Tasman Raises Funds, Plans 185-Station MT Survey and Drilling Campaign

Exploration Momentum at Lake Torrens

Tasman Resources Ltd (ASX, TAS) continues to advance its exploration efforts through its joint venture with Fortescue Ltd at the Lake Torrens IOCG project in South Australia. Fortescue, as the joint venture manager, is preparing to commence a magnetotelluric (MT) survey targeting the Titan and Bill’s Lookout prospect areas. This geophysical survey, scheduled to start in July 2025, aims to detect electromagnetic anomalies beneath surface cover that could indicate mineralisation, complementing existing gravity and magnetic data.

The survey design prioritises coverage of prominent gravity anomalies with up to 185 MT stations planned. Fortescue has engaged Zonge Australia to conduct the work, with a capped budget of $300,000. Early results from the initial priority stations will determine whether the survey expands to additional stations for detailed 3D modelling. Historical drilling in these areas is sparse, with only one drill hole each from the early 1980s, underscoring the potential for new discoveries using modern techniques.

Parkinson Dam Project Poised for Drilling

Meanwhile, Tasman’s 100% owned Parkinson Dam project in the Gawler Craton is gearing up for a reverse circulation drilling campaign targeting five to six untested prospects. These targets, identified through recent comprehensive geophysical reviews including Archimedes Consulting’s proprietary Automatic Curve Matching technology, span IOCG, epithermal gold-silver, and porphyry mineralisation styles. Notably, one target overlays historic high-grade gold and silver intercepts from drilling in 2006-2007, suggesting significant upside potential.

The drilling program awaits capital raising completion and regulatory approvals. Tasman’s recent renounceable pro-rata entitlement offer raised $218,901 before costs, with substantial shareholder loan repayments of $1.68 million improving the company’s working capital. The company is exploring options to place the shortfall of approximately 89 million shares to fund the high-impact drilling campaign.

Strategic Investment in Eden Innovations

Tasman also holds a significant 33.9% stake in Eden Innovations Ltd (ASX, EDE), a company showing strong sales momentum, particularly in the US market. Eden reported record quarterly sales of its Pz7 concrete additive product and rapid expansion of ready-mix concrete plant installations. Eden is undertaking a capital raising to reduce debt and support global product rollout, which could enhance Tasman’s investment value. Tasman is considering ways to return value to shareholders from this holding, including potential in-specie distributions or strategic sales.

Financial Position and Outlook

Cash flow reports indicate minimal exploration expenditure during the quarter, reflecting a focus on preparatory work and data integration. Tasman’s cash on hand at quarter-end was $197,000, excluding $561,000 held by Eden Innovations, with outstanding shareholder loans reduced to under $100,000. The company’s financial management through capital raising and loan repayments positions it to advance its exploration agenda, particularly the upcoming drilling at Parkinson Dam.

While no production or development activities occurred this quarter, the combination of advanced geophysical surveys, identified drill targets, and strengthened balance sheet sets the stage for potentially transformative exploration results in the coming months.