Australian prospects add to Tamaya’s gold portfolio

  Tamaya Resources’ Australian gold exploration program around Charters Towers has confirmed the attractive gold chemistry of prospects which, combined with the geomagnetics completed in the area, have resulted in the definition of several drill targets for the company in 2008.Tamaya controls several mining leases and exploration permits in the historical Rishton-Rochford goldfield, near Charters Towers, the most prospective being EPM 10,585, which spans approximately 240sqkm. Early in 2007, Tamaya appointed Terra Search Pty Ltd to manage the exploration program on EPM 10,585, focusing on under-explored areas to the west of the Rishton mill, known as the Cornishman, and to the north of Hadleigh Castle, known as Hadleigh North. Tamaya Resources Chairman, Hugh Callaghan said that the objective of the program was to generate drill targets with the potential for a million ounce resource. “The area is not yet included in the Group’s published gold resource estimate of 1.7 million ounces in all resource categories, published in September 2007,” Mr Callaghan said. “So we are very pleased with the results, and we are confident that in 2008 the Australian gold exploration and drilling program will augment the gold projects we are now developing in Armenia and Portugal,” he said. Mr Callaghan said that work to date over the Cornishman confirmed the attractive gold chemistry of many prospects, such as the Cockfields, Mossvale, Cameron and Alfonso. He said that, when combined with geomagnetics, this had resulted in the definition of a number of drill targets. Ground magnetic surveys revealed a major northeast-trending lineament that strikes across the anomalous Mossvale area, linking the trend of the Rishton Mine Corridor with the Boorli lineament, which reaches down towards Mt Leyshon gold mine. “The highest gold assays were obtained from narrow veins, such as at Cockfields and Mossvale in the Cornishman sector. Encouraging results were also obtained from Hadleigh North,” Mr Callaghan said. As a result of the work completed during the year, eight targets have been proposed for Tamaya’s 2008 drilling program. The Tamaya Board said it considered this a very good outcome, and looks forward to following through with a comprehensive drilling program in the 2008 field season, with a view to discovery of a substantial gold resource.