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EQ RESOURCES LIMITED Capital/Financing Update 2006
64867_rns_2006-11-22_98c0d166-f33b-491b-83e5-816c4c634ddf.pdf
Capital/Financing Update
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22 November 2006
ASX Announcement
Tara Drilling Results: Anomalous Tin Values Upgrade Prospectivity
Icon Resources' Board of Directors are pleased to provide shareholders with the following update on the Company's activities at its Tara tenement (EL 6825).
Summary:
Icon has completed a broadly spaced 4 drillhole program to test conceptual targets at Tara. The drilling was designed to provide bedrock samples below the $50m - 70m$ overlying cover.
Encouragingly, two of these drillholes (Drillholes T2 and T3) returned anomalous tin values to a maximum of $\pm 1\%$ Sn in a northwesterly direction along strike from previous drilling. Values above 100ppm were recorded both in the overburden and the bedrock. Given the nature of the drilling (rotary blade / roller bit), significant dilution of the intrinsic concentration is expected in both holes.
Anomalous tin values (to 3%) were obtained in the previous drilling, however only selected sections of some of the holes were assayed for tin.
In combination with the previous drilling, the anomalous tin mineralisation potentially covers an area 1.5km by 0.5km
In the first instance Icon will now extend drillholes T2 and T3 with diamond 'tails' of 50-100m to establish the geology and gain further assay data as well as relogging of previous drill core and completing tin assays. These activities are a pre-requisite to a potentially expanded exploration program.
At the same time, anomalous tin values in the overburden indicate potential for a placer tin deposit. Icon plans to geophysically map the bedrock topography to identify prospective targets for later drill testing.
Icon Drilling:
As announced in our September quarterly report, Icon recently completed drilling four holes at our Tara tenement in central NSW. The aim of the drilling was to obtain samples of fresh 'bedrock' for multielement analysis. Table 1 below gives the locations of the holes, their depths, the depths to bedrock and the reason each was drilled. Summary logs are given in the appendix. The hole locations are also shown in Figure 1.
|--|--|
| Drillhole | Location (AGD84) | Total Depth Depth to bedrock | Target | ||
|---|---|---|---|---|---|
| T1 | 381,753mE | 6,299,335mN | 133.5m | 129m | magnetic. low |
| T2 | 381,728mE | 6,299,938mN | 70m | 69m | IP high |
| T3 | 382,241mE | 6,299,608mN | 76.5m | 62m | gravity high |
| T4 | 383,686mE | 6,299,510mN | 106m | 84m | alteration vector |
A rotary drill was used to blade refusal and then replaced by a roller bit to fresh rock and second refusal. The drill chips were collected and bagged over 1m intervals and sent to ALS for multi-element analysis. Elevated levels of tin were recorded in two of the holes: T2 recorded values of 933ppm and 588ppm in the last two metres (ie, 75m and 76m) with three series of elevated values (250 - >10000ppm) in T3 including +1% in the bedrock. Table 2 gives all of the tin analyses for all four holes. Gold and other base metal assays were generally insignificant.
| Table 2 | |
|---|---|
| --------- | -- |
| T 1 | T 2 | T 3 | T4 | |||||
|---|---|---|---|---|---|---|---|---|
| Interval (m) |
Sn Assay ppm |
Geology | Sn Assay ppm |
Geology | Sn Assay ppm |
Geology | $\overline{\text{Sn}}$ Assay ppm |
Geology |
| $21 - 22$ | 5. | Transported sand, clays |
||||||
| $22 - 23$ | 13 | |||||||
| $23 - 24$ | -3 | |||||||
| $24 - 25$ | 12 | |||||||
| $25 - 26$ | 451 | |||||||
| $26 - 27$ | Transported sand, clays. |
457 | ||||||
| $27 - 28$ | 883 | |||||||
| 28-29 | 486 | |||||||
| $29 - 30$ | 42 | 180 | ||||||
| Weathered bedrock sandy |
||||||||
| $30 - 31$ | 11 | 170 | 100 | clays | ||||
| $31 - 32$ | .6. | 182 | 50 | |||||
| $32 - 33$ | 10 | 3170 | 52 | |||||
| 33-34 | 2220 | 55 | ||||||
| 34-35 | 8 | 1180 | 38 | |||||
| $35 - 36$ | 29 | 475 | 20 | |||||
| $36 - 37$ $37 - 38$ |
40 $^{\circ}21$ |
755 464 |
- 16 19 |
|||||
| 38-39 | 20 | 390 | 15 | |||||
| 39-40 | 46 | 368 | 37. | |||||
| $40 - 41$ | 12 | 266 | 19 | |||||
| $41 - 42$ | 297 | 18 | ||||||
| $42 - 43$ | 235 | 7 |
| T 1 | T 2 | T3 | T4 | |||||
|---|---|---|---|---|---|---|---|---|
| Interval (m) |
Sn Assay ppm |
Geology | Sn Assay ppm |
Geology | Sn Assay ppm |
Geology | Sn Assay ppm |
Geology |
| 43-44 44-45 45-46 46-47 47-48 48-49 49-50 $50 - 51$ $51 - 52$ 52-53 53-54 54-55 55-56 56-57 $57 - 58$ 58-59 $59 - 60$ |
Transported | 65 30 1 36 135 |
Transported sand, clays |
1375 1475 687 667 575 518. 476 215 340 190 351. 1015 566 647 726 990 604 |
Transported sand, clays |
12 20 Í4. 19 38 24 29 Ń. 31 32 29 16 n 16 þ. 19 37 |
Weathered bedrock sandy clays |
|
| 60-61 $61-62$ $62 - 63$ 63-64 64-65 $65 - 66$ 66-67 67-68 68-69 69-70 $70 - 71$ $71 - 72$ $72 - 73$ $73 - 74$ 74-75 $75 - 76$ 76-77 $77 - 78$ 78-79 79-80 $80 - 81$ $81 - 82$ $82 - 83$ |
8 7 9 179 |
sand, clays Transported sand, clays Transported sand, clays |
110 bedrock, -53 - 53 IJ 154 100 100 100 123. 96 90. S |
Weathered sericitic phylite www. 588 |
857 576 TZ A 75 BS S -10000 908 zh. R 588 |
Bedrock sericite phyllte & gtz/sercite schist |
23 14, 16. Ŷ. 28 10 18 10 Ø 19 18 $\mathbf{A}$ 41 10 Ÿ. 13. n 18 10 $\mathbf{11}$ 9. -3 13 |
| T1 | T 2 | T3 | T4 | ||||
|---|---|---|---|---|---|---|---|
| Interval (m) |
Sn Assay Geology ppm |
Sn Assay ppm |
Geology | Sn Assay ppm |
Geology | Sn Assay ppm |
Geology |
| Weathered bedrock sandy |
|||||||
| 83-84 | Ī, | cleys Bedrock sericite |
|||||
| 84-85 | S. | phyllito, breccated, |
|||||
| 85-86 | M, | fresh by on | |||||
| 86-87 | X. | tractures | |||||
| 87-88 88-89 |
88 X |
||||||
| 89-90 | 40 | ||||||
| $90 - 91$ | H. | ||||||
| $91 - 92$ | X | ||||||
| $92 - 93$ | e. Voqealar |
||||||
| 93-94 | S. | ||||||
| $94 - 95$ | X | ||||||
| $95 - 96$ | J. | ||||||
| 96-97 | en Ziel |
||||||
| 97-98 98-99 |
en K j. |
||||||
| $99 - 100$ | Í. | ||||||
| $100 - 101$ | 8 | ||||||
| 101-102 | H. | ||||||
| 102-103 | 15 | ||||||
| 103-104 | 15 | ||||||
| 104-105 | Ý, | ||||||
| 105-106 | Transported | Ñ. | |||||
| 106-107 | 8 sand, clays |
||||||
| 107-108 | |||||||
| 108-109 | |||||||
| 109-110 | |||||||
| $110 - 111$ | |||||||
| $111 - 112$ | Transported | ||||||
| 112-113 | $\mathbf{7}$ sand, clays |
||||||
| $113 - 114$ $114 - 115$ |
17 1 28 |
||||||
| $115 - 116$ | 35 | ||||||
| 116-117 | 41. | ||||||
| $117 - 118$ | 42 | ||||||
| 118-119 | 34 | ||||||
| 119-120 | 36 | ||||||
| $120 - 121$ | 34 | ||||||
| $121 - 122$ | 39 | ||||||
| 122-123 | 41 | ||||||
| 123-124 124-125 |
56 82 |
||||||
| T 1 | T 2 | T 3 | Τ4 | |||||
|---|---|---|---|---|---|---|---|---|
| Interval (m) |
Sn Assay ppm |
Geology | Sn Assay ppm |
Geology | Sn Assay ppm |
Geology | Sn Assay ppm |
Geology |
| 125-126 | 166 | Transported sand, clays |
||||||
| 126-127 | 79. | |||||||
| 127-128 | 60 1 | |||||||
| 128-129 | 32 | |||||||
| 129-130 | BV | Bedrock sandstone |
||||||
| 130-131 | e de la provincia de la consecución de la consecución de la consecución de la consecución de la consecución de Consecución de la consecución de la consecución de la consecución de la consecución de la consecución de la co |
|||||||
| 131-132 | 21182 | |||||||
| 132-133 | A. | |||||||
| 133-133.5 | ment. Timografi |
Previous Drilling
Only five of the thirteen previously drill holes have had any assaying for tin and in all cases, only sections of the holes were assayed. They are:
- (renamed PTD6 in the 2001 Platsearch report) $\bullet$ TRD6
- TRD8 (renamed PTD8) $\bullet$
- DD88TR10 (renamed PTD10)
- PTD12 $\bullet$
- PTD13 $\bullet$
Selected pulp samples from holes TRD6 and TRD8 were re-assayed by Pan Australian for Sn after the geology logs were revisited and it was noticed that cassiterite was recorded. Some of these pulp samples were bulked together for the Sn analysis and are not the same intervals as the original analyses.
- Hole DD88TR10 was partially assayed from 231.25m to 432.75m. $\bullet$
- Three samples were collected from the end of hole PTD12 and one sample from the end of PDT13. $\bullet$
Table 3 lists anomalous Sn assays (with $>0.5\%$ Cu and $>1\%$ Zn) from the previous drilling. Their locations are shown in Figure 1.
| Hole | Interval | ט סועגו Sn ppm |
Cu % | $\overline{Zn\%}$ |
|---|---|---|---|---|
| TRD 6 | 176.7-176.9 | 4700 | ||
| (all values | 181.9-183.2 (bulk) | 9300 | ||
| $>1000$ ppm $)$ | pulp) | |||
| 181.9-182.2 | 3.27% | |||
| (re-assayed from | ||||
| pulp above) | ||||
| 187.2-188.2 | 1100 | |||
| 188.2-189.2 | 3800 | |||
| 190.2-191.2 | 4400 | 1.16% | ||
| TRD 8 | 117.6-128.6 | 1400 | ||
| (bulk pulp) | ||||
| (all values | 153-162.8 | 1050 | ||
| $>1000$ ppm $)$ | ||||
| 116.6-117.6 | 2850 | 1.38% | ||
| 118.6-119.6 | 1250 | |||
| 123.6-124.6 | 4350 | |||
| 124.6-125.6 | 4000 | |||
| 154-154.8 | 2250 | |||
| 159.8-160.8 | 3150 | |||
| 160.8-161.8 | 2450 | |||
| DD88TR10 | 231.25-231.75 | 6150 | 1.8% | |
| (all values | 254.5-255 | 2.99% | 2% | |
| $>2500$ ppm $)$ | ||||
| 316-316.5 | 1.14% | 0.5% | ||
| 339-339.5 | 2600 | |||
| 362-363 | 2900 | |||
| 392-392.5 | 3550 | |||
| 435.25-435.75 | 3650 | |||
| PDT12 | 654.0-660.0 | 136 | ||
| 660.0-666.0 | 218 | |||
| 684.0-690.0 | 150 | |||
| PDT 13 | 302.0-308.0 | 484 |
Tahle ?
Figure 1. Icon and previous drillhole locations at the Tara prospect. Five of the thirteen previous holes have been partially assayed for tin with values up to 3% Sn recorded. Icon holes T2 and T3 recorded anomalous values up to 1% Sn.
For further information, contact John Bishop, Managing Director 02 9279 1252 or 0418 373 429 Digital copies of this and other reports are available on our website www.iconresources.com.au. To receive email copies of future releases, subscribe by email to $info(\hat{\alpha})$ conresources.com.au
Appendix
Summary logs of Tara Holes T1 - T4
T1.
| 0m to 4m Soil | |
|---|---|
| 4m to 129m Lateritised, transported sand, clayey sand, sandy kaolinitic clay. | |
| 129m to 133m Bedrock: Sandstone, iron stained. |
T2.
| Om to | – 3m Soil | |
|---|---|---|
| 3m to 69m Lateritised, transported sand, clayey sand, sandy kaolinitic clay. | ||
| 69m to 76m Bedrock: weathered sericite phyllite, brecciated and chlorite altered, with chorite | ||
| and cassiterite along fractures. | ||
T3.
| 0m to 1m Soil | |
|---|---|
| Im to 62m Lateritised, transported sand, clayey sand, sandy kaolinitic clay. | |
| 62m to 70m Bedrock: Sericite phyllite and quartz sericite schist, with iron oxide stained chlorite | |
| and cassiterite along fractures. |
T4.
| 0m to | 2m Soil | |
|---|---|---|
- 2m to 30m Lateritised, transported sand, clayey sand, sandy kaolinitic clay.
- 30m to 84m Orange sandy clayey saprolite.
84m to 106m Bedrock: Sericitic phyllite, brecciated, with fresh pyrite on fractures.