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EQ RESOURCES LIMITED Capital/Financing Update 2007
64867_rns_2007-04-23_444ef994-db69-42c5-a3ae-dc82d904fe84.pdf
Capital/Financing Update
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24 April 2007
ASX Announcement
Tara Drilling to Recommence 30th April 2007
Icon Resources' Board of Directors would like to provide shareholders with the following update on the Company's activities at its Tara tenement (EL 6825).
Summary
Highly encouraging tin grades have been recorded in recent drilling by Icon at Tara (T2 and T3) as well as in earlier drilling and Icon is about to commence follow up drilling in combination with further geophysical surveys.
An attempt to commence a second drilling campaign was undertaken in March using an interim smaller rig but this proved inadequate and drilling was halted until the larger, multi-purpose, rig was available. This rig is now scheduled to commence drilling on Monday, 30th April.
Managing Director Dr John Bishop comments that despite the disappointing delays in the commencement of drilling, this program is exciting given that the tin grades that have been intersected in past drilling are potentially economic at current commodity prices. The project also has the capacity to contain a large orebody given the distance between mineralized drillholes and the sparse previous drilling. Furthermore, the mineralized alluvial overburden could prove to be a significant resource in itself and the success of a trial resistivity in locating palaeochannels is likely to reduce costs and accelerate exploration for this secondary target.
Drilling Program
A trial resistivity survey appears to have been successful in identifying buried palaeochannels at Tara and Icon's recent drilling program has suggested that encouraging tin grades occur in basal sediments of these palaeochannels (see Figure 1).
Icon's third drilling campaign will test these palaeochannels in the upper parts of several holes that are designed to continue into basement to test for primary mineralization.
A flexible program is planned. Icon's portable XRF ('Niton') will be used to provide 'real time' (approximate) assays and this will allow flexibility as the program advances.
A line of resistivity surveying will also be carried out across the Tara leases to map all of the palaeochannels and to better establish the basement topography. Evidence to-date suggests there could be extensive palaeochannel development in the area while the presence of near-surface tin in recent drilling indicates that there is potential for undiscovered areas of shallow mineralized basement.
Resistivity section through Icon drillholes T1 and T2 showing correlation of tin with base of Figure 1. palaeochannels and the top of the basement metasediments.
As previously reported by Icon, only some of the mineralization intersected in earlier drilling has been analysed for tin. Icon is now in the process of assaying drill core not previously sampled. Results for the completed holes are given in the Appendix and the more significant values are shown in Figure 2. (Tin values from the four holes drilled by Icon were included in Icon's 22 November, 2006 release to the ASX.)
Figure 2. The previously drilled holes were only partially assayed for tin and Icon is now in the process of assaying all of the mineralised zones. This plan shows the significant tin values from the holes assayed to date. All of the tin, copper and zinc assays obtained from the previously drilled holes are outlined in the Appendix.
Geological Model
The widespread, elevated tin levels at Tara suggest that Icon has discovered a major new tin prospect, in the same district as the Ardlethan tin field. However, the source granite at Ardlethan outcrops, whereas at Tara it is interpreted to be buried at a depth of ~1400m (Rudowski, 2004). This setting is similar to Peru's San Rafael mine, the world's richest tin mine. At San Rafael, tin ore with an average head grade of 5% tin is produced from bonanza veins up to 1500 m above the source granite.
The style of alteration and mineralisation discovered at Tara fits with the alteration and mineralisation found at several of the world's great tin provinces including Cornwall, the Herberton district in north Queensland, San Rafael, and not least, Ardlethan. A feature of all these tin provinces is the association of tin with zinc at some distance from the source granite and with copper closer to the source granite (Cornwall produced over 1 million tonnes of copper through a 4000 year history). A schematic diagram is outlined in Figure 3.
Figure 3. Interpreted style of tin, zinc and copper mineralisation at Tara. This has noted similarities to the rich San Rafael mine in Peru; including the depth to the granite and the style of alteration.
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 [email protected]
Appendix
Tin Assays from Pre-Icon Drilling
Holes drilled by previous explorers were only partially assayed for tin. Icon is now in the process of assaying drill core not previously sampled. This table presents the results to date.
| HoleID | From | To | Interval (m) | Sn (ppm) |
Cu (ppm) |
Zn (ppm) |
Sn (ppm) | Composite intervai (m) |
|---|---|---|---|---|---|---|---|---|
| PDT12 | 455 | 456 | 1 | 226 | 142 | 182 | ||
| PDT12 | 456 | 457 | 1. | 421 | 148 | 827 | ||
| PDT 12 | 457 | 458 | 1 | 481 | 113 | 651 | ||
| PDT12 | 458 | 459 | 1 | 2690 | 405 | 5210 | 2690 | 1 |
| PDT12 | 459 | 460.25 | 1.25 | 264 | 88 | 443 | ||
| PDT12 | 460.25 | 461 | 0.75 | 253 | $\overline{81}$ | 196 | ||
| PDT 12 | 461 | 462 | 1 | 118 | 78 | 129 | ||
| PDT 12 | 654 | 655 | 1 | 1765 | 326 | 4780 | 4116 | 16.1 |
| PDT 12 | 655 | 656 | 1 | 6600 | 649 | 18900 | ||
| PDT12 | 656 | 657 | 1 | 833 | 139 | 787 | ||
| PDT12 | 657 | 658 | 1 | 2320 | 650 | 6240 | ||
| PDT 12 | 658 | 659 | 1 | 7520 | 772 | 19500 | ||
| PDT12 | 659 | 660 | 1 | 1155 | 119 | 2740 | ||
| PDT12 | 660 | 661 | 1 | 2950 | 206 | 1920 | ||
| PDT12 | 661 | 662 | 1 | 331 | 95 | 637 | ||
| PDT 12 | 662 | 663 | 1 | 5680 | 295 | 6290 | ||
| PDT 12 | 663 | 664 | 1. | 7880 | 185 | 3530 | ||
| PDT 12 | 664 | 665 | 1 | 3170 | 90 | 1515 | ||
| PDT 12 | 665 | 666 | $\overline{1}$ | 79 | 29 | 113 | ||
| PDT 12 PDT12 |
682.9 684 |
684 685 |
1.1 1 |
500 3460 |
282 292 |
2010 3890 |
||
| PDT12 | 685 | 686 | 1 | 14000 | 674 | 16400 | ||
| PDT 12 | 686 | 687 | 1 | 7980 | 769 | 11800 | ||
| PDT12 | 687 | 688 | 1 | 586 | 120 | 556 | ||
| PDT 12 | 688 | 689 | 1 | 121 | 30 | 145 | ||
| PDT12 | 689 | 690 | 1 | $\overline{103}$ | $\overline{18}$ | 112 | ||
| PDT 12 | 698.1 | 699.6 | $\overline{1.5}$ | 650 | 125 | 664 | ||
| PDT12 | 699.6 | 700.38 | 0.78 | 3090 | 354 | 4390 | 3090 | 0.78 |
| PDT 12 | 700.38 | 701.28 | 0.9 | $\overline{377}$ | 74 | 514 | ||
| PDT 12 | 701.28 | 701.8 | 0.52 | 5340 | 329 | 6040 | 5340 | 0.52 |
| PDT 12 | 701.8 | 702.5 | 0.7 | 165 | 112 | 554 | ||
| PDT 12 | 702.5 | 703.5 | 1 | $\overline{343}$ | 56 | 330 | ||
| PDT 13 | 197 | 198 | 1 | 281 | 114 | 338 | ||
| PDT 13 | 198 | 199 | 1 | 168 | 68 | 344 | ||
| PDT 13 | 199 | 200 | 1 | 101 | 69 | 1300 | ||
| PDT13 | 200 | 201 | 1 | 309 | 31 | 268 | ||
| PDT 13 | 201 | 202 | 1 | 205 | 53 | 189 | ||
| PDT 13 | 202 | 203 | 1 | 274 | 104 | 881 | ||
| PDT 13 | 203 | 204 | 1 | 125 | 69 | 241 | ||
| PDT 13 | 204 | 205 | 1 | 187 | 111 | 471 | ||
| PDT 13 | 205 | 206 | 1 | 121 | 60 | 104 | ||
| PDT 13 | 206 | 207 | 1 | 120 | 84 | 95 |
| HoleID | From | To | Interval (m) | Sn | Cu | Zn | Sn (ppm) | Composite |
|---|---|---|---|---|---|---|---|---|
| (ppm) | (ppm) | (ppm) | Interval (m) | |||||
| PDT 13 | $\overline{207}$ | 208 | 1 | 104 | 72 | 69 | ||
| PDT 13 | 208 | 209 | 1 | 29 | 53 | 152 | ||
| PDT 13 | 282 283 |
283 | 1 | 49 $\overline{32}$ |
30 23 |
87 60 |
||
| PDT13 | 284 | 1 | ||||||
| PDT13 PDT13 |
284 285 |
285 286 |
1 1 |
78 23 |
26 20 |
82 71 |
||
| PDT13 | 286 | 287 | 1 | 248 | $\overline{51}$ | 97 | ||
| PDT13 | 287 | 288 | 1 | 52 | 38 | 47 | ||
| PDT 13 | 288 | 289 | 1 | 139 | $\overline{71}$ | 87 | ||
| PDT13 | 289 | 290.2 | $\overline{1.2}$ | 50 | $\overline{27}$ | 22 | ||
| PDT 13 | 298 | 299 | 1 | 40 | $\overline{18}$ | $\overline{13}$ | ||
| PDT13 | 299 | 300 | 1 | 26 | 15 | $\overline{9}$ | ||
| PDT 13 | 300 | 300.75 | 0.75 | 133 | 36 | 422 | ||
| PDT 13 | 300.75 | 301.25 | 0.5 | 1685 | 238 | 10900 | 1685 | 0.5 |
| PDT13 | 301.25 | 302.2 | 0.95 | 83 | 39 | 166 | ||
| PDT 13 | 302.2 | 303.2 | 1 | 17 | 21 | 24 | ||
| PDT 13 | 303.2 | 304.1 | 0.9 | $\overline{20}$ | $\overline{20}$ | $\overline{29}$ | ||
| PDT 13 | 346 | 347 | 1 | 880 | 8 | 169 | ||
| PDT 13 | $\overline{347}$ | 348 | 1 | 600 | 59 | 1080 | ||
| PDT13 | 348 | 348.6 | 0.6 | 629 | 165 | 3850 | ||
| PDT13 | 348.6 | 349.5 | 0.9 | 120 | 54 | 364 | ||
| TRD 8 | $\overline{54}$ | 55 | 1 | 687 | $\overline{95}$ | 60 | ||
| TRD 8 | 55 | 56 | 1 | 747 | 35 | 53 | ||
| TRD8 | 56 | $\overline{57}$ | 1 | 625 | 29 | 59 | ||
| TRD 8 | 57 | 58 | 1 | 739 | 88 | 75 | ||
| TRD 8 | 58 | 59 | 1 | 526 | 41 | 61 | ||
| TRD 8 | 59 | 60 | 1 | 440 | 19 | 63 | ||
| TRD 8 | 60 | 61 | 1 | 596 | 30 | 188 | ||
| TRD 8 | 61 | 62 | 1 | 541 | $\overline{30}$ | 62 | ||
| TRD 8 | 62 | 63 | 1 | 627 | 52 | 57 | ||
| TRD 8 | 63 | 64 | 1 | 512 | $\overline{37}$ | 66 | ||
| TRD 8 | 64 | 65.5 | 1.5 | 792 | 83 | 41 | ||
| TRD 8 | 65.5 | 67.9 | 2.4 | 833 | 93 | 53 | ||
| TRD 8 | 67.9 70 |
70 73 |
2.1 3 |
29 | 6 6 |
226 | ||
| TRD 8 TRD 8 |
$\overline{73}$ | 74.6 | 1.6 | 35 162 |
10 | 1490 63 |
||
| TRD 8 | 74.6 | 76.6 | $\overline{2}$ | 663 | 66 | 47 | ||
| TRD 8 | 76.6 | 77.7 | 1.1 | 88 | 89 | 92 | ||
| TRD 8 | 77.7 | 78.8 | 1.1 | 36 | 39 | 61 | ||
| TRD8 | 78.8 | 79.5 | 0.7 | 152 | 90 | 98 | ||
| PD88TR10 | 150.06 | 153.1 | 3.04 | 82 | 47 | 415 | ||
| PD88TR10 | 153.1 | 154.1 | 1. | 407 | 45 | 122 | ||
| PD88TR10 | 154.1 | 156.5 | 2.4 | 44 | 24 | 91 | ||
| PD88TR10 | 156.5 | 158.5 | $\overline{2}$ | 86 | 59 | 514 | ||
| PD88TR10 | 158.5 | 160 | 1.5 | 98 | 54 | 705 | ||
| PD88TR10 | 160 | 160.3 | 0.3 | 1020 | 152 | 4950 | 1020 | $0.3 -$ |
| PD88TR10 | 160.3 | 162 | 1.7 | $\overline{28}$ | $\overline{31}$ | 169 | ||
| PD88TR10 | 162 | 162.7 | 0.7 | 241 | 49 | 94 | ||
| PD88TR10 | 162.7 | 163.9 | 1.2 | 109 | 41 | 313 | ||
| PD88TR10 | 163.9 | 165 | 1.1 | 573 | 150 | 4640 | ||
| PD88TR10 | 165 | 166 | 1. | 174 | 104 | 900 |
| HoleID | From | To | Interval (m) | Sn | Cu | Zn | Sn (ppm) | Composite |
|---|---|---|---|---|---|---|---|---|
| PD88TR10 | 166 | 167 | 1 | (ppm) 141 |
(ppm) 101 |
(ppm) 724 |
$ $ ntervai $ $ $\langle$ m $\rangle$ | |
| PD88TR10 | 167 | 168 | 1 | 31 | 38 | 105 | ||
| PD88TR10 | 168 | 168.95 | 0.95 | 7 | 20 | 87 | ||
| PD88TR10 | 168.95 | 170 | 1.05 | $\overline{22}$ | 17 | 105 | ||
| PD88TR10 | 170 | 171 | 1 | 186 | 99 | 1010 | ||
| PD88TR10 | 171 | 172 | 1 | 63 | $\overline{53}$ | 145 | ||
| PD88TR10 | 172 | 173 | 1 | 276 | 180 | 668 | ||
| PD88TR10 | 173 | 174.05 | 1.05 | 77 | 93 | 187 | ||
| PD88TR10 | 174.05 | 175 | 0.95 | 10 | 25 | 99 | ||
| PD88TR10 | 175 | 176.05 | 1.05 | 41 | $\overline{47}$ | 129 | ||
| PD88TR10 | 176.05 | 177 | 0.95 | $\overline{22}$ | $\overline{41}$ | 143 | ||
| PD88TR10 | 177 | 177.95 | 0.95 | 99 | 84 | 266 | ||
| PD88TR10 | 177.95 | 179.7 | 1.75 | 77 | 71 | 361 | ||
| PD88TR10 | 179.7 | 180.85 | 1.15 | 25 | $\overline{35}$ | $\overline{70}$ | ||
| PD88TR10 | 180.85 | 181.83 | 0.98 | 120 | 110 | 881 | ||
| PD88TR10 | 181.83 | 182.75 | 0.92 | 175 | 75 | 482 | ||
| PD88TR10 | 182.75 | 184.5 | 1.75 | 730 | 73 | 1050 | ||
| PD88TR10 | 184.5 | 185.8 | 1.3 | 121 | 42 | 324 | ||
| PD88TR10 | 185.8 | 187.7 | 1.9 | 51 | 38 | 245 | ||
| PD88TR10 | 187.7 | 189.25 | 1.55 | 91 | 35 | 111 | ||
| PD88TR10 | 189.25 | 190.55 | 1.3 | 102 | 43 | 139 | ||
| PD88TR10 | 190.55 | 192 | 1.45 | 43 | $\overline{22}$ | 123 | ||
| PD88TR10 | 192 | 193 | 1 | 58 | 49 | 85 | ||
| PD88TR10 | 193 | 194.7 | 1.7 | 20 | $\overline{27}$ | 106 | ||
| PD88TR10 | 194.7 | 195.5 | 0.8 | 98 | 67 | 124 | ||
| PD88TR10 | 195.5 | 196.5 | 1 | 53 | 51 | 525 | ||
| PD88TR10 | 196.5 | 198.6 | $\overline{2.1}$ | 21 | 26 | 86 | ||
| PD88TR10 | 198.6 | 200.47 | 1.87 | 13 | 15 | $\overline{52}$ | ||
| PD88TR10 | 210.1 | 212 | 1.9 | 111 | 28 | 162 | ||
| PD88TR10 | 212 | 213.5 | 1.5 | 31 | 21 | 75 | ||
| PD88TR10 | 213.5 | 214.7 | 1.2 | 395 | $\overline{71}$ | 665 | ||
| PD88TR10 | 214.7 | 215.6 $\overline{217}$ |
0.9 | 43 | 44 | 78 | ||
| PD88TR10 PD88TR10 |
215.6 217 |
218.3 | $\overline{1.4}$ 1.3 |
195 278 |
61 194 |
1060 6780 |
||
| PD88TR10 | 218.3 | 219.5 | $\overline{1.2}$ | 155 | 79 | 619 | ||
| PD88TR10 | 219.5 | 221.2 | 1.7 | 50 | 52 | 115 | ||
| PD88TR10 | 221.2 | 222.2 | 1 | 117 | 78 | 114 | ||
| PD88TR10 | 222.2 | 224.3 | 2.1 | 49 | 56 | 129 | ||
| PD88TR10 | 224.3 | 226.2 | 1.9 | 294 | 173 | 980 | ||
| PD88TR10 | 226.2 | 228 | 1.8 | 170 | 157 | 759 | ||
| PD88TR10 | 228 | 229.4 | 1.4 | 62 | 58 | 101 | ||
| PD88TR10 | 229.4 | 231.25 | 1.85 | 776 | 1820 | 614 | ||
| PD88TR10 | 231.75 | 232.9 | 1.15 | 559 | 274 | 798 | ||
| PD88TR10 | 232.9 | 233.85 | 0.95 | 790 | 340 | 569 | ||
| PD88TR10 | 243.35 | 244.7 | 1.35 | 311 | 174 | 321 | ||
| PD88TR10 | 244.7 | 246.33 | 1.63 | 1755 | 87 | 373 | 1755 | 1.63. |
| PD88TR10 | 246.5 | 247.23 | 0.73 | 141 | 103 | 214 | ||
| PD88TR10 | 247.23 | 247.42 | 0.19 | 5450 | 10100 | 6540 | 5450 | 0.19 |
| PD88TR10 | 247.42 | 248.1 | 0.68 | 217 | 236 | 1100 | ||
| PD88TR10 | 248.1 | 249.4 | 1.3 | 171 | 58 | 408 | ||
| PD88TR10 | 249.4 | 250 | 0.6 | 1500 | 174 | 1250 | 1500 | 0.6 |
| HoleID | From | To | Interval (m) | Sn | Cu | Zn | Sn (ppm) | Composite |
|---|---|---|---|---|---|---|---|---|
| (ppm) | (ppm) | (ppm) | Interval (m) | |||||
| PD88TR10 | 250.5 | 251.7 | $\overline{1.2}$ | 173 | 56 | $\overline{212}$ | ||
| PD88TR10 | 251.7 | 252.85 | 1.15 | 190 | 38 | 162 | ||
| PD88TR10 | 252.85 | 253.73 | 0.88 | 517 | 308 | 1230 | ||
| PD88TR10 | 253.9 | 254.5 | 0.6 | 961 | 226 | 327 | ||
| PD88TR10 | 255 | 256.2 | 1.2 | 183 | 153 | 275 | ||
| PD88TR10 | 256.2 | 257.15 | 0.95 | 71 | 46 | 130 | ||
| PD88TR10 | 257.15 | 257.8 | 0.65 | 12000 | $\overline{721}$ | 1020 | 12000 | 0.65 |
| PD88TR10 | 257.8 | 259.75 | 1.95 | 53 | $\overline{36}$ | 105 | ||
| PD88TR10 | 263.4 | 264.4 | 1 | 1310 | 494 | 224 | 1410 | 1.17 |
| PD88TR10 | 264.4 | 264.57 | 0.17 | 2000 | 4890 | 3690 | ||
| PD88TR10 | 264.57 | 265.68 | 1.11 | 378 | 697 | 167 | ||
| PD88TR10 | 265.68 | 267.2 | 1.52 | 162 | 153 | 142 | ||
| PD88TR10 | 316.9 | 318.5 | 1.6 | 621 | 185 | 122 | ||
| PD88TR10 | 319 | 320.7 | 1.7 | $\overline{78}$ | $\overline{37}$ | 181 | ||
| PD88TR10 | 320.7 | 322.74 | 2.04 | 1405 | 245 | 1780 | 1405 | 2.04 |
| PD88TR10 | 339.5 | 341.21 | 1.71 | 113 | $\overline{142}$ | 106 | ||
| PD88TR10 | 341.21 | 342.3 | 1.09 | 2720 | 659 | 766 | 2720 | 1.09 |
| PD88TR10 | 342.3 | 344 | 1.7 | 63 | 54 | 118 | ||
| PD88TR10 | 345 | 346.1 | 1.1 | 69 | 81 | 434 | ||
| PD88TR10 | 346.1 | 348.12 | 2.02 | 892 | 149 | 411 | ||
| PD88TR10 | 348.12 | 350.22 | 2.1 | 165 | 90 | 241 | ||
| PD88TR10 | 350.22 | 350.31 | 0.09 | 60 | 408 | 14700 | ||
| PD88TR10 | 350.31 | 351.26 | 0.95 | 1030 | 300 | 417 | 1088 | $1.93 -$ |
| PD88TR10 | 351.26 | 352.24 | 0.98 | 1145 | 486 | 1630 | ||
| PD88TR10 | 352.24 | 354.2 | 1.96 | 369 | 109 | 996 | ||
| PD88TR10 | 354.2 | 356 | 1.8 | 302 | 169 | 931 |