On behalf of the Board of Directors it is my pleasure to invite you to consider investing in Tartana
Resources Limited (“the Company” or “Tartana”). An investment will provide you with exposure
to some exciting copper and zinc projects which we believe have significant potential to deliver
Our mission is to grow Tartana into a significant copper-zinc company and we have commenced
this process by securing assets we believe have the potential to deliver this outcome. These assets
are the Tartana Copper and Zinc Project in northern Queensland and the Zeehan Zinc Slag Project
in western Tasmania.
The Tartana Project is our flagship project. It comprises four mining leases which contains an open
pit which was the source of copper oxide ore for historical copper sulphate production using heap
leach pads and a solvent extraction/crystallisation plant, still on site. The mine was placed on care
and maintenance in 2014.
Past exploration on the mining leases has defined four separate exploration projects and
mineralisation in each potentially relates to an interpreted deeper porphyry copper system.
The projects are the Queen Grade Zinc Project comprising a zone of interpreted zinc skarn
mineralisation, a Copper Oxide Project which is based on mineralisation evident within and around
the existing open pit, a deeper Copper Sulphide Project below and to the north of the pit and
lastly, the Valentino Copper/Gold/Silver/Cobalt Project which is further east but may also be
related to the deeper sulphide mineralisation. Recent work by the Company has involved defining
JORC 2012 Exploration Targets for the Queen Grade Zinc Project and both the deeper Copper
Sulphide and Valentino Projects.
We are neighbours to the King Vol zinc mine which has been developed by Auctus Resources
Pty Limited a wholly owned subsidiary of Auctus Minerals Pty Ltd, a private Australian company
backed by Denham Capital, a US based private equity firm. This mine along with the separate
development of the Mungana mine and Mungana concentrator, represents a significant investment
by the US private equity firm in our region. Within our Tartana leases the Queen Grade Zinc
Project has a similar mineralisation style to the King Vol ore body and requires drilling to upgrade
the current open pit exploration target which ranges between 0.3 to 3.0 Mt at a grade range of 4
% to 10 % zinc for 11,000 to 290,000 tonnes of contained zinc1
. This potential quantity and grade
is conceptual in nature, and there has been insufficient exploration to estimate a Mineral Resource
and it is uncertain if further exploration will result in the estimation of a Mineral Resource.
Both Auctus and Tartana remain in discussions on various opportunities which may benefit all
However, our initial attraction to the Tartana Project was the presence of copper mineralisation
along strike and below the open pit mine. Based on a combination of historical drilling and a
significant geophysical IP anomaly, we have defined an open pit conceptual exploration target
as part of a combined Copper Sulphide Project covering both the Deeper Copper Sulphide and
Valentino Projects. This exploration target ranges between 11.2 to 47 Mt at a grade range of 0.6
% to 0.8 % copper for 64,000 to 376,000 tonnes of contained copper1
. This potential quantity
and grade is conceptual in nature, and there has been insufficient exploration to estimate a
Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral
Resource. Our aim is to test this conceptual target by implementing a drilling programme after listing.
Lastly and as previously mentioned, the Tartana Project has heap leach pads and a solvent
extraction/crystallisation plant on site which was placed in care and maintenance in 2014 after
operating for approximately a decade. The process involved mining shallow oxide copper ore in
an existing and now partially rehabilitated open pit and which was stacked on the leach pads for
leaching to produce copper sulphate for sale into the mining and agriculture industries. There is
ample evidence that oxide copper material is still available in the base and walls of the pit and
also in a zone extending 280 m north of the pit and we will focus some of our exploration work
on quantifying this copper mineralisation.
As part of the Copper Oxide Project we have commissioned preliminary investigations into the
costs associated with restarting this plant and encouragingly, they are quite modest. Hence the
company will initially focus on the potential to restart to copper sulphate production given its
potential to provide useful cash flow. Copper sulphate sells at a premium to the LME copper
price for its contained copper.
Elsewhere our Zeehan Zinc Slag Project is an exciting project in the current high zinc price
regime and has, in my view, the potential to generate cash flows as well as providing an
opportunity to later restore an old smelter site. The old Zeehan smelter site has two old slag
heaps and we have completed recent drilling to provide supporting data for the estimation of
an Indicated Resource1
of 469,000 tonnes at 13.3 % Zn, 1.7 % Pb, 53 g/t Ag and with potential
indium credits. Tartana Resources has been investigating a number of options for monetising
this zinc including direct sales and with processing by leaching or fuming.
In relation to direct sales, Nyrstar Port Pirie Pty Ltd requested a 5,000 tonne trial shipment to
be sent to its Port Pirie smelting operations in South Australia in early 2018 and subsequent
processing was reported to meet expectations.
In addition, we have two smaller exploration projects in Queensland, namely the Mt Hess
Copper/Gold Project and the Amber Creek Molybdenum/Tin/Tungsten project. Both have
identified mineralisation within prospective tenements and our future modest exploration
activities will be directed at determining whether there is scope to identify economic resources
on these exploration tenements.
An investment in Tartana involves a high level of risk and is considered speculative. However, we
believe that our Company has attractive copper and zinc projects which have the potential to
deliver shareholder value in the future. We also have a team which can deliver this value and we
welcome you to become a part owner of this exciting venture.