Sydney, May 20, 2008 AEST (ABN Newswire) - Tamaya Resources Limited (ASX: TMR)(PINK: TMAYF)("Tamaya") is pleased to announce that exploration drilling has identified a prospective magnetite occurence in the southern portion of the Company's 100% owned Santa Dominga Project in Region III in Chile.
The iron-bearing occurrence, known as "Santa Dominga Sur", was delineated through a combination of geophysics, float mapping, and limited diamond drilling.
Santa Dominga Sur will be reviewed as a near term iron ore project following the identification of a potentially large zone of primary or pure magnetite. Assuming that the deposit has the potential, any commercial development of the deposit would be assisted by the fact that there are established magnetite and pelletising plants in close proximity, and an iron ore shiploader within approximately 50 kilometres from the prospect.
Tamaya acquired the Santa Dominga concession in 2007 primarily for the high grade coppergold mineralization identified at "Santa Dominga Norte" by 10,000 metres of diamond and reverse circulation drilling.
The associated magnetite mineralization across both the Santa Dominga and Filipina Grande concessions is regarded as providing potential for magnetite production as a by-product from the copper-gold tailings following a conventional flotation process.
Tamaya Executive Chairman Mr Hugh Callaghan said: "Further drilling and testwork will explore the extent of the deposit, and the relationship between magnetite and pyrite in these zones. The implications for economic processing of material from the deposit will also be looked at, having regard to the synergies with other local iron ore producers and nearby processing and shipping infrastructure.
"The excellent infrastructure in the region, proximity to ports and long history of successful magnetite production and marketing in the area from ores with grades less than 20% Fe, presents the iron ore potential of this deposit as an intriguing value proposition for Tamaya to unlock as part of the overall exploitation of the Santa Dominga leases," Mr Callaghan said.
The iron-ore target area extends approximately 1 km north-south on the Santa Dominga Sur portion of the concession. Tamaya is undertaking a preliminary review as to future potential development scenarios, while it continues to explore and understand the extent and potential of the deposit.
Assays from initial drill results
Three diamond drill holes (SD-14, SD-15, and SD-30) were directed at testing the geophysical anomalies at Santa Dominga Sur; locations are indicated below:
--------------------------------------------------------------Drill Hole Northing Easting Azimuth Dip Total Depth--------------------------------------------------------------SD-14 6,747,746N 287,286E 262 -51 degrees 346.70mSD-15 6,747,500N 287,227E 055 -45 degrees 492.25mSD-30 6,747,206N 287,769E 270 -45 degrees 504.25m--------------------------------------------------------------
A summary of the Fe assays reported from these 3 diamond drill holes is provided below.
Note that Cu and Au assays average <0.1% and 0.1 g/t, respectively, in all three holes.
--------------------------------------------------------------SD-14 Entire Hole: 346 m @ 20.33% Fe Intervals >20m @ >20% Fe: 50 m - 90 m: 40 m @ 29.75% Fe 114 m - 158 m: 44 m @ 23.82% Fe 180 m - 204 m: 24 m @ 24.25% Fe 216 m - 292 m: 76 m @ 29.95% FeSD-15 Entire Hole: 492 m @ 21.17% Fe Intervals >20 m @ >20% Fe: 0 - 82 m: 82 m @ 33.20% Fe 162 m - 210 m: 48 m @ 22.70% Fe 226 m - 272 m: 46 m @ 27.09% FeSD-30 0 - 65 m Overburden, 65 - 504 m Mineralized bedrock Entire Hole in Bedrock: 439 m @ 19.71 % Fe Intervals >20m @ >20% Fe: 70 m - 110 m: 40 m @ 26.40% Fe 136 m - 158 m: 22 m @ 24.00% Fe 190 m - 270 m: 80 m @ 28.85% Fe 278 m - 300 m: 22 m @ 31.55% Fe 308 m - 344 m: 36 m @ 23.78% Fe 386 m - 414 m: 28 m @ 34.21% Fe--------------------------------------------------------------
All diamond drill core was logged, split, and sampled on 2 metre intervals in accordance with standard industry practices. Analyses were performed by the ISO9001:2000-accredited Acme Analytical Laboratories S.A. in Santiago, Chile.
Additional drilling is planned to confirm whether the main occurrence is sub-vertical, and consistent with the geophysical studies already completed over the area.
Tamaya will also review the potential of selective mining of the orebodies to be undertaken, which may significantly impact both the grade and the potential total of tonnes to be mined. A further report to shareholders will follow the completion and analysis of additional drilling results.
Contact
Hugh Callaghan
Executive Chairman
Tamaya Resources Limited
Media:
Fortbridge
Bill Kemmery
Tel: +61 (0) 400 122 449
| ||
|
