TMZ tin announcement FINAL
ABN: 82 138 358 728 ASX: TMZ Level 1, 80 Chandos Street, St Leonards, NSW 2065
PO Box 956, Crows Nest, NSW 1585
Tel: +61 2 9906 6225 Fax: +61 2 9906 5233
Web: www.thomsonresources.com.au
ASX Release
13 April 2015
Thomson acquires advanced tin project
Thomson Resources has acquired a tin project adjacent to what was
NSW's biggest tin mine at Ardlethan
Advanced prospect at Bygoo North has multiple mineralised drill intercepts including 46m @ 0.6% tin
Geology and geophysics point to an Ardlethan look alike
Exploration potential for significant near surface tin deposit considered excellent
Strong fundamentals for future higher tin prices
Thomson Resources Ltd (ASX:TMZ) is pleased to announce the acquisition of a significant tin exploration project consisting of two exploration licences, near the Ardlethan Mine, NSW (Figures 1, 2). Ardlethan is the biggest tin occurrence in NSW with an endowment of over 50,000 tonnes of contained tin. Aberfoyle Tin NL is recorded to have produced 25,000 tonnes of tin in concentrate from open cut and underground operations between 1964 and 1986. The mine itself is on mining leases excluded from the acquired exploration licences and are held by private company Australian Tin Resources Pty Ltd, who are considering recommencing operations.
Figure 1: Thomson Projects, including Ardlethan
Thomson Resources ASX Release
ASX code: TMZ
EL 8260 surrounds the Ardlethan mining leases and contains multiple prospects including a small proportion of the identified remaining mineralisation from the mine including the Godfrey South, Blackreef and Champion's Deep reefs (Figure 2). EL 8163 also has multiple prospects including the Bygoo North tin working, 7km north of Ardlethan.
Figure 2: Location of acquired ELs
The Bygoo North is considered the key prospect within the tenements and has similar geology to Ardlethan including proximity to the Ardlethan Granite, believed to have been the source for tin deposition in the region. The prospect also has strongly analogous magnetic signature to that of Ardlethan, consisting of a magnetic high surrounded by a ring magnetic low (Figure 3).
Former work at Bygoo North included limited drilling which generated a series of strong intersections (Table 1) to the northeast of the magnetic anomaly, where the shallow historical workings occur. This drilling defined tin mineralisation within greisened Ardlethan Granite, one of the major host rocks to tin mineralisation at Ardlethan (Figure
2). The best drill section shows strong mineralisation in several holes with good continuity
(Figure 4). This drilling has partly defined a sheet of mineralisation approximately 20m thick, dipping steeply to the east and open to the north and west.
Thomson Resources ASX Release ASX code: TMZ
Table 1 - best recorded intercepts at Bygoo North
|
Hole
|
From
(m)
|
To
(m)
|
Width
(m)
|
Tin grade
(% Sn)
|
|
P293
|
77.7
|
79.2
|
1.5
|
4.01
|
|
P307*
|
32
|
36.5
|
4.5
|
0.59
|
|
P308*
|
39.6
|
73.1
|
33.5
|
0.30
|
|
P313**
|
30.5
|
45.7
|
15.2
|
0.52
|
|
P318*
|
61.0
|
94.5
|
33.5
|
0.29
|
|
P319
|
76.2
|
102.1
|
25.9
|
0.60
|
|
P320
|
102.1
|
117.4
|
15.3
|
0.30
|
|
P326*
|
88.0
|
134.0
|
46.0
|
0.61
|
|
P352
|
149.7
|
176.5
|
26.8
|
0.17
|
|
P380
|
153.0
|
171.0
|
18.0
|
0.50
|
All widths are down hole widths.
* means this hole is shown on Figure 3. **P313 is drilled 130m south of the Figure 3 section.
Most of the former drilling at Bygoo North has been ineffective and has not tested the position of the greisen which is inferred to wrap around the northern closure of a dome, corresponding to the magnetic anomaly in Figure 3. More than half of the holes (22 from
37) were drilled vertically and missed the projected zone including all of the last holes drilled in 2008. The north, west and south part of the magnetic anomaly are virtually untested; a single hole in the south part of the prospect (P313) returned 15m at 0.5% Sn. This intersection, drilled in 1977, has not been followed up and represents an immediate
drill target.
Ardlethan Magnetics Bygoo North Magnetics
Figure 3: Magnetic images at the same scale over Ardlethan (left) and Bygoo North (right).
Thomson Resources ASX Release ASX code: TMZ
Figure 4: Drill Section at Bygoo east-west along northing 6208050mN (MGA55, GDA94).
The strength of the US dollar has resulted in tin prices in Australian Dollar terms remaining high, and the tin industry is optimistic on f uture pricing of tin with several large producers coming close to the end of their operations. Good opportunities arise in such circumstances and a new, near-surface tin deposit in a favourable jurisdiction should attract serious interest.
To complete the transaction Thomson Resources will issue 8 million shares at a deemed price of 1.8c per share to the principals of Riverston Tin Pty Ltd., holder of the two ELs, in return for 100% control of the company. A further 5 million shares will be issued on definition of a JORC resource in excess of 10,000 tonnes of contained tin at a cut off of
0.4% Sn. Environmental bonds of $20,000 will also be reimbursed.
Thomson Resources will launch a drilling campaign to test the greisen zone at Bygoo as soon as regulatory approvals are received - drilling is anticipated to commence in mid May 2015. Thomson has also reached agreement with drilling company and shareholder Australian Mineral & Waterwell Drilling Pty Ltd to issue up to 3.5 million shares in return for such drilling services on completion of this program (the issue price to be deemed as the same price paid to secure Riverston Tin PL).
Thomson Resources Ltd
Eoin Rothery
Chief Executive Officer
Thomson Resources ASX Release ASX code: TMZ
The information in this report that relates to Exploration Targets, Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Eoin Rothery, (MSc), who is a member of the Australian Institute of Geoscientists. Mr Rothery is a full time employee of Thomson Resources Ltd. Mr Rothery has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr Rothery consents to the inclusion in the report of the matters based on his information in the form and context in which it appears
Table 2: Exploration Drill Collars EL 8260
|
Hole
|
MGAE
|
MGAN
|
RL
|
Depth
|
Az
|
Dip
|
Company
|
Year
|
Prospect
|
|
ASORC1
|
488319
|
6198394
|
250
|
93
|
0
|
-90
|
Torian
|
2013
|
South
|
|
DDH1
|
484212
|
6205915
|
246
|
91.4
|
11
|
-60
|
Magnum
|
1971
|
Bygoo South
|
|
DDH2
|
485272
|
6199920
|
246
|
91.4
|
322
|
-60
|
Magnum
|
1971
|
Taylors Hill
|
|
DDH3
|
484093
|
6205940
|
246
|
91.4
|
11
|
-60
|
Magnum
|
1971
|
Bygoo South
|
|
Hole1
|
484150
|
6205607
|
246
|
45.7
|
11
|
-90
|
Magnum
|
1971
|
Bygoo South
|
|
Hole10
|
484911
|
6206059
|
246
|
91.4
|
11
|
-90
|
Magnum
|
1971
|
Bygoo South
|
|
Hole11
|
484907
|
6206111
|
246
|
76.2
|
11
|
-90
|
Magnum
|
1971
|
Bygoo South
|
|
Hole12
|
485245
|
6199919
|
246
|
83.8
|
0
|
-90
|
Magnum
|
1971
|
Taylors Hill
|
|
Hole13
|
485255
|
6199939
|
246
|
62.5
|
0
|
-90
|
Magnum
|
1971
|
Taylors Hill
|
|
Hole2
|
484150
|
6205613
|
246
|
24.4
|
11
|
-90
|
Magnum
|
1971
|
Bygoo South
|
|
Hole3
|
484330
|
6205982
|
246
|
45.7
|
11
|
-90
|
Magnum
|
1971
|
Bygoo South
|
|
Hole4
|
484320
|
6205961
|
246
|
54.3
|
11
|
-90
|
Magnum
|
1971
|
Bygoo South
|
|
Hole5
|
484359
|
6205959
|
246
|
64.0
|
11
|
-90
|
Magnum
|
1971
|
Bygoo South
|
|
Hole6
|
484372
|
6205959
|
246
|
76.2
|
11
|
-90
|
Magnum
|
1971
|
Bygoo South
|
|
Hole7
|
484213
|
6205943
|
246
|
91.4
|
11
|
-90
|
Magnum
|
1971
|
Bygoo South
|
|
Hole8
|
484205
|
6205933
|
246
|
32.0
|
11
|
-90
|
Magnum
|
1971
|
Bygoo South
|
|
Hole9
|
484471
|
6205693
|
246
|
91.4
|
11
|
-90
|
Magnum
|
1971
|
Bygoo South
|
|
LB001
|
484793
|
6207995
|
204
|
230
|
0
|
-90
|
Cluff
|
2008
|
Bygoo North
|
|
LB002
|
484753
|
6207943
|
252
|
162
|
0
|
-90
|
Cluff
|
2008
|
Bygoo North
|
|
LB003
|
484742
|
6208145
|
251
|
145
|
0
|
-90
|
Cluff
|
2008
|
Bygoo North
|
|
LB004
|
484893
|
6208095
|
204
|
500
|
0
|
-90
|
Cluff
|
2008
|
Bygoo North
|
|
LB005
|
484793
|
6208145
|
225
|
235
|
0
|
-90
|
Cluff
|
2008
|
Bygoo North
|
|
LB006
|
484741
|
6208096
|
253
|
139
|
0
|
-90
|
Cluff
|
2008
|
Bygoo North
|
|
LB007
|
484736
|
6207951
|
257
|
253
|
0
|
-90
|
Cluff
|
2008
|
Bygoo North
|
|
LB008
|
484763
|
6208079
|
248
|
157
|
0
|
-90
|
Cluff
|
2008
|
Bygoo North
|
|
LB009
|
484799
|
6208082
|
251
|
187
|
0
|
-90
|
Cluff
|
2008
|
Bygoo North
|
|
LB010
|
484790
|
6208081
|
258
|
229
|
0
|
-90
|
Cluff
|
2008
|
Bygoo North
|
|
LB011
|
484744
|
6208193
|
250
|
133
|
0
|
-90
|
Cluff
|
2008
|
Bygoo North
|
|
LHDRC1
|
483995
|
6205435
|
246
|
99
|
33
|
-60
|
Torian
|
2011
|
Bygoo South
|
|
MRTRC1
|
484770
|
6189028
|
250
|
99
|
33
|
-60
|
Torian
|
2011
|
Bald Hill
|
|
P292
|
484731
|
6207805
|
246
|
152.4
|
270
|
-60
|
Abminco
|
1974
|
Bygoo North
|
|
P293
|
484681
|
6207815
|
247
|
121.9
|
270
|
-60
|
Abminco
|
1974
|
Bygoo North
|
|
P294
|
484671
|
6207766
|
247
|
121.9
|
270
|
-60
|
Abminco
|
1974
|
Bygoo North
|
|
P307
|
484655
|
6208056
|
246
|
91.4
|
0
|
-90
|
Abminco
|
1977
|
Bygoo North
|
|
P308
|
484677
|
6208051
|
246
|
91.4
|
0
|
-90
|
Abminco
|
1977
|
Bygoo North
|
|
P309
|
484651
|
6208118
|
246
|
91.4
|
0
|
-90
|
Abminco
|
1977
|
Bygoo North
|
Thomson Resources ASX Release ASX code: TMZ
|
P310
|
484669
|
6208121
|
246
|
91.4
|
0
|
-90
|
Abminco
|
1977
|
Bygoo North
|
|
P312
|
484643
|
6207824
|
246
|
6.7
|
270
|
-60
|
Abminco
|
1977
|
Bygoo North
|
|
P313
|
484624
|
6207880
|
246
|
91.4
|
270
|
-60
|
Abminco
|
1977
|
Bygoo North
|
|
P314
|
484667
|
6208002
|
246
|
91.4
|
0
|
-90
|
Abminco
|
1977
|
Bygoo North
|
|
P315
|
484574
|
6208060
|
246
|
91.4
|
310
|
-60
|
Abminco
|
1977
|
Bygoo North
|
|
P316
|
484631
|
6208058
|
246
|
91.4
|
300
|
-60
|
Abminco
|
1977
|
Bygoo North
|
|
P317
|
484607
|
6208118
|
246
|
64
|
0
|
-90
|
Abminco
|
1977
|
Bygoo North
|
|
P318
|
484707
|
6208046
|
246
|
106.7
|
0
|
-90
|
Abminco
|
1977
|
Bygoo North
|
|
P319
|
484706
|
6208077
|
246
|
115.8
|
270
|
-80
|
Abminco
|
1977
|
Bygoo North
|
|
P320
|
484709
|
6208109
|
246
|
134.1
|
0
|
-90
|
Abminco
|
1977
|
Bygoo North
|
|
P324
|
484702
|
6208021
|
246
|
114
|
0
|
-90
|
Abminco
|
1977
|
Bygoo North
|
|
P325
|
484704
|
6208050
|
246
|
54
|
90
|
-75
|
Abminco
|
1977
|
Bygoo North
|
|
P326
|
484704
|
6208048
|
246
|
144
|
90
|
-71
|
Abminco
|
1977
|
Bygoo North
|
|
P327
|
484703
|
6208137
|
246
|
126
|
270
|
-65
|
Abminco
|
1977
|
Bygoo North
|
|
P351
|
484827
|
6208023
|
246
|
210.5
|
0
|
-90
|
Abminco
|
1977
|
Bygoo North
|
|
P352
|
484783
|
6208063
|
246
|
188.3
|
0
|
-90
|
Abminco
|
1977
|
Bygoo North
|
|
P380
|
484845
|
6208112
|
246
|
210
|
270
|
-60
|
Abminco
|
1977
|
Bygoo North
|
|
P417
|
484851
|
6208141
|
246
|
190.5
|
270
|
-60
|
Abminco
|
1977
|
Bygoo North
|
|
P568
|
484761
|
6208258
|
246
|
184.5
|
270
|
-80
|
Abminco
|
1977
|
Bygoo North
|
|
P569
|
484778
|
6208358
|
246
|
204
|
270
|
-80
|
Abminco
|
1977
|
Bygoo North
|
|
WCRRC1
|
487601
|
6201217
|
250
|
93
|
0
|
-90
|
Torian
|
2011
|
White Crystal
|
|
WCRRC2
|
487652
|
6201217
|
250
|
99
|
0
|
-90
|
Torian
|
2011
|
White Crystal
|
|
WCRRC3
|
487718
|
6201217
|
250
|
39
|
85
|
-70
|
Torian
|
2011
|
White Crystal
|
Table 3: Significant assay intercepts in EL 8260
Note: all "widths" are quoted down hole.
|
Hole
|
From
|
To
|
Width
|
Sn%
|
W%
|
|
DDH1
|
50.9016
|
54.229
|
3.3
|
0.94
|
|
DDH2
|
45.5676
|
46.6344
|
1.1
|
0.19
|
|
DDH3
|
19.4564
|
19.812
|
0.4
|
0.11
|
|
Hole1
|
22.86
|
24.384
|
1.5
|
0.1
|
|
Hole11
|
3.048
|
4.572
|
1.5
|
0.23
|
|
Hole12
|
44.207
|
45.732
|
1.5
|
0.032
|
7.2
|
|
Hole12
|
45.732
|
47.256
|
1.5
|
0.74
|
0.16
|
|
Hole13
|
33.537
|
44.207
|
10.7
|
0.46
|
0.37
|
|
Hole2
|
0
|
1.524
|
1.5
|
0.13
|
|
Hole2
|
15.24
|
19.812
|
4.6
|
0.22
|
|
Hole3
|
13.716
|
15.24
|
1.5
|
0.21
|
|
Hole3
|
38.1
|
41.148
|
3.0
|
0.15
|
|
Hole4
|
6.096
|
7.62
|
1.5
|
0.12
|
|
Hole5
|
3.048
|
4.572
|
1.5
|
0.23
|
|
Hole6
|
7.62
|
9.144
|
1.5
|
0.2
|
|
Hole7
|
9.144
|
10.668
|
1.5
|
0.15
|
|
Hole7
|
41.148
|
48.768
|
7.6
|
1.7
|
|
Hole8
|
27.432
|
28.956
|
1.5
|
0.3
|
|
Hole9
|
19.812
|
21.336
|
1.5
|
0.35
|
Thomson Resources ASX Release ASX code: TMZ
|
Hole9
|
27.432
|
28.956
|
1.5
|
0.19
|
|
Hole9
|
32.004
|
33.528
|
1.5
|
0.54
|
|
Hole9
|
36.576
|
38.1
|
1.5
|
0.39
|
|
Hole9
|
47.244
|
51.816
|
4.6
|
0.49
|
|
P292
|
68.58
|
73.152
|
4.6
|
0.14
|
|
P292
|
140.208
|
141.732
|
1.5
|
0.11
|
|
P293
|
39.624
|
41.148
|
1.5
|
0.2
|
|
P293
|
70.104
|
71.628
|
1.5
|
0.13
|
|
P293
|
77.724
|
79.248
|
1.5
|
4.01
|
|
P293
|
86.868
|
88.392
|
1.5
|
1.02
|
|
P293
|
96.012
|
97.536
|
1.5
|
2.01
|
|
P294
|
39.624
|
44.196
|
4.6
|
0.11
|
|
P294
|
48.768
|
50.292
|
1.5
|
0.13
|
|
P307
|
10.7
|
19.8
|
9.1
|
0.28
|
|
P307
|
32
|
36.5
|
4.5
|
0.59
|
|
P308
|
39.6
|
73.1
|
33.5
|
0.3
|
|
P309
|
19.8
|
30.5
|
10.7
|
0.06
|
|
P310
|
21.4
|
36.6
|
15.2
|
0.2
|
|
P310
|
71.6
|
85.3
|
13.7
|
0.24
|
|
P313
|
30.5
|
45.7
|
15.2
|
0.52
|
|
P314
|
27.4
|
48.8
|
21.4
|
0.06
|
|
P315
|
4.6
|
24.4
|
19.8
|
0.04
|
|
P316
|
19.8
|
33.5
|
13.7
|
0.1
|
|
P318
|
61
|
94.5
|
33.5
|
0.29
|
|
P319
|
76.2
|
102.1
|
25.9
|
0.6
|
|
P320
|
102.1
|
117.4
|
15.3
|
0.3
|
|
P324
|
60
|
66
|
6.0
|
0.32
|
|
P326
|
88
|
134
|
46.0
|
0.61
|
|
P327
|
86
|
98
|
12.0
|
0.06
|
|
P351
|
13
|
25
|
12.0
|
0.09
|
|
P351
|
73.5
|
76.5
|
3.0
|
0.1
|
|
P352
|
1
|
17.5
|
16.5
|
0.17
|
|
P352
|
149.7
|
176.5
|
26.8
|
0.17
|
|
P380
|
153
|
171
|
18.0
|
0.5
|
|
P417
|
154.5
|
166.5
|
12.0
|
0.22
|
|
P417
|
186
|
190.5
|
4.5
|
0.03
|
|
P568
|
126
|
135
|
9.0
|
0.1
|
|
P568
|
142.5
|
151.5
|
9.0
|
0.13
|
Thomson Resources ASX Release ASX code: TMZ
JORC Code, 2012 Edition - Table 1 report
Section 1 Sampling Techniques and Data
|
Criteria
|
Commentary
|
|
Sampling techniques
|
Standard drill sampling techniques were used in the four drilling programmes (Magnum 1971, Abminco 1974-1977,
Cluff 2008 and Torian 2013).
|
|
Drilling techniques
|
Holes were RAB (Magnum), Percussion (Cluff, Abminco) or RC
(Torian) with 3 diamond tails at Bygoo South (Magnum) and 4 at Bygoo North (2 by Abminco - P351 and P352 and 2 by Cluff - LB01 and LB04).
|
|
Drill sample recovery
|
Comments in the drill reports suggest that the RAB technique was not appropriate and failed to get sufficient sample return or penetration. Other methods appear to have had reasonable core
recovery.
|
|
Logging
|
Historical recording of geology was patchy with only summaries
provided at best.
|
|
Sub-sampling techniques
and sample preparation
|
Standard sample preparation techniques apply.
|
|
Quality of assay data and
laboratory tests
|
No quality testing is recorded in historical reports.
|
|
Verification of sampling and assaying
|
No verification is recorded in historical reports.
|
|
Location of data points
|
Samples were collected on a variety of local grids as well as AMG (AGD66) and MGA (GDA94). Sample locations were also plotted
on maps with topographic data. The latter was used to convert locations to MGA (GDA94) grid co-ordinates by geo-referencing. Errors are expected to be between 5 to 10m.
|
|
Data spacing and
distribution
|
Data spacing is highly irregular.
|
|
Orientation of data in
relation to structure
|
Many drill holes were vertical, which is considered a poor way to test steeply dipping structures.
|
|
Sample security
|
No security measures are reported. No particular high grade
samples appear in question.
|
|
Audits or reviews
|
No independent audit or review undertaken as this was not thought to be required at this stage.
|
Section 2 Reporting of Exploration Results
|
Criteria
|
Commentary
|
|
Mineral tenement and land
tenure status
|
All samples reported occur on NSW Exploration Licence EL 8260 held by Riverston Tin Pty Ltd.
|
|
Exploration done by other
parties
|
The exploration reported above was carried out by Magnum
Explorations NL, Abminco (Ardlethan Tin NL), Cluff Resources
Pacific NL (NSW Tin Pty Ltd) and Torian Resources Limited.
|
|
Geology
|
Geology is described in the body of the release.
|
|
Drill hole Information
|
Drill holes are listed in Tables 1 and 2.
|
|
Data aggregation methods
|
Intercepts are composited at tin cut offs of 0.1% and 0.2%.
|
Thomson Resources ASX Release ASX code: TMZ
|
Criteria
|
Commentary
|
|
Relationship between mineralisation widths and intercept lengths
|
All intercepts listed are downhole widths. Mineralisation is steep, so true widths are substantially less.
|
|
Diagrams
|
All relevant drill holes are shown in the figures.
|
|
Balanced reporting
|
Details for all reported drilling is tabulated and shown.
|
|
Other substantive
exploration data
|
No significant exploration data has been omitted. Data has been
sourced from publicly available reports at the Geological Survey of
NSW website - "DIGS".
|
|
Further work
|
Drilling has been planned. Initially, 7 holes are planned for around
750m to confirm and extend the known mineralisation. All holes are planned at a 60 degree dip to intersect the target zone at a high angle giving near "true" widths for any mineralised intersections.
|
Note: Tin endowment for Ardlethan is taken from the report - Mamuse, A and Guj, P.
2013. Tin prospectivity mapping and resources assessment, Wagga tin belt, New South
Wales. Centre for Exploration Targeting, Perth, published by The Geological Survey of
New South Wales and from the original unpublished report - Molina AB and Doran, PM.
1989. Ardlethan Information Brochure. Aberfoyle Resources Ltd.
Thomson Resources ASX Release ASX code: TMZ