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Tasman prepares to drill Malaumanda
By Reporter
TASMAN Goldfields Limited has announced plans to commence a drilling programme of selected targets at its Malaumanda project (permit EL-1235), located approximately 60km North of Porgera, Enga province. The news follows the company's decision to cut back on exploration activities in a number of its permits. Given the current market conditions, Tasman has decided to scale down exploration activities on a number of its project areas to concentrate its efforts on a few advanced exploration programmes. According to the company, it had considerably advanced its East Sepik project through data interpretation and geochemical studies. The comprehensive geochemical sampling and analysis programme in permit EL-1235, which commenced in June 2008, was based on both reinterpreted surface geochemical and airborne geophysical surveys previously completed over the project area. The new programme conducted by Tasman consisted of a large regional surface geochemical survey comprising approximately 400 soil and 100 stream sediment samples across nine areas of interest. Float and rock chip samples were also gathered from selected areas. Rather than targeting extensions of the known previously partially drilled shear zone hosted gold mineralisation, the areas tested in the latest round of field work were those identified as having potential to host either copper-gold porphyry or nickel-cobalt mineralisation. Prior to Tasman's recent geochemical programme, the potential for the existence of these mineralisation styles had not been systematically investigated. The company has also undertaken an upgrade of the camp at Malaumanda and has appointed a project manager for its PNG exploration. Tasman has also been awarded EL-1444 (2500 square kilometres), which surrounds the Malaumanda property (located in EL-1235), and has subsequently commenced field work on both permits. All previous work done at Malaumanda has now been digitised and the company has identified targets for an extensive soil and stream geochemistry programme, which will be the precursor to future drilling of possible porphyry copper-gold prospects. The company's forward plan for Malaumanda is to commence a major field programme. A team of field staff had been assembled and commenced work on the large soil geochemical and stream sediment sampling programmes on selected areas of both EL-1235 and EL-1444 permits. The aim had been to identify locations of possible scan, porphyry and nickel-cobalt styles of mineralisation. These extensive field programmes were completed in the September quarter of 2008. Subject to the interpretation of both surface geochemical and recent Government commissioned aeromagnetic data, it is the company's intention to commence a drilling programme of selected targets. Tasman exercised its option in January 2008 to acquire Golden Pacific Resources Ltd and its entitlement to an initial 60 percent equity interest (with further earn-in to 80 percent) in EL-1235. Local landowners, who remain supportive of the exploration, hold the balance of permit equity. The company believes the Malaumanda project exhibits strong potential for high-grade epithermal/mesothermal gold mineralisation and porphyry style copper-gold mineralisation. Within the Malaumanda licence area, intermittent exploration has been present during the last three decades. In the mid-1980s, comprehensive gold exploration commenced, and in 1998-99 Sepik Gold Ltd drilled the gold zone at the main Millikap camp. Between 2003 and 2004, Celtic Minerals Ltd held the licence. |
BUSINESS
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