DIVERSIFIED multi-commodity explorer Tasman Resources has announced the drilling of a third hole at its Vulcan project, 30km north of Olympic Dam, about 550km north-northwest of Adelaide in South Australia.
Drilling resumed at the iron oxide-coppergold- uranium (IOCGU) project, which is operated as a joint venture with Rio Tinto Exploration, in September 2012.
The hole, VUD 11, intersected more than 620m of IOCGU-style highly altered and brecciated rocks – which included a 12m intersection of massive hematite – and was the third to be completed as part of the JV’s
exploration program.
As the rocks contain only minor amounts of copper sulfides, Tasman reported that it expected assays, when received, would be relatively low.
VUD 11 is inclined at -70 degrees and has been drilled towards the south. It was designed to test the central portion of the very large gravity anomaly, which comprises the southern segment of the Vulcan target. The composition of the rock is dominated by minerals that characterise IOCGU ore deposits such as Olympic Dam.
Despite the lack of mineralisation in VUD 11 and the two previous holes drilled in the southern segment of the Vulcan prospect, Tasman reported that it was encouraged by the magnitude and large aerial extent of the geological processes that had clearly been operating in that part of the project.
“The task is now to find where this very large system has concentrated the copper, gold and uranium normally associated with these IOCGU geological processes,” the company stated. Drilling is underway on the fourth
hole, VUD 12, in the JV exploration program.
Tasman discovered the Vulcan prospect in November 2009, and further drilling in 2010 and 2011 produced encouraging results.