Tara

Target: Tin
Tenements: EL 6532

Location: 20km north east of Hillston in central NSW (between Young and Griffith)

Background:

Icon has identified a prime target for further exploration for tin, zinc and tungsten, buried beneath recent cover sediments. Icon now has an accurate picture of the basement topography... More...

Icon has identified a prime target for further exploration for tin, zinc and tungsten, buried beneath recent cover sediments. Icon now has an accurate picture of the basement topography beneath the cover, and has identified basement hills surrounded by ancestral Lachlan River channels. The hills stand up to 85m above the neighbouring basement surface in the ancient river channels, but are concealed by 15 - 30m of recent cover. At Tara, in EL6352 a very large (>4km x 2km) tin, zinc and tungsten-bearing alteration system has been identified by geophysics and drilling in basement rocks that occur beneath recent cover ranging from 10 to 100m thick.

Resource:

Icon re-sampled and re-assayed historic cored holes from Tara. Three cored holes penetrate the basement highs: PDT 12, intersected 11m at 0.37% tin (Sn), 0.61% zinc (Zn) from 654m, including 2m at 12.6g/t Ag from 662m and 4m at 0.63%Sn, 0.84%Zn from 682m, TRD8 (11m at 0.35% Sn and 3597g/t Ag from 116m), TRD6, 1.7m at 0.6%Sn, 199ppm silver from 181.9m and 5m at 0.20% Sn from 187m, and TR10 (16m at 0.125%Sn from 254m). Anomalous tungsten assays were obtained in TR10 (0.9m @0.049% W from 252.85m, 0.65m @ 0.053%W from 257.15m), ITD-1 (0.5m @0.059% W from 251m), and PDT12 (2m @ 0.051% W from 685m). Holes drilled to sample the overburden intersected highly anomalous tin around the basement highs.

Geology/Geophysics:

Highly anomalous (>1000ppm Sn) to ore-grade (1% Sn) tin values have been found in several holes drilled to the basement/cover contact, but appear to be restricted to the margins of the basement highs, just above the contact. This is interpreted to indicate that tin has shed off the basement topographic highs. Potentially ore grade tin, zinc and tungsten mineralisation in historic cored drill holes in the basement also appears to be restricted to those holes that intersected the basement highs.

Forward Program:

Drilling shows that the resistivity accurately maps the topography of the buried basement, and clearly identifies ancestral river channels separated by basement highs. Anomalous (>1000ppm Sn) tin values occur in drill holes at or near the basement/cover contact on or adjacent to the basement highs and it is considered that tin has shed off the basement highs.
Icon plans to drill the basement target at the earliest opportunity to test for extensions of the mineralisation found in PDT12 and TRD8.

Hole T3 intersected 1% Sn in the bottom in fossil soils just above basement, Hole ITAD 07 intersected 10m at 0.156% Sn from 56m. Niton Portable XRF analyses of samples from the 2010 drilling indicate anomalous tin in the lowest sediment package in the cover sequence in holes IRT10-1, 4, 5, 6, and 7, with the highest values in IRT10-6 (estimated 983ppm over 4m from 40m). The distribution of tin in the holes drilled to sample the overburden suggests that the buried basement highs have shed cassiterite into the cover sediments as they were deposited.

A placer such as this occurred at Gibsonvale, 100km east of Tara. Here weathering of tin mineralised bedrock concentrated cassiterite in an old stream channel that was subsequently covered by over 35m of younger sediment, and yielded over 7000 tonnes of cassiterite concentrate up until 1980.

The basement highs are now regarded as prime targets for tin/zinc mineralisation and Icon plans to drill these targets at the earliest opportunity.

These tenements have been vended into Gossan Hill Gold Limited, in which the Company maintains a 25% interest. See www.gossanhillgold.com.au for more.