Tasman Resources and Fortescue Launch Major South Australian Drilling Programs at Parkinson Dam and Titan West

Fortescue to Commence Maiden Drilling at Titan West Target in Lake Torrens

Fortescue’s subsidiary FMG Resources Pty Ltd, holding a 51% stake and managing the Lake Torrens IOCG joint venture, plans to drill two maiden holes at the Titan West prospect starting late August 2026, subject to rig availability. This marks the first drilling at Titan West in approximately 45 years since Western Mining Corporation’s 1975 hole near the Olympic Dam discovery.

Located about 30 kilometres north of Olympic Dam at Roxby Downs, the Titan West target was previously inadequately tested by WMC’s historic drill hole. The upcoming drilling aims to investigate gravity and magnetic anomalies alongside newly acquired Magnetotelluric (MT) data, which suggests either a conductor extending to around 1,000 metres depth or a conductive body with resistivity between 30–50 ohm-metres reaching 2–3 kilometres deep. Fortescue has invested $7.62 million since the farm-in and JV agreement in May 2022 and retains the option to increase its interest to 80% by sole funding $11 million in exploration.

Tasman Expands Parkinson Dam Drilling to 20 Targets Following Comprehensive Review

Tasman Resources has broadened its drilling program at the 100%-owned Parkinson Dam project from six to 20 holes, based on a thorough analysis of geophysical data and 81 historical drill holes from 2006 to 2009. This review, conducted by Archimedes Consulting and geologist Dr Tony Belperio, integrated new geophysical data collected over the past two years with regional geological information and past drilling results, identifying 60 potential targets and selecting the 20 most promising for drilling.

Scheduled for September 2026 pending rig availability, the expanded targets focus mainly on hydrothermal and epithermal mineralisation, replacing the initial six targets identified since 2024. Tasman completed an Aboriginal Heritage Survey on July 1, 2026, and is preparing its South Australian Government drilling approval application. Parkinson Dam lies on the southeastern margin of the Gawler Craton, within the same geological precinct as Olympic Dam.

Historical Drill Results Highlight Parkinson Dam’s Mineral Potential

Encouraging assay results from historical drilling support the expanded exploration at Parkinson Dam. Drill hole PD63, part of Tasman’s 2006–2009 campaign, intersected 21 metres grading 21 g/t gold from 179 to 200 metres, including a 9-metre interval at 31 g/t gold. Additionally, an RC pre-collar at 101–102 metres returned 105.3 g/t gold.

Strong silver mineralisation was also recorded in the same hole, with 21 metres grading 83 g/t silver, including a 9-metre section at 152 g/t silver. Management cites these results as evidence of significant high-grade epithermal and hydrothermal mineralisation potential, which, combined with new geophysical interpretations, guided the selection of the 20 high-priority drill targets.

Geological Context and IOCG Prospectivity in the Gawler Craton

Both Lake Torrens and Parkinson Dam projects are situated within South Australia’s Gawler Craton, a region known for world-class mineral deposits such as Olympic Dam, discovered by Western Mining Corporation in 1975. Targeting iron oxide copper gold (IOCG) mineralisation of similar geological age, these projects benefit from the Proterozoic basement rock setting that has been extensively explored for decades.

The geological and geophysical features of both projects align with those associated with significant mineralisation in the craton. Their proximity to Olympic Dam reinforces the strong regional prospectivity, a key factor in Tasman’s management assessment and the rationale for the expanded drilling programs.

Regulatory and Heritage Compliance Progress

Exploration activities at both projects comply with South Australian Government regulations and Aboriginal Heritage protections. At Lake Torrens, Aboriginal Heritage Surveys are complete, and drilling approval applications under the PEPR process have been submitted and are pending. Parkinson Dam’s Aboriginal Heritage Survey was completed on July 1, 2026, with the final report awaited; drilling approval applications are in preparation.

These regulatory and heritage steps are standard requirements for mineral exploration in South Australia. Drilling commencement timelines depend on rig availability and the receipt of all necessary approvals.

Lake Torrens JV Structure and Fortescue’s Earn-In Rights

The Lake Torrens IOCG project operates under a farm-in and joint venture agreement between Tasman and Fortescue’s FMG Resources. Fortescue currently holds 51% and manages the JV, with the option to increase its interest to 80% by sole funding $11 million in exploration. Since May 2022, Fortescue has invested $7.62 million.

Tasman’s stake stands at 49%, potentially reducing to 20% if Fortescue exercises its earn-in right. Fortescue’s role as JV manager and operator of the Titan West drilling program underscores its strategic commitment and leadership in exploring the Lake Torrens IOCG target.

Magnetotelluric Survey Enhances Titan West Targeting

Recent Magnetotelluric (MT) geophysical data, processed by Vox Geophysics, has been integrated with historical gravity and magnetic surveys to refine Titan West drilling targets. The MT inversion model reveals conductive features interpreted as prospective IOCG mineralisation, either as a conductor to approximately 1,000 metres depth or a conductive body with 30–50 ohm-metre resistivity extending 2–3 kilometres deep.

This multi-parameter geophysical approach guides the design and placement of the maiden drill holes, aiming to test mineralisation at significant depths.

Management’s Positive Outlook and Upcoming Exploration Timeline

Executive Chairman Greg Solomon describes the next 6–12 months as "a very interesting" phase for Tasman, reflecting confidence in the potential outcomes of both drilling campaigns. With Lake Torrens drilling slated for late August 2026 and Parkinson Dam for September 2026, the company anticipates a concentrated period of exploration activity, contingent on rig availability and regulatory approvals.

Results from these programs are expected to emerge in the coming months, potentially informing further exploration expansion if positive.

Advanced Targeting Strategy at Parkinson Dam

The increase from six to 20 drill targets at Parkinson Dam follows a rigorous target definition process by Archimedes Consulting and Dr Tony Belperio. This involved integrating two years of new geophysical data with regional geological information and detailed analysis of 81 historical drill holes from 2006 to 2009, identifying 60 potential targets and selecting the 20 highest priority for drilling.

The new targets focus predominantly on hydrothermal and epithermal mineralisation, replacing earlier targets identified since 2024. This refined methodology demonstrates a data-driven approach combining high-quality geophysical interpretation with historical mineralisation evidence, providing a robust technical foundation for the expanded drilling program.