Tasman (ASX: TAS) advises that the bulk of the assay results from hole VUD0018, the first hole completed by FMG Resources Pty Ltd, a wholly owned subsidiary of Fortescue Metals Group Ltd (ASX: FMG 'Fortescue') have now been received.

Fortescue is currently earning a 51% interest under a Farm in and Joint Venture Agreement over Tasman's wholly owned, South Australian Exploration Licence 6416 (Refer to TAS: ASX Announcement 14 June 2019). The Lake Torrens project (EL6416) hosts the Vulcan and other IOCG prospects and is located approximately 30km north of BHP's Olympic Dam mine and 600km north of Adelaide.

Drilling of hole VUD0018 commenced with a vertical reverse circulation (RC) hole before switching to diamond drilling followed by some navigational drilling near the base of the cover sequence to flatten the hole. Coring was then continued at a low angle through the basement across portions of the identified gravity anomaly.

Both VUD0018 and a second hole VUD0019 intersected substantial downhole widths# of hematite breccia which is often an important host to mineralisation in IOCG deposits.

Hole VUD0018 was drilled to 1675.2m depth to test the northern lobe of the Vulcan North gravity anomaly and intersected basement quartzo-fledspathic gneiss at 912m downhole below the Neoproterozoic cover. By end of hole the inclination had been flattened to 33o with an azimuth of 200 o.

Thick zones of massive hematite breccia, comprising 70-100% hematite with minor intervals of altered quartzo- felspathic gneiss and mafics were intersected from 1210 to 1271.2 and from to 1287.5 to 1353m. Further down the hole, hematite breccias containing 40 to 70% hematite were intersected from 1371.4 to 1408 and 1445-1479m downhole and are interspersed with altered mafic breccia, mafics and quartzo felspathic gneiss. Chalcopyrite and pyrite mineralisation are visible in the hematite breccias and their presence and variablity is complex.

Assay Results from VUD 0018

Assays from hole VUD0018 have delineated a number of wide zones of low grade copper mineralisation up to 63m downhole at 0.55% Cu (0.1% cut off) from 1427m, mostly associated with hematite breccia. The 62m zone also includes a number of narrow but higher grade copper and anomalous gold intervals up to 2.64% Cu and 2.2 g/t Au over 1m, averaging 1.04% Cu and 0.6 g/t Au over 13m from 1442m. Iron content is also high in places.

The anomalous Ce and La assays included 65m (from 1501m down hole) at 1159ppm Ce and 1180ppm La.

Fortescue is still awaiting the assay results from two remaining sample batches for VUD0018 however these are mostly from less altered host rock composite samples above and below the main mineralised hematite breccia zones and no significant assays are expected. Tasman still awaits the assay results from VUD0019, the second of the two holes recently drilled by Fortescue and will release them as they come to hand.

Contact:

Aaron Gates

Tel: +618 9282 5889

Disclaimer

The interpretations and conclusions reached in this report are based on current geological theory and the best evidence available to the authors at the time of writing. It is the nature of all scientific conclusions that they are founded on an assessment of probabilities and, however high these probabilities might be, they make no claim for complete certainty. Any economic decisions that might be taken on the basis of interpretations or conclusions contained in this report will therefore carry an element of risk. It should not be assumed that the reported Exploration Results will result, with further exploration, in the definition of a Mineral Resource.

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