. Several 1to 5m wide, fine-grained andesite or basaltic dykes
intrude the quartz porphyry, but no significant sulphide mineralisation or hydrothermal alteration was observed.
Assay results from this hole are still pending and will be reported on in due course.
3 of 3
DISCUSSION
The Pleiades (V30) Prospect is the most promising and poorly tested gold prospect identified by TasGold’s
work to date on EL20/96. Drilling at Pleiades identified a zone of significant volcanogenic alteration associated
with strong shearing and faulting in the vicinity of drill holes SC006 and SC008. SC008 was designed to test the
SC006 intersection down dip and to the north, however it appears that a significant cross fault is located between these
two holes with SC008 missing the main mineralised zone (which is interpreted to lie further west behind the collar).
Both the silica-sericite alteration and intense shearing has many similarities to the Henty Gold deposits of the
northern MRV. The geology of the Prospect is complex with strong shearing and late brittle cross faulting.
This Prospect requires further drilling to clarify the geological setting and test the extent of the gold
mineralisation. The Prospect remains open in all directions at this stage.
The Pleiades (V30) Prospect appears to have more intense alteration and be focused on possible Cambrian
structures. The folding and shearing of the sulphide and silica veining suggest the mineralisation predates
Devonian deformation and this is required to have a substantial gold deposit.
Four additional drill holes have been recommended for Pleiades to better test the mineralisation identified in drill
holes SC006 and SC008. One hole is proposed to intersect the mineralised zone identified in SC006 a further 20m to
the south and two others are designed to test the western and eastern margins of the large fault intersected in SC006
plus the coincident gold soil anomaly. The fourth hole is designed to test an undrilled, NE trending gold + arsenic
anomalous soil zone that has coincident IP anomaly, that is probably indicative of sulphides (sulphides generally
accompany gold mineralisation in this style of deposit).
Drillholes SC002, SC003, SC004, were completed at the Sassy Creek Prospect in early February 2004. No significant
gold results were reported for these holes despite strong alteration and minor basemetal mineralisation. It was
subsequently discovered that a grid location error has been propagated through previous explorers reports and the
Mineral Resources Tasmania database. As such those 3 holes were spotted and drilled ~80m to the SE of their
intended locations. This is very disappointing but does explain the complete absence of gold in those holes. It will
probably be possible to re-enter those holes and extend them to intersect the wide interval of low-grade mineralisation
noted in SC006 at greater depth, particularly if holes SC 011 and SC012 locate encouraging gold mineralisation.
Please see TasGold’s website at www.tasgold.com.au and previous releases for additional information.

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2 June 2004
Australian Stock Exchange
Company Announcements Office
Announcement
TASGOLD AND MALACHITE FORM ALLIANCE
TasGold Ltd (ASX:TGD) has joined with Malachite Resources NL (ASX: MAR) to farm into BHP
Billiton’s MT RAMSAY PROJECT, located in the western Tasmania mineral belt, approximately 30
km northeast of Zeehan.
The Mt Ramsay tenement (EL 42/2002) was taken up in 2003 by BHP Billiton, utilising data
generated by the Tasmanian Government’s airborne electromagnetic (“EM”) geophysical survey
conducted in 2002. The tenement covers two newly recognised groups of attractive EM anomalies
located within the well mineralised rock sequences of western Tasmania.
The principal anomaly group lies within the Cambrian-aged Crimson Creek Formation, which also
hosts the Renison Bell tin deposit 23 km to the south. The second group of anomalies lies within the
Proterozoic-aged Oonah Formation, which hosts the Mt Bischoff tin deposit 17 km to the north. Until
recently, Renison Bell was the world’s largest underground tin mine, with an estimated pre-mining
resource of 26 million tonnes at 1.46% Sn, while Mt Bischoff, once one of the richest tin mines in the
world, had an estimated pre-mining resource of 10.5 million tonnes at 1.1% Sn. The ore bodies at
both Renison Bell and Mt Bischoff comprised cassiterite-bearing massive sulphide lenses that are
electrically conductive, allowing detection by EM surveys.
Managing Director, Peter McNeil noted:
“Electromagnetics are one of the few exploration methods that can be used to directly detect
specific types of metal deposits.
The Mt Ramsay targets have EM signatures that look quite similar to those associated with the
Renison Bell and Mt Bischoff deposits and they occur in similar geological environments. The
world class Hellyer base metal mine is located 19km to the east and was originally discovered
by drilling an EM anomaly.
Apart from our targets, virtually all of the EM anomalies with similar signatures that we have
identified elsewhere in the region using the Government EM data are coincident with existing
mines. The Mt Ramsay anomalies have only been recently recognised and have never been
previously tested.”
(A.B.N. 96 095 684 389)
2 of 2
No field work has yet been undertaken at Mt Ramsay and there is no information on the surface
expression of the airborne EM anomalies within the EL. However, a small skarn deposit occurs 1 km
or so to the west of the EM anomalies, at the contact between the Devonian-aged Meredith Granite
and the Crimson Creek Formation. This skarn deposit was discovered in the 1870s and was drilled in
the early 1980s. It contains anomalous values of tin, tungsten, copper, gold and bismuth in a
sulphide-bearing skarn host rock, although it appears to have been too small to show up in the
Government EM survey.
The presence nearby of the old Mt Ramsay skarn prospect provides further encouragement that the
Mt Ramsay EM anomalies reflect massive sulphide lenses, analogous to those at Renison Bell and
Mt Bischoff, or perhaps analogous to other well known economic mineral deposits of western
Tasmania such as Rosebery and Hellyer. It is, however, also possible that the EM anomalies are
caused by an unmineralised source, such as graphite-bearing sedimentary rocks or barren pyrite
bodies.
Under the agreement, TasGold and Malachite, on a joint 50/50 basis, must spend a minimum of
$25,000 in evaluation of the Mt Ramsay tenement. Once TasGold and Malachite have spent a total
of $500,000 on exploration at Mt Ramsay, including at least 2,000m of drilling, BHP Billiton must
either participate in the joint venture, or withdraw. If BHP Billiton participates, it will (unless it later
withdraws) fund all future expenditure to completion of bankable feasibility (with expenditure beyond
$10 million on a recoupable basis) and Malachite and TasGold will each hold a 15% interest in the
joint venture. If BHP Billiton elects not to participate, it will withdraw and transfer its 100% interest in
the Mt Ramsay project equally to TasGold and Malachite.
Malachite will be Manager of the Mt Ramsay joint venture during the farm in stage and plans to begin
field work as soon as weather permits, probably in October, 2004. This will involve geochemical
sampling of soils and rocks in the vicinity of the anomalies and a preliminary ground EM survey using
portable equipment. Drilling is likely to follow during the 2004-2005 summer.
Mr McNeil also commented:
“TasGold consider the EM targets have high mineralisation prospectivity and can be relatively
easily and cost effectively explored. Malachite is one of TasGold’s significant shareholders
and this alliance to explore the new BHP Billiton joint venture could provide excellent possible
returns to TasGold while minimising risk and costs. The possibilities for locating an economic
deposit are very exciting, with the LME tin price (in Australian dollars) up by over 100% since
mid 2003 to around $14,000 per tonne”
For further information please contact Peter McNeil on [phone] or by email at
[e-mail].
Peter McNeil M.Sc.
Managing Director

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