Highlights

• Target is conglomerate hosted gold in the Permian Miclere sub-basin
• Previous owner has established a 500,000 oz gold resource potential
• Located on an historic goldfield that produced gold at a high grade
• Gold is free milling and extraction would be through a simple gravity recovery operation

The Directors believe that the project offers a low cost entry to rapid project development and potential gold production in an area with an immediate resource potential of 125,000 oz, with an identified field resource potential of 500,000 oz.

The Directors consider the broader Miclere Basin area remains prospective for defining one or more significant and potentially mineable mineralised zones, given its more localised, historic near surface and underground production.

The project is centred on the historic Miclere, Black Ridge and Springs Goldfields on the south eastern margin of the Anakie Inlier. The main zones of gold mineralisation are interpreted as (modified) palaeoplacer deposits. The basin geology consists of predominantly flat lying alluvial and fluvial sediments including a basal conglomerate unit (termed the ‘Blue Ground’).

A NNW striking fault is interpreted to partly define the western margin of the Miclere Basin. NNW and NNW/N striking faults are interpreted to define the eastern and western margins of the Springs Basin.

In 1861, gold was discovered in the district. Between 1878 and 1901, gold production records for the Miclere district indicate that 185,400 oz gold was mined and that the vast majority came from the conglomerates including their weathered derivatives.

Production records from 1870 to 1911 indicate a treated gold grade of 25 g/t from 15,555 tonnes mined over a 34.4 hectare area of the ‘Blue Ground’ conglomerate, the primary resource target zone for Tasman.

More recently, less selective, road header-based mining (or bulk sampling) in the old ‘Blue Ground’ underground workings over a mining height of approximately 3.2 m, yielded an additional 2,000 oz gold from 20,000 tonnes of material mined at a nominal average gold grade of 3 g/t.

The majority of recent exploration work has focused on assessing the economic viability of two initial areas in the ‘Blue Ground’ conglomerate.

The Directors consider the ‘Blue Ground’ conglomerate unit of the Miclere project, the main exploration target, to be under-explored.

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