Fortescue Earns 51% in Lake Torrens; Tasman Targets Six Drilling Sites at Parkinson Dam
Tasman Resources has progressed its Lake Torrens IOCG joint venture with Fortescue, expanded geophysical surveys, and outlined plans for a multi-target drilling campaign at Parkinson Dam, supported by a $3.68 million entitlement offer.
- Fortescue earns 51% JV interest in Lake Torrens EL6416, conducts extended MagnetoTellurics surveys
- Tasman identifies six drill targets at Parkinson Dam for IOCG, epithermal, and porphyry mineralisation
- Entitlement offer launched to raise $3.68 million, including loan-to-share conversions
- Eden Innovations (33.9% owned) reports growing EdenCrete®Pz7 sales with Holcim in Ecuador, USA, and India
- Tasman expects improved capital position and minimal debt to support upcoming drilling programs
Lake Torrens IOCG Project: Fortescue Takes the Lead
Tasman Resources Ltd continues to advance its Lake Torrens IOCG project in South Australia through its joint venture with Fortescue Ltd. Fortescue, having earned a 51% interest in Exploration Licence 6416, has been actively expanding geophysical investigations. The recent quarter saw the addition of ten new MagnetoTellurics (MT) survey stations, extending the previous grid at the Vulcan prospect. This follow-up survey targets a prominent conductivity anomaly northeast of existing drilling, potentially indicating deeper mineralisation beyond the main gravity and magnetic anomalies.
The preliminary 2D inversion models generated from this MT data are currently under review by Tasman, with further synthesis planned in collaboration with the University of Adelaide. Fortescue’s management of the joint venture and ongoing exploration efforts underscore the strategic importance of this project, located just 30km north of BHP’s Olympic Dam mine.
Parkinson Dam Project: Multiple Targets and Drilling Plans
At the 100% owned Parkinson Dam project, Tasman has identified six compelling drill targets spanning IOCG, epithermal, and porphyry mineralisation styles. A recent geophysical review by Archimedes Consulting confirmed five initial targets and revealed an additional gravity anomaly beneath historic high-grade gold and silver intercepts from drilling in 2006-2007.
The company plans a reverse circulation drilling program comprising five to six holes, with diamond tails as needed to reach deeper targets. This program is contingent on securing drilling approvals and the successful completion of the announced entitlement offer. The targeted mineralisation at Parkinson Dam offers a promising exploration upside, with historic intercepts including 21m at 21g/t gold and 83g/t silver.
Capital Raising and Financial Position
Tasman has launched a renounceable pro-rata entitlement offer to raise up to $3.68 million at $0.02 per share, including free attaching options exercisable at $0.05. This capital raise is designed to fund the Parkinson Dam drilling campaign and working capital requirements. Additionally, the company is converting outstanding loans and accrued director and management fees into equity, significantly reducing debt levels.
Notably, Eden Innovations Ltd, in which Tasman holds a 33.9% stake, repaid a $6.15 million loan during the quarter, further strengthening Tasman’s balance sheet. Eden’s EdenCrete®Pz7 product continues to gain traction globally, with expanding orders from Holcim in Ecuador, the USA, and trials underway in India’s rapidly growing concrete market.
Outlook and Strategic Implications
With Fortescue’s active management and ongoing geophysical work at Lake Torrens, alongside Tasman’s imminent drilling plans at Parkinson Dam, the company is positioning itself for a potentially transformative exploration phase. The successful entitlement offer and loan conversions will provide the necessary capital buffer to advance these projects with minimal debt burden.
Meanwhile, Eden Innovations’ commercial progress offers a complementary growth avenue for Tasman, diversifying its exposure beyond exploration. Investors will be watching closely for drilling results and the completion of the entitlement offer, which together will shape Tasman’s near-term trajectory.
Bottom Line?
Tasman’s dual focus on advancing JV exploration and securing funding sets the stage for a pivotal drilling season ahead.
Questions in the middle?
- How will the final MT survey models at Lake Torrens influence Fortescue’s drilling decisions?
- What are the timelines and regulatory hurdles for Parkinson Dam’s planned drilling program?
- How might Eden Innovations’ expanding EdenCrete®Pz7 sales impact Tasman’s valuation and cash flow?