Tasman Resources Ltd. advised that drilling of the third wedge hole on the Lake Torrens IOCG Project (EL6416) has now been completed. Drilling progress was considerably hampered by technical issues, inclement weather and personnel disruptions due to COVID. The project is currently held 49% by Tasman and 51% by FMG Resources Ltd, a wholly owned subsidiary of Fortescue Metals Group Ltd. Fortescue has also given notice to Tasman that it intends to sole fund its interest to 80% pursuant to the terms of a Farm In and Joint Venture Agreement.

VUD012W1 was drilled off previous Tasman hole VUD012 and, as for the two previous wedge holes (VUD011W1 & VUD011W2), was aimed at testing areas of interpreted excess mass identified with the recent Fortescue acquired gravity dataset and interpretations of historic Tasman drill holes. Tasman has previously reported wide zones of copper mineralisation in both VUD011 and VUD012 including 517m downhole at 0.15% Cu in VUD012 from 820m. The holes were also anomalous in gold, rare earth elements and palladium.

VUD0012W1 was drilled off VUD012 at 512m with an azimuth of 240o to a final depth of 1578.5m with a final inclination of -56o and azimuth of 249o. This wedge hole intersected basement rocks at 836.3m with several thin zones of hematite breccia from 836.3-840.6m (this zone with minor pyrite and blebby chalcopyrite) and 858-867.9m downhole and hydrothermal breccias with disseminated sulphides from 843.9-848.9m and 879.5-880m. The remainder of the hole consisted dominantly of variably brecciated and altered quartzo-feldspathic host rock.

As for the other two wedge holes, there was a general absence of significant visible sulphides throughout this hole.