Tasman Resources : Lake Torrens IOCG Project - Drilling Update

ACN 009 253 187

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AUSTRALIAN SECURITIES EXCHANGE ANNOUNCEMENT

14 June 2022

Lake Torrens IOCG* Project - Drilling Update

Tasman Resources Ltd (ASX:TAS) advises that drilling of the third wedge hole (VUD012W1, refer location in Figure 1) on the Lake Torrens IOCG Project (EL6416) has now been completed. Drilling progress was considerably hampered by technical issues, inclement weather and personnel disruptions due to COVID.

The project is currently held 49% by Tasman and 51% by FMG Resources Ltd, a wholly owned subsidiary of Fortescue Metals Group Ltd (ASX:FMG "Fortescue"). Fortescue has also given notice to Tasman that it intends to sole fund its interest to 80% pursuant to the terms of a Farm In and Joint Venture Agreement (refer TAS: ASX Announcement 30 May 2022).

Vulcan South

Target Area

Figure 1: Residual gravity image over the Vulcan Prospect showing the location of Vulcan South, previous Tasman holes including VUD011 and 012, first holes drilled by Fortescue at Vulcan North (VUD018 and 019) and recent wedge holes VUD011W1, VUD011W2 and VUD012W1. The thick black lines on the drill hole traces are the surface projections of basement intercepts (GDA 94, MGA Zone 53).

Level 15, 197 St George's Terrace, Perth, Western Australia 6000

Telephone: [phone]

Email: [e-mail]

ASX Announcement: 14 June 2022

For personal use only

VUD012W1 was drilled off previous Tasman hole VUD012 (refer Figure 1) and, as for the two previous wedge holes (VUD011W1 & VUD011W2, refer locations in Figure 1), was aimed at testing areas of interpreted excess mass identified with the recent Fortescue acquired gravity dataset and interpretations of historic Tasman drill holes. Tasman has previously reported wide zones of copper mineralisation in both VUD011 and VUD012 including 517m downhole at 0.15% Cu in VUD012 from 820m. The holes were also anomalous in gold, rare earth elements and palladium.

VUD0012W1 was drilled off VUD012 at 512m with an azimuth of 240o to a final depth of 1578.5m with a final inclination of -56o and azimuth of 249o (refer Figure 1). This wedge hole intersected basement rocks at 836.3m with several thin zones of hematite breccia from 836.3- 840.6m (this zone with minor pyrite and blebby chalcopyrite) and 858-867.9m downhole and hydrothermal breccias with disseminated sulphides from 843.9-848.9m and 879.5-880m. The remainder of the hole consisted dominantly of variably brecciated and altered quartzo-feldspathic host rock.

As for the other two wedge holes, there was a general absence of significant visible sulphides throughout this hole. Assay results are not yet available.

Greg Solomon

Executive Chairman

(* IOCG - Iron Oxide-Copper-Gold)

This announcement was authorised by the above signatory.

For any queries regarding this announcement please contact Aaron Gates on [phone]

Disclaimer

The interpretations and conclusions reached in this announcement are based on current geological theory and the best evidence available to the authors at the time of writing. It is the nature of all scientific conclusions that they are founded on an assessment of probabilities and, however high these probabilities might be, they make no claim for complete certainty. Any economic decisions that might be taken on the basis of interpretations or conclusions contained in this report will therefore carry an element of risk.

It should not be assumed that the reported Exploration Results will result, with further exploration, in the definition of a Mineral Resource.

Competent Persons Statement

The information in this announcement that relates to Exploration Results is based on and fairly represents information compiled by Michael J. Glasson, a Competent Person who is a member of the Australian Institute of Geoscientists. Mr Glasson is a part time employee of the company. Mr Glasson is a share and option holder. .Mr Glasson has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Glasson consents to the inclusion in the report of the matters based on their information in the form and context in which it appears.

ACN 009 253 187

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Table 1 - Drill Hole Collar Details (Wedge off parent hole VUD012)

Hole No	North	East	RL	Az.	Incl.	Total
	(m)	(mASL)	degrees	Degrees	Depth
	(m)
					(m)
	GDA94 Zone 53
VUD0012W1	6657335	695979	82.4	180	-80	1578.8

THE FOLLOWING TABLES ARE PROVIDED TO ENSURE COMPLIANCE WITH THE JORC CODE (2012 EDITION) FOR THE REPORTING OF EXPLORATION RESULTS.

Section 1 Sampling techniques and data

(criteria in this group apply to all succeeding groups)

Criteria	JORC Code explanation	Commentary
Sampling	▪	Nature and quality of sampling (EG cut channels,	▪	All samples have been obtained from NQ2
techniques.
	random chips or specific specialised industry standard		diamond drill core. See further details below.
		measurement tools appropriate to the minerals under
		investigation, such as down hole gamma sondes, or
		handheld XRF instruments, etc). These examples should
		not be taken as limiting the broad meaning of sampling.
	▪	Include reference to measures taken to ensure sample	▪	In general, core recovery at Vulcan is 100% or
		representivity and the appropriate calibration of any
			close to it, and normally drilling will fill a six
		measurement tools or systems used.
			metre core barrel with each run. Rare instances
				where core loss is apparent are documented.
	▪	Aspects of the determination of mineralisation that are		Each piece of drill core is washed and carefully
		placed in plastic core trays for geological
		Material to the Public Report. In cases where "industry
			logging.
		standard" work has been done this would be relatively
		simple (eg "reverse circulation drilling was used to	▪	This information will be provided when assay
		obtain 1m samples from which 3 kg was pulverised to
			results are reported.
		produce a 30g charge for fire assay"). In other cases
		more explanation may be required, such as where there
		is coarse gold that has inherent sampling problems.
		Unusual commodities or mineralisation types (eg
		submarine nodules) may warrant disclosure of detailed
		information.
Drilling	▪	Drill type (eg. core, reverse circulation, open-hole	▪	Thre wedge hole (VUD012W1) was drilled off
techniques.
	hammer, rotary air blast, auger, Bangka etc.) and		previous Tasman hole VUD012 by Navi drilling
		details (eg. core diameter, triple or standard tube, depth		from 623.6m to flatten and deviate the hole
			followed by NQ2 diamond drilling. VUD012W1
		of diamond tails, face-sampling bit or other type,
			was drilled to the south west, final Inclination -
		whether core is oriented and if so, by what method,
			56o. All basement core is NQ2 size. Standard,
		etc.).		6m core barrels are generally used, and core is
				oriented using a Reflex ACT tool.

3

			ASX Announcement: 14 June 2022
	Drill sample	▪	Whether core and chip sample recoveries have been	▪	Most diamond drilling at Vulcan results in 100%
	recovery.
		properly recorded and results assessed.		core recovery or close to it. In rare cases where
					there has been some core loss, this is
only					measured and recorded by the geologist
				logging the core. There has been no need to
				use, for example, triple tubes to enhance core
				recovery.
	▪	Measures taken to maximise sample recovery and	▪	As sample recovery is or close to 100% no
		ensure representative nature of the samples.		special measures have been required.
	▪	Whether a relationship exists between sample recovery	▪	This information will be provided when assay
		and grade and whether sample bias may have occurred
		due to preferential loss/gain of fine/coarse material.		results are reported.
use	Logging.	▪	Whether core and chip samples have been logged to a	▪	Logging is conducted in detail at the drill site
		level of detail to support appropriate Mineral Resource		by the site geologist, who routinely records
			estimation, mining studies and metallurgical studies.		lithology and rock textures, alteration,
				mineralisation, structures or any other relevant
					features. A semi-quantitative estimate of the
					strength of uranium mineralisation is made
					with a hand held scintillometer, and this is
					recorded in the drill logs. Core is logged both
					descriptively and with digital codes. All
					basement drill core is logged in detail; the
					overlying sedimentary cover sequence is
personal					logged in less detail. Each tray of basement
				core is photographed, and separate photos of
				specific geological details are also collected. It
				is considered to be logged at a level of detail
				to support appropriate Mineral Resource
				estimation and mining studies.
	▪	Whether logging is qualitative or quantitative in
		nature. Core (or costean, channel etc.) photography.	▪	Logging is qualitative in nature.
	▪	The total length and percentage of the relevant
		intersections logged.	▪	The entire interval of basement drill core in
				each hole is logged.
Sub-sampling	▪	If core, whether cut or sawn and whether quarter, half	▪	This information will be provided when assay
techniques and
	or all core taken.		results are reported.
sample
preparation.			▪	This information will be provided when assay
	▪	If non-core, whether riffled, tube sampled, rotary split
		results are reported.
		etc. and whether sampled wet or dry.
	▪	For all sample types, the nature, quality and	▪	This information will be provided when assay
		appropriateness of the sample preparation technique.		results are reported.
For		▪	Quality control procedures adopted for all sub-
		sampling stages to maximise representivity of samples.
			▪	This information will be provided when assay
	▪	Measures taken to ensure that the sampling is		results are reported.
		representative of the in situ material collected.
	▪	Whether sample sizes are appropriate to the grainsize	▪	This information will be provided when assay
		results are reported.
			of the material being sampled.
				▪	This information will be provided when assay
					results are reported.

			ASX Announcement: 14 June 2022
	Quality of assay	▪	The nature, quality and appropriateness of the assaying	▪	This information will be provided when assay
	data and
		and laboratory procedures used and whether the		results are reported
	laboratory tests.
		technique is considered partial or total.
only
	▪	For geophysical tools, spectrometer, handheld XRF
		instruments, etc, the parameters used in determining the	▪	This information will be provided when assay
		analysis including instrument make and model, reading
			results are reported.
		times, calibrations factors applied and their derivation
		etc.
	▪	Nature of quality control procedures adopted (eg.
		standards, blanks, duplicates, external laboratory	▪	This information will be provided when assay
		checks) and whether acceptable levels of accuracy (ie.
use			lack of bias) and precision have been established.		results are reported
Verification of	▪	The verification of significant intersections by either		This information will be provided when assay
sampling and		results are reported.
		independent or alternative company personnel.
	assaying.
				This information will be provided when assay
		▪	The use of twinned holes.		results are reported.
		▪	This information will be provided when assay
					results are reported.
		▪	Documentation of primary data, data entry procedures,
personal			data verification, data storage (physical and electronic)
		protocols.
	▪	Discuss any adjustment to assay data.
	Location of data	▪	Accuracy and quality of surveys used to locate drill holes	▪	Collar locations were determined by hand held
	points.
		(collar and down-hole surveys), trenches, mine workings		GPS and are accurate to approximately +/- 5m
			and other locations used in Mineral Resource estimation.		(northing and easting);. Down hole surveying of
				drill holes was conducted with a north seeking
					gyroscopic tool (Axis Champ) with readings
					taken every 12m on average.
		▪	Specification of the grid system used.
				▪	The grid system used is Geodetic Datum of
					Australia 1994; MGA Zone 53.
		▪	Quality and adequacy of topographic control.	▪	Topographic control is not a significant issue
					due to the generally flat topography.
	Data spacing and	▪	Data spacing for reporting of Exploration Results.	▪	Drill holes are not spaced on a regular grid due
	distribution.
				to topographical features on the surface and
For					the early stage nature of the prospect.
	▪	Whether the data spacing and distribution is sufficient to	▪	No continuity or correlation between drill holes
			establish the degree of geological and grade continuity		is implied at this stage.
			appropriate for the Mineral Resource and Ore Reserve
			estimation procedure(s) and classifications applied.
		▪	Whether sample compositing has been applied.	▪	This information will be provided when assay
					results are reported.