Exploration Updates
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GIRALIA RESOURCES NL (ASX:GIR)
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ASX ANNOUNCEMENT
FURTHER INCREASE TO JORC REPORTED MINERAL RESOURCE
ESTIMATE FOR MCPHEE CREEK MAIN RANGE DEPOSIT
• Further increase to JORC reported Inferred Mineral Resource estimate for Giralia’s
100% owned McPhee Creek main range deposit.
• New Inferred Mineral Resource estimate 210 million tonnes @ 56.2% Fe (62.1% CaFe).
• The new estimate incorporates drilling results for the main range reported up to 9
August 2010.
• Drilling continues with 2 RC rigs testing resource growth targets.
• Further assay results from ongoing drilling should be received in the next week, with
another resource update anticipated in October.
• The deposit is near-surface, and potentially within road haulage distance of Port
Hedland.
• Exploration Target# 250 to 350 million tonnes @ 56-60% Fe.
The Directors of Giralia Resources NL (“Giralia”) are pleased to report a further increase to the JORC
reported Inferred Mineral Resource at the Company’s 100% owned McPhee Creek main range iron ore
discovery, located within potential road haulage distance 220 km south-east of Port Hedland in the
Pilbara region of Western Australia.
The resource upgrade covers results reported to ASX up to 9 August 2010 (up to and including
drillhole RCMC300) at the main range deposit at McPhee Creek. Drilling continues with 2 RC rigs in
operation testing resource growth targets. The new Inferred Mineral Resource at McPhee Creek main
range is 210 million tonnes @ 56.2 % Fe. This represents a 30% increase over the interim resource of
161.4 million tonnes announced 26 July 2010. Internationally recognised geological consultants CSA
Global Pty Ltd (CSA) were commissioned by Giralia to complete the updated resource estimate for the
McPhee Creek deposit.
Giralia’s Chairman Graham Riley commented;
“This is another pleasing result from McPhee Creek, where we are confident that ongoing drilling will
add further tonnes. With a rapidly growing iron ore resource base, and well located projects, in some
cases adjoining deposits held by existing producers, we have a number of development options to assess.
Giralia has consistently maintained its independence in a sector where almost all of its competitors have
chosen relatively early in the exploration phase to enter into agreements with end users, commonly
trading offtake as a condition of a relatively modest capital raising. These “handcuff” deals have
generally not included development funding, and have resulted in a loss of control and a loss of potential
broader market interest due to the inability to access minerals produced. Despite numerous expressions
of interest in its iron ore prospects and offtake, Giralia intends to maintain its independence until its
development pathway is clear.”
Backgound Information- McPhee Creek discovery
Giralia discovered the main range deposit at McPhee Creek in September 2009, located within potential
trucking distance ~220 km south-east of Port Hedland, and ~50 km north of BC Iron Limited/ FMG's
Nullagine Iron Ore JV deposits. An initial JORC Resource of 52.1 million tonnes @ 56.0%Fe (61.7%
CaFe) was announced in December 2009. On 26 July 2010 the Company announced an interim upgrade
to the JORC Inferred Mineral Resource estimate for the McPhee Creek main range deposit, to 161.4
million tonnes @ 56.2 % Fe (62.1% CaFe), incorporating partial results from a major resource drillout
which commenced in late April 2010. The Company’s Exploration Target# was also revised upward
to250 to 350 million tonnes @ 56-60% Fe.
The current Inferred Mineral Resource estimate for the McPhee Creek main range deposit is 210
million tonnes @ 56.2% Fe (at 8 September 2010).
Significant results from the resource drilling program announced to ASX between May and August
2010 include; 114 metres @ 59.9% Fe (65.3% CaFe), 126 metres @ 55.8% Fe (61.9%CaFe), 96
metres (to end of hole) @ 58.6% Fe (65.1%CaFe), 104 metres @ 57.3% Fe (63.5%CaFe), 72
metres (to end of hole) @ 60.5% Fe (65.8%CaFe), 146 metres (to end of hole) @ 56.1% Fe
(62.0%CaFe). 112 metres (to end of hole) @ 57.7% Fe (63.3%CaFe), and 100 metres @ 57.8%
Fe (63.4%CaFe).
The Company continues to study development options at McPhee Creek, focused initially on a base
case of 2mtpa via public road haulage to Port Hedland, but has expanded the Scoping Study framework
to investigate off-highway road, and rail haulage, and contemplate higher mining rates of up to 10mtpa
which are regarded as more appropriate for the expanding resource.
R M Joyce
DIRECTOR
About Giralia Resources NL
Giralia Resources NL ("ASX: GIR") is a well funded (~$60 million cash) mineral exploration company
based in Perth, Western Australia. Giralia's iron ore projects are the Company's exploration and
development focus:
McPhee Creek (100%) – Hematite (Pilbara) – New hematite discovery 220km south east of Port
Hedland. Drill intersections include 90 metres @ 58.6 % Fe, 46 metres @ 60.2% Fe. Inferred Mineral
Resource 210 million tonnes @ 56.2% Fe (62.1%CaFe). Additional small CID mesa nearby 5.17
million tonnes @ 53.6% Fe (60.4%CaFe).
Daltons (75%) - Hematite (Pilbara) – Newly discovered zone of hematite, only 150 km south of Port
Hedland, and 40km from FMG, BHP rail lines. Drilling 70m @ 58.4% Fe from surface, including 54m
@ 60.9% Fe, 1.5%Al2O3. Initial Inferred Mineral Resource 35.1 million tonnes @ 57.2% Fe
(62.2%CaFe). Scoping Study (Base Case of 2Mtpa mining and road haulage to Port Hedland, targeting
production by 2nd quarter 2011) found an NPV(10%) of A$170 million, IRR of 53.9%.
Western Creek (100%) – Hematite (Pilbara)– Marra Mamba iron ore as direct extensions to BHP
Silver Knight deposit, only 15 km from rail at Newman. Inferred Mineral Resource 52.4 million tonnes
@ 56.7% Fe. Deposit is near surface, with several zones open ended.
Anthiby Well (100%*) -CID (Pilbara) – Channel iron deposit (CID) mesas, drill intersections include
32 metres @ 55.1%Fe including 24 metres @ 56.0%, 22 metres @ 56.3%Fe, and 18 metres @ 56.2%Fe.
Initial Inferred Mineral Resource 63.5 million tonnes @ 50.5% Fe, including 37.6 million tonnes @
53.6% Fe (59.1%CaFe). * subject to production royalty
Beebyn (100%) – Hematite (MidWest) – Adjoins Sinosteel Weld Range deposits. Initial Inferred
Mineral Resource 7.2 million tonnes @ 57.2% Fe. Major upside at nearby Beebynganna Hills project,
where new zones of both hematite and magnetite have been discovered.
Earaheedy (100%) – Hematite (200 km S of Newman) –23 known hills with rock sample grades over
57% Fe, within 130 kilometres of iron formations on Giralia tenements, with shallow dips indicating
large tonnage potential. Drilling; 20 metres @ 55.7% Fe, 8 metres @ 58.7% Fe, and 12 metres @
57.3%Fe .
Yerecoin – Magnetite (150 km from Perth) – 1 km to railway. Initial Inferred Mineral Resource 186.8
million tonnes @ 30.9% Fe (DTR 70.1% Fe, 2.1% SiO2, Wt Rec 32.8%). Coarse magnetite; excellent
DTR testwork. Scoping Study on 2.5Mtpa mining and existing rail haulage to Kwinana, found a best
scenario NPV(10%) of A$321 million, IRR of 33.8%.
The Company also has significant other commodity interests, including the Lake Frome Joint Venture
around the operating Beverley uranium mine in South Australia, and the 100% owned 170,000 ounce Snake
Well gold project in Western Australia.
In addition to its strong cash balance, Giralia also holds significant stakes in several ASX listed companies
(shown below), which are held largely as a result of the spin-off of independently managed and funded
companies over the last 3 years. Giralia shareholders have benefited through priority IPO entitlements and
in specie distributions, and ongoing exposure to upside from exploration success. |
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NEWPORT MINING LIMITED (ASX:NMN)
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 $0.025 (5.9%) to $0.450
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O: 0.425 H: 0.450 L: 0.425 C: 0.450 V: 95,058 |
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SURFACE SAMPLING RESULTS UP TO 23.1% P2O5 IDENTIFIES NEW TARGET
AT MATA DA CORDA PHOSPHATE PROJECT, BRAZIL
Highlights:
* Reconnaissance rock chip sampling at the Mata da Corda Phosphate Project
(“MCPP”) continues to provide further encouragement and identify new drill
target areas.
* Rock chip sampling has returned grades of 23.1%, 18.6%, 11.15% and 10.20%
P2O5 at the surface from an open ended potential zone extending over more than
1 kilometre.
* Significantly the new zone is located ~3 kilometres to the west of the Capacete
Target that is currently being tested with a 1,100 metre diamond drilling program.
* New target to be drilled immediately after drilling completed at Capacete Target.
The Board of Newport Mining Limited (Newport” or “Company”) is pleased to announce
further encouraging reconnaissance rock chip sampling results at the MCPP, a highly
prospective and potentially large-scale phosphate project located in Brazil.
MCPP is located within the agricultural and industrialized heartland of the southeast region
of Brazil in the state of Minas Gerais (English Translation = General Mining State) some
250km to the west of Belo Horizonte.
Previous exploration activities including drilling and rock chip sampling completed by the
National Bureau of Mines (“DNPM”) in association with the Brazilian Geological Survey
(“CPRM”) has provided a solid platform to identify significant drilling targets.
“We are pleased to announce the identification of a new zone of surface phosphate
mineralisation with the return of further excellent results at Mata da Corda”, said Mr Simon
Taylor, Managing Director of Newport. “The new results are particularly pleasing as they
occur close to our existing Capacete Target and with the drill rig currently on site we will be
able to drill test this new zone immediately after we finish the program at Capacete.
The new discovery is a tribute to our technical team who continue to explore our large
landholding of over 310,000 hectares. Reconnaissance surface sampling is ongoing and we
hope to announce further results as they come to hand as we sample prospective zones
identified from a combination of topography, geology and magnetics.”
There has been no significant phosphate exploration in the region since the Brazilian
Geological Survey completed their work in the late 1960’s-70’s.
Company expects a steady flow of results from the MCPP over the next 6 to12 months.
Enquires: Simon Taylor – Managing Director
Telephone: +61 2 9210 1332
Aaron Wolfe – Vice President, Corporate Development, Forbes & Manhattan
Telephone: +1 416 309 2696
Exploration Results
Rock Chip Sampling
Rock chip sampling has returned further encouraging results with high-grade phosphate
returned from surface including best grades of 23.1% and 18.6% P2O5. The new results are
located some 3 kilometres to the west of the recently discovered Capacete Target that is
currently being drill tested by Newport.
The Project hosts tightly folded slates and phyllites of the Serra da Saudade Formation
(Neoproterozoic) which are overlain by Cretaceous rocks of the Areado and Mata da Corda
Formations. The contact between the Neoproterozoic and the Cretaceous rocks is well
defined by a discrete angular and erosive unconformity.
At the Capacete Target phosphate mineralization is hosted within the overlying Mata da
Corda Formation and drilling is currently testing this zone.
At the newly discovered west zone the phosphate mineralization is related to breccias that
are hosted by Neoproterozoic phyllites of the Serra da Saudade Formation. These breccias
contain fragments of the host phyllite set in a whitish fine-grained matrix.
With these new developments Newport will drill some of the proposed diamond drill holes
deeper to not only test the Cretaceous Mata da Corda Target but also the unconformity zone
and the underlying Neoproterozic rocks.
About the Mata da Corda Phosphate Project
The MCPP is located within 150km of the three largest phosphate mines in Brazil; Araxá –
Vale (290Mt @ 14.88% P2O5), Tapira – Vale (744Mt @ 8.35% P2O5) and Catalão –
Anglo/Vale (203Mt @ 8.80% P2O5). These three mines account for 95% of the phosphate
rock production in Brazil. Within this existing transportation corridor there are 32 major bulk
fertilizer blenders.
The MCPP now covers approximately 310,000 hectares and sits in the middle of the
agricultural and industrialized heartland of the southeast region of Brazil in the state of Minas
Gerais (English Translation = General Mining State) some 250km to the west of Belo
Horizonte.
The property was identified as potentially attractive to Aguia because of the historical
phosphate occurrences reported by CPRM in the late 1960’s and early 1970’s. After an initial
analysis of these occurrences, the geology and its distribution, Aguia staked the MCPP in
August 2008. This triggered a staking rush in the area with Amazon Mining Ltd (late August
2008) and Vale (September 2008) staking to the north, south and west.
The MCPP is located next to excellent logistics and infrastructure (roads, water, railway,
energy) and is near potential primary (agriculture) customers, fertilizer blenders and is on the
main transportation route for the expanding agricultural districts of Mato Grasso Brazil.
About Newport
Newport is focused on the exploration and development of phosphate rock projects in Brazil
which as a country imports approximately 50% of its phosphate requirements annually.
Newport is well positioned to capitalize on the growing demand for phosphorous-based
fertilisers in the expanding agriculture sector in Brazil and controls a large land position of
over 400,000 hectares, located close to existing infrastructure. The Company is committed
to its existing projects whilst continuing to pursue other opportunities within the phosphate
sector. |
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AUSMON RESOURCES LIMITED (ASX:AOA)
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ANNOUNCEMENT BY PREMIUM EXPLORATION INC.
"Premium Exploration Increases Land Position after Identifying Multiple
Geophysical Targets with Friday-Petsite Signature upon Completion of
Airborne Survey"
Ausmon Resources Limited (Ausmon) attach a recent public announcement made by
Premium Exploration Inc which is listed on TSX Venture Exchange of Canada (TSXV:
PEM). Ausmon has a strategic stake of 5,750,000 shares in Premium Exploration Inc.
(Premium).
John Wang
Executive Director/Secretary
Premium Exploration Increases Land Position after Identifying Multiple
Geophysical Targets with Friday-Petsite Signature upon Completion of
Airborne Survey
September 8, 2010, Vancouver, British Columbia: Premium Exploration Inc. (TSX-V:PEM)
(the “Company”) is pleased to announce the completion of a 180 sq-km geophysical survey
over the 28 Km Orogrande Shear Zone, “OSZ”. Multiple targets with geophysical signatures
similar to that of the Friday-Petsite NI 43-101 resource have been identified along the OSZ,
resulting in the expansion of the Deadwood claim block with the addition of 134 claims,
covering ~11 sq-km which covers the new targets.
“Defining the overall footprint of the Orogrande Shear Zone with the airborne geophysics is
surprising in its implications. It confirms that the OSZ is a significant regional structure
consisting of numerous targets. This confirmation coupled with the structural control of
mineralization are all characteristics shared with the Carlin Trend of Nevada,” said Michael
Ostenson, VP Exploration.
“Applying experience from developing Carlin-Style deposits has been key to expanding the
Friday-Petsite resource. Strategically placed drill-holes along the Friday-Fault have been
crucial to the success of the project. If the Friday-Petsite project, a mere 4% of the 28 Km
OSZ, is an example of the potential tenor of these new targets along the shear zone, then
the implications are noteworthy and confirm that Premium is on track in achieving its goal of
developing a new mining district in North America.”
3,000 meters of OSZ strike length has been identified with the ground magnetic geophysical
survey completed in Phase-Three. The data correlates distinctly with the 750-meter
segment of the Friday-Fault defined through drilling, equipping Premium with an
extraordinary tool in the ongoing resource expansion.
The capability to identify the Friday-Fault through magnetic data, led Premium to employ
Fugro Airborne Surveys Corporation for the flight of a 180 sq-km DIGHEM Magnetic and
Electro-Magnetic Survey over the entire length of the inferred Orogrande Shear Zone.
Preliminary raw data confirms the presence of the OSZ, and links Buffalo Gulch, Deadwood,
Aurum, and the Friday-Petsite projects, and its regional extent.
Early interpretation of the raw data shows an apparent cross-cutting fault in the Friday-
Petsite zone. Upon review of the data along strike of the OSZ, Premium geologists have
inferred multiple new targets with similar cross-cutting features.
The survey was completed on August 22, and final post-processed results are expected to
be early to mid October.
2010 Exploration Update:
* 6,173 meters, of the 10,000 meter Phase-3 drill program at the Friday-Petsite project
have been completed in 19 drill-holes; six of these holes have been released to date;
* 1,500 meters of OSZ strike length was surveyed with Ground Magnetic Physics at
the Buffalo Gulch project;
* 3,700 line-km Fugro DIGHEM Geophysical Airborne Survey was completed over 180
sq-km.
The primary focus of the Phase-Three drill program at the Friday-Petsite is the Lower Block
resource expansion through delineation of the main mineralized structure, the east bounding
Friday-Fault. Premium is maximizing drill footage with large steps out’s north and south
along strike and the Company continues to identify outstanding mineralization. Phase-
Three drilling will step out approximately 500 meters north and 500 meters south of the
previously reported 300 meter strike length of the new Lower Block.
The second phase of geophysics in the Phase-Three exploration program will include a
dipole-dipole Induced Polarization (IP) survey over the Deadwood and Buffalo Gulch
projects. IP surveys determine the resistivity/conductivity and chargeability of local geology.
Chargeability is influenced by the presence of disseminated sulphides, which are associated
with the gold mineralization. These two IP surveys will be conducted over strategic areas
with the new airborne survey, historic IP, resistivity, and soil geochemical anomalies. The
surveys are designed to provide a mineralized depth estimate up to 1000 feet, which is
useful in drill targeting.
Quality Assurance
The Company has implemented a rigorous QA/QC program using best industry practices at
the Friday-Petsite Property. As described in the Company’s News Releases of July 9th,
2009 and December 29th, 2009 the program includes chain of custody of samples, drill core
sawn in half and shipped in sealed bags, blind duplicates, blank samples and certified
standards are inserted in the sample stream. The samples are then boxed and couriered to
Acme Analytical Laboratories of Vancouver, B.C. a lab certified for the provision of assays
and geochemical analyses (ISO 9001:2008). In Phase-Three, as with Phase-Two and
Phase-One, samples with gold values greater than 10 g/t are re-analyzed via the metallic
screen procedure. Samples with visible gold were also analyzed initially using the metallic
screen analysis, as were the samples immediately preceding and following the sample with
visible gold.
Qualified Person
The 2010 Phase-Three exploration program is being directed by Michael Ostenson, P.Geo.,
VP Exploration of Premium Exploration Inc. Mr. Ostenson is a Qualified Person as defined
by NI 43-101. Mr. Ostenson prepared, and approves of the content in this release.
About Premium Exploration Inc.
Premium Exploration Inc. (TSX-V:PEM) explores and develops North American gold, silver,
Platinum and Palladium. Our team is committed to unlocking mineral wealth for our
shareholders by discovering, developing, and permitting precious metals assets to
production. The Company’s portfolio includes one of the largest land packages in Idaho
which includes the Friday-Petsite NI 43-101 inferred gold resource hosted in 15.17 million
tones averaging 1.1 g/t gold at a cut-off grade of 0.5 g/t, as well as a PGM exploration
project in Montana.
This press release contains certain “Forward-Looking Statements” within the meaning of
Section 21E of the United States Security Exchange Act of 1934, and involves a number of
risks and uncertainties. Important factors that could cause actual results to differ materially
from the Company’s expectations are disclosed in the Company’s documents filed from time
to time with the TSX Venture Exchange and the British Columbia Securities Commission. All
statements, other than of historical fact, included herein are forward-looking statements that
involve various risks and uncertainties. There can be no assurance that such statements will
prove to be accurate, and actual results and future events could differ materially from those
anticipated in such statements. Neither the TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release. |
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BREAKAWAY RESOURCES LIMITED (ASX:BRW)
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$0.005 (11.4%) to $0.049
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O: 0.044 H: 0.050 L: 0.044 C: 0.049 V: 1,149,845 |
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Drilling Update - Altia Joint Venture, North Queensland
• 4 holes (3914.8 metres) completed to date as part of the initial deep diamond drilling
programme at the Altia Joint Venture Project, North West Queensland
• Drilling intersects positive geological features reinforcing the potential for a broader
polymetallic mineralised system surrounding the Altia Silver-Lead-Zinc deposit
• Known southern limits to the banded iron formation (BIF) host stratigraphy of the Altia
deposit extended by 480 metres
• New zinc mineralised zone intersected immediately east of the Altia Deposit on the
parallel Dingo Trend
• Drilling continuing
Breakaway Resources Limited (ASX: BRW) is pleased to provide an update on the progress of BHP Billiton
Minerals Pty Ltd (ASX: BHP – “BHP Billiton”) deep diamond drilling programme at its Altia Silver-Lead-
Zinc Deposit in North West Queensland’s Cloncurry District (see Figures 1 and 2).
At the time of writing, four diamond drill holes (for 3,914.8 metres) have been completed as part of an initial
programme of 5,000 metres of diamond drilling. This work forms a key component of BHP Billiton’s first
year minimum expenditure commitment of $1 million under the terms of the $10 million Altia Farm-in and
Joint Venture concluded with Breakaway last year.
The focus of the joint venture programme is based on the strong geological similarities between the Altia
mineralisation and the world-class Cannington silver-lead-zinc mine, located 100 kilometres to the south
along the same geological corridor. The drilling programme is targeting potential extensions to the Altia
Deposit within favourable quartz-garnet-magnetite (BIF) units along strike from Altia, mineralisation on the
parallel Dingo Trend (see Figure 3), and within zones of structural complication such as a synformal fold
hinge interpreted to lie between the Altia Deposit and parallel Dingo Trend.
Drilling to date has highlighted a number of positive geological features that reinforces the Altia Deposit as
potentially occurring within a broader poly-metallic mineralised system.
Intersections of the Altia BIF units within drill holes ADD10_09 and ADD10_01 have successfully extended
the known distribution of favourable host rocks by approximately 280 and 480 metres respectively, south of
the Altia Deposit’s southern boundary.
Within ADD10_09, multiple BIF units up to 15 metres thick (down hole widths) were intersected between
1,091.20 and 1,222.85 metres. Minor amounts of galena (lead sulphide) and sphalerite (zinc sulphide)
mineralisation were present within the BIF units and the following anomalous result was returned:
• 2m @ 2.86g/t Ag, 0.49% Pb, and 0.42% Zn from 1,144 metres, including 0.2m @ 4.9g/t Ag,
3.12% Pb and 0.42% Zn from 1,144.40 metres.
While assays results for the BIF units within ADD10_01 are awaited, the increased distribution of favourable
host units is significant as the area has only been previously tested by wide spaced shallow drilling.
Sufficient space exists for the development of additional silver-lead-zinc mineralisation at the southern end
of the Altia deposit.
A new and potentially significant zone of zinc mineralisation within the parallel Dingo Trend, approximately
800 metres east of Altia has also been identified from the drilling to date. Drill hole ADD10_06 intersected a
7.45 metre (downhole width) zone of weak sphalerite (zinc sulphide) mineralisation within a broader
35 metre zone of shale/silica alteration from 663.35 metres. Sphalerite occurs as thin wispy lamellae
throughout the internal zone (see Figure 4).
The new intersection lies approximately 700 to 750 metres south of the historic drill hole VOP-006 which
intersected 44 metres @ 0.20% Zn from 94 metres (including 24 metres @ 0.27% Zn from 106 metres)
within a silica-altered arenaceous sequence. Interpretation of high resolution ground magnetic data
suggests that the two intersections may lie within the same stratigraphic horizon.
Assays results for the mineralised zone within ADD10_06 are awaited.
The southern extension to the known limits of the Altia host stratigraphy and the identification of a new zinc
mineralised zone east of Altia is highly encouraging. When viewed in conjunction with a previously
announced copper intersection within the immediate footwall of the Altia Deposit (14 metres @ 1.04%Cu
from 145 metres in BERD005 – previously announced in January 2007), evidence is emerging that the Altia
Deposit may lie within a broader poly-metallic mineralised system.
The joint venture diamond drilling is continuing with drill hole ADD10_11 underway at the time of writing.
Following completion of the current programme, it is anticipated that the existing geological model will be
refined before future drilling priorities are determined.
Breakaway looks forward to providing the market with further updates on this project as information comes
to hand.
ENDS
For Further Information Contact:
Mr David Hutton, Managing Director
Mobile: 0417 974 843
Business: (08) 9278 6444
Mr John Atkins, Chairman
Mobile: 0419 767 573
Business: (08) 9323 8563
Breakaway Resources Limited
ABN 16 061 595 051
Level 2, 23 Ventnor Avenue
West Perth WA 6005
P/ (08) 9278 6444
F/ (08) 9278 6449
E/ admin@breakawayresources.com.au
W/ www.breakawayresources.com.au
About Breakaway Resources Limited:
Breakaway Resources aims to become one of Australia's leading mining and
exploration companies with exploration focussed at our priority Wildara and
Miranda Projects within the Leinster district of the North Eastern Goldfields of
Western Australia; an area we believe offers the most attractive opportunities for
future success.
Our objectives are the discovery and development of a high-quality stand alone
nickel sulphide deposit (+30kt Ni metal at 3% Ni) and maximisation of
shareholder wealth for non-priority assets.
About the Altia Deposit and Altia Joint Venture:
Silver-Lead-Zinc mineralisation at Altia is hosted by a series of parallel, east-dipping pyroxmangite-altered Banded Iron Formation
(“BIF”) units which have been sparsely drilled over approximately 2,000 metre strike length. Within the Inferred Resource,
mineralisation has been drilled on nominal 100 x 50 metre centres over 500 metres strike length to a vertical depth of 350 metres.
Breakaway delineated an initial JORC Code compliant Inferred Resource for the Altia Deposit in 2008 of 5.78 million tonnes grading
40.3g/t silver, 3.96% lead and 0.49% zinc. The deposit has currently been drilled over a 500 metre strike length and to a nominal
depth of 300 metres, and remains open primarily down-dip and to the south.
Breakaway secured the landmark Farm-in and Joint Venture Agreement with BHP Billiton in November last year. The focus of planned
exploration under the Joint Venture is based on the strong geological similarities between the Altia mineralisation and the world-scale
Cannington silver-lead-zinc mine, located 100 kilometres to the south along the same geological corridor.
Under the Farm-in and Joint Venture Agreement, BHP Billiton can earn a 70% interest in the silver-lead-zinc rights at Altia
by completing expenditure of A$10 million over five years. BHP Billiton must spend a minimum of A$1 million within the first year of the
Joint Venture.
On BHP Billiton reaching its 70% interest, Breakaway’s 30% interest may be sold to BHP Billiton. If Breakaway elects not to sell its
interest, it must contribute on a pro rata basis to the cost of ongoing exploration and a Bankable Feasibility Study. BHP Billiton retains
a right to purchase Breakaway’s 30% interest following completion of a Bankable Feasibility Study and before a decision to mine is
taken.
Notes Specific to the Altia Drill Holes:
1. All diamond drill hole results were obtained from analysis of 1-metre samples (unless otherwise specified). Sampling was
undertaken following logging of geological boundaries within the drill hole. All samples were prepared and analysed at SGS
Australia Pty Ltd’s Townsville laboratory facility using a single stage mix and grind technique. Base metal analyses were carried
out by subjecting a 50-gram portion of the sample to a mixed acid digest and analysing the sample by Inductively Coupled
Plasma Optical Emission Spectrometry (ICP).
2. Significant results shown in Table 1 of this report are calculated using a 0.1%Pb, 0.1%Zn, and 1.0g/t Ag lower cut off. Drill hole
intersection grades are length weighted averaged grades and do not take account of material density for each sample.
3. Drill hole locations were determined using a handheld GPS achieving +/- 4 metre accuracy and using the AGD84 datum (Zone
54).
Notes Specific to the Resource Estimation of the Altia Silver-Lead-Zinc Deposit:
A Resource estimate was carried out by Snowden Mining Industry Consultants Pty Ltd in November 2007 in accordance with the 2004
Guidelines of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources
and Ore Reserves. An Inferred Mineral Resource of 5.78Mt @ 40.3g/t Ag, 3.96% Pb and 0.49% Zn has been estimated for the Altia
Deposit at a cut-off of 0% lead.
Methodology:
Estimation of silver, lead and zinc grades and density within each of the interpreted lenses was completed using the ordinary kriging
interpolation technique within Minesight software. Compositing honoured the interpreted geological boundaries and was completed to
a 2.0 m length. Composite samples were coded by lens so that only samples within a single lens were used for grade estimation of
that particular lens. A block size of 10 m E x 50 m N x 25 m elevation was selected and block percentages for each lens were
recorded into the Minesight block model. The total Resource estimate for each lens has been derived by weighting the estimated
silver, lead and zinc grades for each block by the estimated tonnage for each lens within each block. |
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BHP BILLITON LIMITED (ASX:BHP)
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$0.010 (0.0%) to $38.180
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O: 38.170 H: 38.480 L: 38.070 C: 38.180 V: 11,711,651 |
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Drilling Update - Altia Joint Venture, North Queensland
• 4 holes (3914.8 metres) completed to date as part of the initial deep diamond drilling
programme at the Altia Joint Venture Project, North West Queensland
• Drilling intersects positive geological features reinforcing the potential for a broader
polymetallic mineralised system surrounding the Altia Silver-Lead-Zinc deposit
• Known southern limits to the banded iron formation (BIF) host stratigraphy of the Altia
deposit extended by 480 metres
• New zinc mineralised zone intersected immediately east of the Altia Deposit on the
parallel Dingo Trend
• Drilling continuing
Breakaway Resources Limited (ASX: BRW) is pleased to provide an update on the progress of BHP Billiton
Minerals Pty Ltd (ASX: BHP – “BHP Billiton”) deep diamond drilling programme at its Altia Silver-Lead-
Zinc Deposit in North West Queensland’s Cloncurry District (see Figures 1 and 2).
At the time of writing, four diamond drill holes (for 3,914.8 metres) have been completed as part of an initial
programme of 5,000 metres of diamond drilling. This work forms a key component of BHP Billiton’s first
year minimum expenditure commitment of $1 million under the terms of the $10 million Altia Farm-in and
Joint Venture concluded with Breakaway last year.
The focus of the joint venture programme is based on the strong geological similarities between the Altia
mineralisation and the world-class Cannington silver-lead-zinc mine, located 100 kilometres to the south
along the same geological corridor. The drilling programme is targeting potential extensions to the Altia
Deposit within favourable quartz-garnet-magnetite (BIF) units along strike from Altia, mineralisation on the
parallel Dingo Trend (see Figure 3), and within zones of structural complication such as a synformal fold
hinge interpreted to lie between the Altia Deposit and parallel Dingo Trend.
Drilling to date has highlighted a number of positive geological features that reinforces the Altia Deposit as
potentially occurring within a broader poly-metallic mineralised system.
Intersections of the Altia BIF units within drill holes ADD10_09 and ADD10_01 have successfully extended
the known distribution of favourable host rocks by approximately 280 and 480 metres respectively, south of
the Altia Deposit’s southern boundary.
Within ADD10_09, multiple BIF units up to 15 metres thick (down hole widths) were intersected between
1,091.20 and 1,222.85 metres. Minor amounts of galena (lead sulphide) and sphalerite (zinc sulphide)
mineralisation were present within the BIF units and the following anomalous result was returned:
• 2m @ 2.86g/t Ag, 0.49% Pb, and 0.42% Zn from 1,144 metres, including 0.2m @ 4.9g/t Ag,
3.12% Pb and 0.42% Zn from 1,144.40 metres.
While assays results for the BIF units within ADD10_01 are awaited, the increased distribution of favourable
host units is significant as the area has only been previously tested by wide spaced shallow drilling.
Sufficient space exists for the development of additional silver-lead-zinc mineralisation at the southern end
of the Altia deposit.
A new and potentially significant zone of zinc mineralisation within the parallel Dingo Trend, approximately
800 metres east of Altia has also been identified from the drilling to date. Drill hole ADD10_06 intersected a
7.45 metre (downhole width) zone of weak sphalerite (zinc sulphide) mineralisation within a broader
35 metre zone of shale/silica alteration from 663.35 metres. Sphalerite occurs as thin wispy lamellae
throughout the internal zone (see Figure 4).
The new intersection lies approximately 700 to 750 metres south of the historic drill hole VOP-006 which
intersected 44 metres @ 0.20% Zn from 94 metres (including 24 metres @ 0.27% Zn from 106 metres)
within a silica-altered arenaceous sequence. Interpretation of high resolution ground magnetic data
suggests that the two intersections may lie within the same stratigraphic horizon.
Assays results for the mineralised zone within ADD10_06 are awaited.
The southern extension to the known limits of the Altia host stratigraphy and the identification of a new zinc
mineralised zone east of Altia is highly encouraging. When viewed in conjunction with a previously
announced copper intersection within the immediate footwall of the Altia Deposit (14 metres @ 1.04%Cu
from 145 metres in BERD005 – previously announced in January 2007), evidence is emerging that the Altia
Deposit may lie within a broader poly-metallic mineralised system.
The joint venture diamond drilling is continuing with drill hole ADD10_11 underway at the time of writing.
Following completion of the current programme, it is anticipated that the existing geological model will be
refined before future drilling priorities are determined.
Breakaway looks forward to providing the market with further updates on this project as information comes
to hand.
ENDS
For Further Information Contact:
Mr David Hutton, Managing Director
Mobile: 0417 974 843
Business: (08) 9278 6444
Mr John Atkins, Chairman
Mobile: 0419 767 573
Business: (08) 9323 8563
Breakaway Resources Limited
ABN 16 061 595 051
Level 2, 23 Ventnor Avenue
West Perth WA 6005
P/ (08) 9278 6444
F/ (08) 9278 6449
E/ admin@breakawayresources.com.au
W/ www.breakawayresources.com.au
About Breakaway Resources Limited:
Breakaway Resources aims to become one of Australia's leading mining and
exploration companies with exploration focussed at our priority Wildara and
Miranda Projects within the Leinster district of the North Eastern Goldfields of
Western Australia; an area we believe offers the most attractive opportunities for
future success.
Our objectives are the discovery and development of a high-quality stand alone
nickel sulphide deposit (+30kt Ni metal at 3% Ni) and maximisation of
shareholder wealth for non-priority assets.
About the Altia Deposit and Altia Joint Venture:
Silver-Lead-Zinc mineralisation at Altia is hosted by a series of parallel, east-dipping pyroxmangite-altered Banded Iron Formation
(“BIF”) units which have been sparsely drilled over approximately 2,000 metre strike length. Within the Inferred Resource,
mineralisation has been drilled on nominal 100 x 50 metre centres over 500 metres strike length to a vertical depth of 350 metres.
Breakaway delineated an initial JORC Code compliant Inferred Resource for the Altia Deposit in 2008 of 5.78 million tonnes grading
40.3g/t silver, 3.96% lead and 0.49% zinc. The deposit has currently been drilled over a 500 metre strike length and to a nominal
depth of 300 metres, and remains open primarily down-dip and to the south.
Breakaway secured the landmark Farm-in and Joint Venture Agreement with BHP Billiton in November last year. The focus of planned
exploration under the Joint Venture is based on the strong geological similarities between the Altia mineralisation and the world-scale
Cannington silver-lead-zinc mine, located 100 kilometres to the south along the same geological corridor.
Under the Farm-in and Joint Venture Agreement, BHP Billiton can earn a 70% interest in the silver-lead-zinc rights at Altia
by completing expenditure of A$10 million over five years. BHP Billiton must spend a minimum of A$1 million within the first year of the
Joint Venture.
On BHP Billiton reaching its 70% interest, Breakaway’s 30% interest may be sold to BHP Billiton. If Breakaway elects not to sell its
interest, it must contribute on a pro rata basis to the cost of ongoing exploration and a Bankable Feasibility Study. BHP Billiton retains
a right to purchase Breakaway’s 30% interest following completion of a Bankable Feasibility Study and before a decision to mine is
taken.
Notes Specific to the Altia Drill Holes:
1. All diamond drill hole results were obtained from analysis of 1-metre samples (unless otherwise specified). Sampling was
undertaken following logging of geological boundaries within the drill hole. All samples were prepared and analysed at SGS
Australia Pty Ltd’s Townsville laboratory facility using a single stage mix and grind technique. Base metal analyses were carried
out by subjecting a 50-gram portion of the sample to a mixed acid digest and analysing the sample by Inductively Coupled
Plasma Optical Emission Spectrometry (ICP).
2. Significant results shown in Table 1 of this report are calculated using a 0.1%Pb, 0.1%Zn, and 1.0g/t Ag lower cut off. Drill hole
intersection grades are length weighted averaged grades and do not take account of material density for each sample.
3. Drill hole locations were determined using a handheld GPS achieving +/- 4 metre accuracy and using the AGD84 datum (Zone
54).
Notes Specific to the Resource Estimation of the Altia Silver-Lead-Zinc Deposit:
A Resource estimate was carried out by Snowden Mining Industry Consultants Pty Ltd in November 2007 in accordance with the 2004
Guidelines of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources
and Ore Reserves. An Inferred Mineral Resource of 5.78Mt @ 40.3g/t Ag, 3.96% Pb and 0.49% Zn has been estimated for the Altia
Deposit at a cut-off of 0% lead.
Methodology:
Estimation of silver, lead and zinc grades and density within each of the interpreted lenses was completed using the ordinary kriging
interpolation technique within Minesight software. Compositing honoured the interpreted geological boundaries and was completed to
a 2.0 m length. Composite samples were coded by lens so that only samples within a single lens were used for grade estimation of
that particular lens. A block size of 10 m E x 50 m N x 25 m elevation was selected and block percentages for each lens were
recorded into the Minesight block model. The total Resource estimate for each lens has been derived by weighting the estimated
silver, lead and zinc grades for each block by the estimated tonnage for each lens within each block. |
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ALTONA MINING LIMITED (ASX:AOH)
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$0.010 (6.3%) to $0.170
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O: 0.160 H: 0.180 L: 0.155 C: 0.170 V: 1,383,200 |
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Xstrata Commences Drilling at Roseby
Emerging copper producer, Altona Mining Limited (“Altona”) (ASX: AOH) today announced
that Mount Isa Mines Limited (“Xstrata”) has commenced drilling at the Scanlan and Blackard
deposits at Altona’s 100% owned Roseby project near Mt Isa in Queensland.
The drilling program will consist of approximately 3,500m of reverse circulation (RC) and
diamond drilling in up to seven drill holes.
Xstrata’s target is sulphide mineralisation at depth (200-400m) beneath the Blackard deposit
and a combined geophysical and geochemical anomaly some 1.5km south-east of the
Scanlan resource. Prior drilling at Blackard highlights the potential for significant sulphide
mineralisation beneath the Blackard Resource. Significant prior sulphide intercepts include
112m at 0.9% copper and 158m at 0.5% copper, see ASX Release dated 7 September 2009.
Results from the drilling programme are expected in November 2010.
Roseby is one of Australia’s largest copper resources, with 132 million tonnes at 0.7%
copper and 0.1g/t gold. These resources have been subject to a Definitive Feasibility Study
published early this year. Altona’s resources lie outside the area where Xstrata is permitted
to conduct exploration.
Altona will be announcing its plans for further resource definition and extension drilling of the
Roseby resources in the near future.
About the Xstrata option
The Roseby copper project is 100% owned by Altona. Under an agreement dated 11 March
2005, Xstrata may earn 51% of an area beneath and around the large copper resources at
Roseby by expending $15 million or completing a Detailed Feasibility Study by 30 June
2012. Xstrata have advised their expenditure to 30 July 2010 is $7.7 million. Should Xstrata
earn a 51% interest in this area then it is compelled to purchase 51% of the balance of the
Roseby project (Copper resources, reserves and exploration tenure) for an agreed or expert
valuer determined fair market value. Xstrata also have an option until 30 June 2012 to
purchase 51% of the entire project (including the earn-in area) for an agreed or expert valuer
determined fair market value.
- ENDS -
For further information, please contact:
Alistair Cowden
Managing Director
Tel: +61 8 9485 2929
Email: altona@altonamining.com
About Altona
The Company has two major copper assets and a clear strategy to build a profitable copper
business producing from multiple mines in historic major copper mining camps.
The immediate priority is to take the Outokumpu project in Finland into production through
developing the Kylylahti mine and refurbishing the Luikonlahti processing hub. Growth will be
delivered by developing other resources in the area.
The Roseby copper project near Mt Isa in Queensland is one of Australia’s largest
undeveloped copper projects. Altona’s aim is to increase resources beyond 1Mt of contained
copper and to upgrade the DFS to a production target of 40,000tpa copper. The Company
will finalise permitting in parallel with developing the Outokumpu copper project. |
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METGASCO LIMITED (ASX:MEL)
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$0.040 (8.5%) to $0.510
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O: 0.470 H: 0.520 L: 0.465 C: 0.510 V: 1,900,208 |
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DRILLING UPDATE
Metgasco (ASX:MEL) advises the following update on the Company’s current drilling program.
Bowerbird E01 (MEL 100%)
As at 0600 hours Bowerbird E01 had reached a depth of 642m and was drilling ahead in the Walloon Coal Measures. Approximately 13.7 metres of gas bearing coal and carbonaceous siltstone has been intersected and placed into canisters for gas desorption testing.
While Bowerbird E01 is likely to extend Metgasco’s reserve base from PEL16 into PEL13, the prime purpose for selecting the location of this well is to extend the Company’s knowledge of an interpreted coal seam gas fairway in the Walloon Coal Measures. This area is referred to as the Eden Creek Fairway and has so far been delineated in Corella P11, Corella P12, Corella E17 and Bowerbird E02.
Bowerbird E01 will provide data on gas content, gas composition, saturation, coal quality and thickness and reservoir permeability. The data collected will assist in planning additional trial production activities ahead of any potential field development.
Thornbill E01 and Thornbill E02 (MEL 100%)
Once Bowerbird E01 is completed the rig will mobilise to the south to PEL 426 to complete the drilling of two exploration wells, Thornbill E01 and Thornbill E02. In preparation for drilling in these wells, the top hole section has been completed on Thornbill E02 and casing for the top hole section on Thornbill E01 is about to be run.
The purpose of Thornbill E01 and Thornbill E02 is to test the Walloon Coals Measures in the area of the Banyabba surface anticline some 50 kilometres south of Casino. It is proposed to drill Thornbill E01 to a target depth of 850 metres and Thornbill E02 to a target depth of 750 metres. Once drilling is completed, the wells will be flow tested and geophysically logged.
For further information contact:
David Johnson Glenda McLoughlin
Managing Director Chief Financial Officer
Metgasco Limited
ACN 088 196 383
Level 9, 77 Pacific Highway
North Sydney NSW 2060
Tel: (02) 9923 9100 Fax: (02) 9923 9199
Website: www.metgasco.com.au |
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EXTRACT RESOURCES LTD (ASX:EXT)
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$0.210 (3.2%) to $6.690
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O: 6.480 H: 6.720 L: 6.390 C: 6.690 V: 355,310 |
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CHEMICAL ASSAYS CONFIRM THE EMERGENCE OF ZONE 5 AT
HUSAB’S RÖSSING SOUTH
Highlights:
• Emerging Zone 5 at Husab’s Rössing South:
o Chemical assay results including 29 metres assaying 1653 ppm U3O8 in RSRC002a
o Continuous mineralisation at Zone 5 has now been identified over a strike length of
1.7 kilometres and remains open along strike and down dip.
• Granite hosted uranium mineralisation now confirmed over nine kilometres of strike of
the Rössing South Anticline with another six kilometres to be explored.
• Definitive Feasibility Study targeted for completion in Q4 of calendar 2010. Early stage
planning for Mining Licence application has commenced.
• Comminution test work commenced on a bulk sample of mineralised alaskite material
from Rössing South.
• Continued drilling focussed on upgrading early mined material to a “Measured”
Resource classification.
• Further exploration potential within Husab Uranium Project still to be tested with an
exploration drilling program continuing with a number of new targets planned for testing
in 2H, 2010.
• 17 drill rigs currently in operation.
September 9, 2010: Following the resource update announced on 10 August, 2010, which
confirmed Rössing South as one of the world’s largest uranium deposits, Extract Resources
Limited (ASX/TSX/NSX:EXT) (“Extract” or “the Company”) is pleased to provide an update on
progress at the Husab Uranium Project in Namibia.
Drilling Update
Multiple high grade, previously unreported, drilling results have been received from resource
definition and exploration drilling, including:
High grade uranium assays have been returned from newly discovered Zone 5 at Rössing South
located approximately three kilometres to the south of Zone 2 along regional strike. Drill hole
RSRC002a returned an intersection of 29 metres grading 1653 ppm U3O8 from 279 metres. This
intersection ranks in the top 2 per cent for metal content within the current Rössing South
database, and confirms Zone 5 as a high priority exploration target. Potential economic grades
have been encountered over 1.7 kilometres of strike at Zone 5, and the mineralisation remains
open along strike and down dip. A second significant intersection of 14 metres grading 1211 ppm
U3O8 was made in hole RSRC004, located 200 metres to the east of RSRC002a. As RC drilling in
this area has not intersected footwall gneiss, selected holes are currently being extended by
diamond core. The exploration model suggests that additional uranium mineralisation will be
intersected in the extended drill holes.
Drilling has now shown that the geological structure hosting the uranium mineralisation at Rössing
South is consistently mineralised over a strike length of nine kilometres. Zones 1 and 2 at Rössing
South, which are the subject of the Definitive Feasibility Study (DFS) which is currently in
progress, together make up the northern 5.5 kilometres of the total identified mineralised strike
length. Approximately six kilometres of the highly prospective Rössing South Anticline remain to
be drill tested.
Resource drilling at Rössing South continues with 17 drill rigs currently in operation, 10 of which
are diamond drills and the remainder RC percussion. The principal focus of current drilling is to
upgrade the confidence levels of early mining areas in Zones 1 and 2 from Indicated to Measured
resources. To this end, a drill spacing study will commence shortly. This will assist in determining
optimum drill collar spacing for the determination of Measured resources.
Definitive Feasibility Study Update
Work on the DFS is continuing, with a strong team in place to maximise progress of this critical
work. A 200 tonne bulk sample of granitic material recently excavated from the northern portion of
Zone 1 is currently undergoing comminution testwork in Johannesburg in order to refine the
current designs for crushing and milling equipment.
The follow up work as a result of the operation of the pilot plant at SGS Oretest in Perth from April
to July 2010 continues to return data. This data will feed into the design of the planned processing
plant.
The block model used in the resource update announced on 10 August 2010 has been passed
onto the mining team for mine design optimisation. Detailed mine design and scheduling of the
Zone 1 and Zone 2 resources will form the basis of the mining inventory for the DFS. Zones 3, 4
and 5 are also potential sources of future mine production, but will not feature in the DFS base
case, as Indicated or Measured Resources in these zones have not yet been defined.
Information available from the pilot plant indicates that accounting for a leach residue grade and
process plant recovery losses, such as belt filtration soluble losses and plant wide scale
precipitation from the process leach liquors, is the most representative way to determine total
process recovery. Applying this methodology is expected to result in lower recoveries from low
grade material (<400 ppm U3O8) and higher recoveries from high grade material (>400 ppm U3O8).
Investigations into minimising the leach residue grade are in progress.
This recovery methodology will be applied to optimisation of the August 2010 resource model to
help determine overall process recovery for the DFS. Acid consumption based on lithology will
also feature in future resource optimisation. Determining total process recovery and acid
consumption will form a critical component of detailed mine planning and scheduling for the DFS
so that the most robust mine plan can be developed.
Mining Licence Update
In parallel with the DFS and Environmental Impact Assessment study, early planning for a Mining
Licence application for Husab’s Rössing South has commenced. It is anticipated that the Mining
Licence application will be lodged with the Namibian Ministry of Mines and Energy in Q4, of
calendar 2010.
Exploration
A large number of additional uranium exploration targets have been identified within the Husab
Project, many of which have had no previous work carried out on them. During the next 12
months, reconnaissance level exploration will be completed on many of these targets in order to
assess their potential to host economic concentrations of uranium mineralisation.
About Extract Resources
Extract Resources Ltd is an international uranium exploration and development company whose
primary focus is in Namibia. The company’s principal asset is its 100%-owned Husab Uranium
Project which contains two known uranium deposit areas, Rössing South and Ida Dome. Extensive
exploration potential also exists for new uranium discoveries in the region. Extract Resources is
listed on the Australian (ASX), Toronto (TSX) and Namibian (NSX) Stock Exchanges.
For further information, please visit www.extractresources.com or contact:
Extract Resources: London Office
Jonathan Leslie, Chief Executive Officer/Managing Director
Tel: +44 (0)20 7317 9220
jleslie@extractresources.com
Extract Resources: Perth Office
Andrew Penkethman, Manager Projects
Siobhan Lancaster, Company Secretary
Tel: +61 (0)8 9367 2111
apenkethman@extractresources.com
slancaster@extractresources.com
Brunswick Group (UK)
Carole Cable / Pip Green
Tel: +44 (0)20 7404 5959
MAGNUS Investor Relations/Corporate Communication (Australia)
John Gardner
Tel: +61 (0)2 9286 0260
Mob: +61 (0)413 355 997 |
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JABIRU METALS LIMITED (ASX:JML)
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$0.005 (1.3%) to $0.385
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O: 0.380 H: 0.385 L: 0.375 C: 0.385 V: 1,290,501 |
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JAGUAR PROJECT ORE RESERVE INCREASE
Highlights:
* Jaguar Project Reserve further extended at Bentley Mine
* Jaguar Project Reserve now exceeds 8 years life
* Additional Bentley Mine ‘Stage Three’ mineralisation at depth
yet to be modelled
Jabiru Metals Limited (Jabiru) is pleased to provide an updated Reserve for the Jaguar Base Metals
Project. The September 2010 Reserve equates to an increase in Jaguar Project life to +8 years at
current treatment rates. This represents an increased Jaguar Project life of approximately 3 years
over the 1 July 2010 Reserve upgrade.
The updated Reserve is the second step of a three stage upgrade of the Jaguar Project Resources and
Reserves. In addition to this Resource/Reserve upgrade, the following building blocks will further
enhance the life and potential of the Jaguar Project:
* The Bentley Reserve now includes all of the massive sulphide and stringer Resource in the
upper 350 metres of the Bentley ore body but does not include the lower 200 metres of as yet
unclassified mineralisation (Figure 1);
* Jaguar and Bentley Resources have both achieved a +95% Resource/Reserve conversion to
date for the massive sulphides;
* The latest Bentley underground Reserve increases the overall Jaguar Project direct feed
reserve to over 7 years mine life at current treatment rates with an additional +1 year available
from footwall stringer that is copper/gold rich and has demonstrated amenability to preconcentration
using heavy media separation (HMS);
* Further upside is available from the ‘Stage Three’ mineralisation below the current classified
resource at Bentley. ‘Stage Three’ upgrade to the Bentley Mine Resource is expected in the
December quarter;
* The Company’s strong cash flows from the Jaguar Project can be expected to continue;
* The latest Reserve upgrade is the largest in the history of the Project and demonstrates the
long term prospectivity of the Company’s land holdings in the project area; and
* The Company is now in a position to consider what opportunity exists to increase the size and
scale of the Project in order to optimise and increase cash flows and profit into the future.
Ore Reserve Estimate
The Jaguar Project’s Reserve (Table 1) includes Reserves at the Company’s 100% owned Jaguar Mine
and the 100% owned new Bentley Mine, all of which will be treated through the Company’s Jaguar
concentrator.
The upgrade to the Bentley Mine Reserve announced today is considered to be the second step of a
three stage process. It includes the massive ore (direct feed) and the Bentley footwall stringer which
can either be treated as direct feed into the concentrator or pre‐concentrated using a heavy media
separation process that rejects a portion of the non economic gangue at low cost prior to feeding
into the concentrator. Jabiru has successfully completed metallurgical test work that confirms the
economic viability of the HMS process on the stringer material and is currently considering the
options with respect to the preferred process pathway.
‘Stage Three’ Bentley Mine Resource is expected in the December quarter. The latest Reserve is
based on the June 2010 Project Resource as shown in Table 2. This Resource is inclusive of Reserves.
* Mining of both the Bentley and remainder of the Jaguar ore bodies will use conventional stoping methods similar to
those successfully implemented at the Jaguar operation. Ore from Bentley will be transported to the Jaguar
processing facility 5km to the north via a purpose built haul road (Figure 2).
* Operating costs used in the reserve calculation were based on historical performance of the Jaguar underground
operation and concentrator.
* Metallurgical test work has demonstrated that no changes will be required to the mill’s current configuration to
enable the treatment of Bentley ore and that metal recoveries to concentrate will be similar to the Jaguar deposit.
Table 4 below shows average concentrate grades and metal recoveries for both Jaguar and Bentley ore when
treated through the Jaguar concentrator.
Jabiru Metals Ltd
Contact details
*:+618 9426 8300 *: +618 9426 8399 *: www.jabirumetals.com.au |
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MONTO MINERALS LTD (ASX:MOO)
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No Change From $0.009
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O: 0.009 H: 0.009 L: 0.009 C: 0.009 V: 195,548 |
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Project Update – Further Soil Sample Results
Further to the Fourth Quarter Activities Report released on 22 July 2010, Monto Minerals Limited (Monto)
has now received the second batch of soil sampling results relating to the Middle Island and Hummock Hill
Island project.
Traverses were made of the deposits at both Middle and Hummock Hill Island correlating existing
geographic information systems (GIS) data with existing drill lines observable on the ground. Stakes
delineating drill lines created in the early 1990s were discernable in some instances and hand auger
locations were arbitrarily located in order to confirm the presence of heavy mineral (HM) sands. Generally
the HM ‘strands’ were readily identifiable, however in several locations they are likely to exist at a greater
depth than that achievable with a hand auger. Soil samples were collected at various depth intervals down
the hand auger holes. Project location maps showing the previous drill lines and current hand auger
locations for both Middle and Hummock Hill Island are provided below (Figures 1 & 2).
The soil samples collected were submitted in two separate batches for HM separation, the complete set of
results is shown in Table 1 below.
Based on the elevated percentage of HM, soil samples SS6 (selectively sampled from naturally
concentrated HM sands), SS4 – 1m and SS5 – 0.3m were selected for mineralogical assessment using a
standard 300 point count modal analysis. This technique basically comprises the production of a
representative polished section and the point counting of every apparent mineral under a reflected
polarizing microscope. Table 2 below summarises the results.
The overall HM grade of the samples is broadly in line with historically quoted target mineralisation from
both Middle and Hummock Hill Island. Of particular interest are the elevated HM grades of soil samples
SS1 – 0.3m, SS2-0.5m, SS4 (all samples), SS5 (all samples), SS6 and SS8-0.3m.
The mineralogical composition of SS6 is proportionally similar to historical records with a high weighting
towards ilmenite product (composed of ilmenite, altered ilmenite and pseudo rutile) and zircon. The
relatively high concentration of zircon in SS6 is meaningful given the greater relative value ascribed to this
product when compared to the other HM products such as ilmenite.
The submission of the second batch of samples included the mineralogical assessment of SS4 – 1m and
SS5 – 0.3m. Soil sample SS4 – 1m contains appreciable ilmenite product and a high proportional zircon
content. Both SS5 – 0.3 and SS4 – 1m exhibit mineralogical assemblages potentially suitable for
exploitation.
Soil sample SS5 – 0.3m has a relatively low ilmenite product and zircon content and contains a large
component of trash minerals.
Forthcoming Exploration Activities
Monto anticipates undertaking the following activities at the Middle Island and Hummock Hill Island
Projects:
* Additional geological reconnaissance work to further delineate existing deposit boundaries
and provide a basis for a more comprehensive soil sampling campaign.
* An extensive grid sampling programme collecting soil from immediately beneath the
surface. This soil sampling program will be designed to cover the broad areal extent of the
mineralised zones and validate results against historical findings.
* Depending on the outcome of preceding exploration work, a shallow mechanized drilling
programme may be warranted to provide an indication of the depth of mineralisation at the
various deposits and provide verification for the existing historical information.
* The historical Target Mineralisation quoted in the Preliminary Feasibility Study (PFS) has
been generated from a considerable amount of drill and sample data. Given the
comprehensive work completed as a basis for the PFS, Monto believes that the historical
Target Mineralisation at Middle Island may be converted to a JORC-Code compliant
resource. Mineral sands specialists continue to be consulted in this regard.
The target mineralisation is conceptual in nature. There has been insufficient exploration to define a
Mineral Resource under the JORC Code and it is uncertain if further exploration will result in the
determination of a Mineral Resource.
Acquisition Update
Monto is engaged in the ongoing review and assessment of a number of resource projects across a broad
range of commodities and geographic locations. Monto is presently seeking a suitably attractive resource
project in which it can invest with a view to developing and advancing the asset. At this stage, no decision
to acquire, farm-in or joint venture into any project has been made and the process of project review is
continuing as opportunities arise.
Project Background
Middle and Hummock Hill Islands are entirely incorporated in EPM 4335 and EPM 7164. The vast majority
of the HM sands identified in the Middle Island Pre Feasibility Study (PFS) completed by former owners
RZM Limited (now Bemax Resources Limited) is located on Middle Island itself.
Middle Island is located 76km by road south of Gladstone in Central Queensland in a tidal mangrove
environment. The island is mainly comprised of low irregular shaped vegetated undulating sand dunes, flat
coastal sand areas and coastal mud flats. Previous explorers had identified HM sands on Middle Island
and during the 1960s and 70s several hand auger and mechanical drilling programs had been undertaken
on the island. RZM Limited commenced further exploration on the island in 1986 upon grant of the EPM
and has completed over 50,000 metres of drilling on the site which culminated in the generation of a
detailed PFS released in 1994.
Please see attached figures detailing the project locations and drilling work undertaken by RZM Limited.
Contact Information
Monto Minerals:
James Allchurch - +61 8 9420 9300 |
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Drilling Reports
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BREAKAWAY RESOURCES LIMITED (ASX:BRW)
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$0.005 (11.4%) to $0.049
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O: 0.044 H: 0.050 L: 0.044 C: 0.049 V: 1,149,845 |
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Drilling Update - Altia Joint Venture, North Queensland
• 4 holes (3914.8 metres) completed to date as part of the initial deep diamond drilling
programme at the Altia Joint Venture Project, North West Queensland
• Drilling intersects positive geological features reinforcing the potential for a broader
polymetallic mineralised system surrounding the Altia Silver-Lead-Zinc deposit
• Known southern limits to the banded iron formation (BIF) host stratigraphy of the Altia
deposit extended by 480 metres
• New zinc mineralised zone intersected immediately east of the Altia Deposit on the
parallel Dingo Trend
• Drilling continuing
Breakaway Resources Limited (ASX: BRW) is pleased to provide an update on the progress of BHP Billiton
Minerals Pty Ltd (ASX: BHP – “BHP Billiton”) deep diamond drilling programme at its Altia Silver-Lead-
Zinc Deposit in North West Queensland’s Cloncurry District (see Figures 1 and 2).
At the time of writing, four diamond drill holes (for 3,914.8 metres) have been completed as part of an initial
programme of 5,000 metres of diamond drilling. This work forms a key component of BHP Billiton’s first
year minimum expenditure commitment of $1 million under the terms of the $10 million Altia Farm-in and
Joint Venture concluded with Breakaway last year.
The focus of the joint venture programme is based on the strong geological similarities between the Altia
mineralisation and the world-class Cannington silver-lead-zinc mine, located 100 kilometres to the south
along the same geological corridor. The drilling programme is targeting potential extensions to the Altia
Deposit within favourable quartz-garnet-magnetite (BIF) units along strike from Altia, mineralisation on the
parallel Dingo Trend (see Figure 3), and within zones of structural complication such as a synformal fold
hinge interpreted to lie between the Altia Deposit and parallel Dingo Trend.
Drilling to date has highlighted a number of positive geological features that reinforces the Altia Deposit as
potentially occurring within a broader poly-metallic mineralised system.
Intersections of the Altia BIF units within drill holes ADD10_09 and ADD10_01 have successfully extended
the known distribution of favourable host rocks by approximately 280 and 480 metres respectively, south of
the Altia Deposit’s southern boundary.
Within ADD10_09, multiple BIF units up to 15 metres thick (down hole widths) were intersected between
1,091.20 and 1,222.85 metres. Minor amounts of galena (lead sulphide) and sphalerite (zinc sulphide)
mineralisation were present within the BIF units and the following anomalous result was returned:
• 2m @ 2.86g/t Ag, 0.49% Pb, and 0.42% Zn from 1,144 metres, including 0.2m @ 4.9g/t Ag,
3.12% Pb and 0.42% Zn from 1,144.40 metres.
While assays results for the BIF units within ADD10_01 are awaited, the increased distribution of favourable
host units is significant as the area has only been previously tested by wide spaced shallow drilling.
Sufficient space exists for the development of additional silver-lead-zinc mineralisation at the southern end
of the Altia deposit.
A new and potentially significant zone of zinc mineralisation within the parallel Dingo Trend, approximately
800 metres east of Altia has also been identified from the drilling to date. Drill hole ADD10_06 intersected a
7.45 metre (downhole width) zone of weak sphalerite (zinc sulphide) mineralisation within a broader
35 metre zone of shale/silica alteration from 663.35 metres. Sphalerite occurs as thin wispy lamellae
throughout the internal zone (see Figure 4).
The new intersection lies approximately 700 to 750 metres south of the historic drill hole VOP-006 which
intersected 44 metres @ 0.20% Zn from 94 metres (including 24 metres @ 0.27% Zn from 106 metres)
within a silica-altered arenaceous sequence. Interpretation of high resolution ground magnetic data
suggests that the two intersections may lie within the same stratigraphic horizon.
Assays results for the mineralised zone within ADD10_06 are awaited.
The southern extension to the known limits of the Altia host stratigraphy and the identification of a new zinc
mineralised zone east of Altia is highly encouraging. When viewed in conjunction with a previously
announced copper intersection within the immediate footwall of the Altia Deposit (14 metres @ 1.04%Cu
from 145 metres in BERD005 – previously announced in January 2007), evidence is emerging that the Altia
Deposit may lie within a broader poly-metallic mineralised system.
The joint venture diamond drilling is continuing with drill hole ADD10_11 underway at the time of writing.
Following completion of the current programme, it is anticipated that the existing geological model will be
refined before future drilling priorities are determined.
Breakaway looks forward to providing the market with further updates on this project as information comes
to hand.
ENDS
For Further Information Contact:
Mr David Hutton, Managing Director
Mobile: 0417 974 843
Business: (08) 9278 6444
Mr John Atkins, Chairman
Mobile: 0419 767 573
Business: (08) 9323 8563
Breakaway Resources Limited
ABN 16 061 595 051
Level 2, 23 Ventnor Avenue
West Perth WA 6005
P/ (08) 9278 6444
F/ (08) 9278 6449
E/ admin@breakawayresources.com.au
W/ www.breakawayresources.com.au
About Breakaway Resources Limited:
Breakaway Resources aims to become one of Australia's leading mining and
exploration companies with exploration focussed at our priority Wildara and
Miranda Projects within the Leinster district of the North Eastern Goldfields of
Western Australia; an area we believe offers the most attractive opportunities for
future success.
Our objectives are the discovery and development of a high-quality stand alone
nickel sulphide deposit (+30kt Ni metal at 3% Ni) and maximisation of
shareholder wealth for non-priority assets.
About the Altia Deposit and Altia Joint Venture:
Silver-Lead-Zinc mineralisation at Altia is hosted by a series of parallel, east-dipping pyroxmangite-altered Banded Iron Formation
(“BIF”) units which have been sparsely drilled over approximately 2,000 metre strike length. Within the Inferred Resource,
mineralisation has been drilled on nominal 100 x 50 metre centres over 500 metres strike length to a vertical depth of 350 metres.
Breakaway delineated an initial JORC Code compliant Inferred Resource for the Altia Deposit in 2008 of 5.78 million tonnes grading
40.3g/t silver, 3.96% lead and 0.49% zinc. The deposit has currently been drilled over a 500 metre strike length and to a nominal
depth of 300 metres, and remains open primarily down-dip and to the south.
Breakaway secured the landmark Farm-in and Joint Venture Agreement with BHP Billiton in November last year. The focus of planned
exploration under the Joint Venture is based on the strong geological similarities between the Altia mineralisation and the world-scale
Cannington silver-lead-zinc mine, located 100 kilometres to the south along the same geological corridor.
Under the Farm-in and Joint Venture Agreement, BHP Billiton can earn a 70% interest in the silver-lead-zinc rights at Altia
by completing expenditure of A$10 million over five years. BHP Billiton must spend a minimum of A$1 million within the first year of the
Joint Venture.
On BHP Billiton reaching its 70% interest, Breakaway’s 30% interest may be sold to BHP Billiton. If Breakaway elects not to sell its
interest, it must contribute on a pro rata basis to the cost of ongoing exploration and a Bankable Feasibility Study. BHP Billiton retains
a right to purchase Breakaway’s 30% interest following completion of a Bankable Feasibility Study and before a decision to mine is
taken.
Notes Specific to the Altia Drill Holes:
1. All diamond drill hole results were obtained from analysis of 1-metre samples (unless otherwise specified). Sampling was
undertaken following logging of geological boundaries within the drill hole. All samples were prepared and analysed at SGS
Australia Pty Ltd’s Townsville laboratory facility using a single stage mix and grind technique. Base metal analyses were carried
out by subjecting a 50-gram portion of the sample to a mixed acid digest and analysing the sample by Inductively Coupled
Plasma Optical Emission Spectrometry (ICP).
2. Significant results shown in Table 1 of this report are calculated using a 0.1%Pb, 0.1%Zn, and 1.0g/t Ag lower cut off. Drill hole
intersection grades are length weighted averaged grades and do not take account of material density for each sample.
3. Drill hole locations were determined using a handheld GPS achieving +/- 4 metre accuracy and using the AGD84 datum (Zone
54).
Notes Specific to the Resource Estimation of the Altia Silver-Lead-Zinc Deposit:
A Resource estimate was carried out by Snowden Mining Industry Consultants Pty Ltd in November 2007 in accordance with the 2004
Guidelines of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources
and Ore Reserves. An Inferred Mineral Resource of 5.78Mt @ 40.3g/t Ag, 3.96% Pb and 0.49% Zn has been estimated for the Altia
Deposit at a cut-off of 0% lead.
Methodology:
Estimation of silver, lead and zinc grades and density within each of the interpreted lenses was completed using the ordinary kriging
interpolation technique within Minesight software. Compositing honoured the interpreted geological boundaries and was completed to
a 2.0 m length. Composite samples were coded by lens so that only samples within a single lens were used for grade estimation of
that particular lens. A block size of 10 m E x 50 m N x 25 m elevation was selected and block percentages for each lens were
recorded into the Minesight block model. The total Resource estimate for each lens has been derived by weighting the estimated
silver, lead and zinc grades for each block by the estimated tonnage for each lens within each block. |
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EXTRACT RESOURCES LTD (ASX:EXT)
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$0.210 (3.2%) to $6.690
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O: 6.480 H: 6.720 L: 6.390 C: 6.690 V: 355,310 |
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CHEMICAL ASSAYS CONFIRM THE EMERGENCE OF ZONE 5 AT
HUSAB’S RÖSSING SOUTH
Highlights:
• Emerging Zone 5 at Husab’s Rössing South:
o Chemical assay results including 29 metres assaying 1653 ppm U3O8 in RSRC002a
o Continuous mineralisation at Zone 5 has now been identified over a strike length of
1.7 kilometres and remains open along strike and down dip.
• Granite hosted uranium mineralisation now confirmed over nine kilometres of strike of
the Rössing South Anticline with another six kilometres to be explored.
• Definitive Feasibility Study targeted for completion in Q4 of calendar 2010. Early stage
planning for Mining Licence application has commenced.
• Comminution test work commenced on a bulk sample of mineralised alaskite material
from Rössing South.
• Continued drilling focussed on upgrading early mined material to a “Measured”
Resource classification.
• Further exploration potential within Husab Uranium Project still to be tested with an
exploration drilling program continuing with a number of new targets planned for testing
in 2H, 2010.
• 17 drill rigs currently in operation.
September 9, 2010: Following the resource update announced on 10 August, 2010, which
confirmed Rössing South as one of the world’s largest uranium deposits, Extract Resources
Limited (ASX/TSX/NSX:EXT) (“Extract” or “the Company”) is pleased to provide an update on
progress at the Husab Uranium Project in Namibia.
Drilling Update
Multiple high grade, previously unreported, drilling results have been received from resource
definition and exploration drilling, including:
High grade uranium assays have been returned from newly discovered Zone 5 at Rössing South
located approximately three kilometres to the south of Zone 2 along regional strike. Drill hole
RSRC002a returned an intersection of 29 metres grading 1653 ppm U3O8 from 279 metres. This
intersection ranks in the top 2 per cent for metal content within the current Rössing South
database, and confirms Zone 5 as a high priority exploration target. Potential economic grades
have been encountered over 1.7 kilometres of strike at Zone 5, and the mineralisation remains
open along strike and down dip. A second significant intersection of 14 metres grading 1211 ppm
U3O8 was made in hole RSRC004, located 200 metres to the east of RSRC002a. As RC drilling in
this area has not intersected footwall gneiss, selected holes are currently being extended by
diamond core. The exploration model suggests that additional uranium mineralisation will be
intersected in the extended drill holes.
Drilling has now shown that the geological structure hosting the uranium mineralisation at Rössing
South is consistently mineralised over a strike length of nine kilometres. Zones 1 and 2 at Rössing
South, which are the subject of the Definitive Feasibility Study (DFS) which is currently in
progress, together make up the northern 5.5 kilometres of the total identified mineralised strike
length. Approximately six kilometres of the highly prospective Rössing South Anticline remain to
be drill tested.
Resource drilling at Rössing South continues with 17 drill rigs currently in operation, 10 of which
are diamond drills and the remainder RC percussion. The principal focus of current drilling is to
upgrade the confidence levels of early mining areas in Zones 1 and 2 from Indicated to Measured
resources. To this end, a drill spacing study will commence shortly. This will assist in determining
optimum drill collar spacing for the determination of Measured resources.
Definitive Feasibility Study Update
Work on the DFS is continuing, with a strong team in place to maximise progress of this critical
work. A 200 tonne bulk sample of granitic material recently excavated from the northern portion of
Zone 1 is currently undergoing comminution testwork in Johannesburg in order to refine the
current designs for crushing and milling equipment.
The follow up work as a result of the operation of the pilot plant at SGS Oretest in Perth from April
to July 2010 continues to return data. This data will feed into the design of the planned processing
plant.
The block model used in the resource update announced on 10 August 2010 has been passed
onto the mining team for mine design optimisation. Detailed mine design and scheduling of the
Zone 1 and Zone 2 resources will form the basis of the mining inventory for the DFS. Zones 3, 4
and 5 are also potential sources of future mine production, but will not feature in the DFS base
case, as Indicated or Measured Resources in these zones have not yet been defined.
Information available from the pilot plant indicates that accounting for a leach residue grade and
process plant recovery losses, such as belt filtration soluble losses and plant wide scale
precipitation from the process leach liquors, is the most representative way to determine total
process recovery. Applying this methodology is expected to result in lower recoveries from low
grade material (<400 ppm U3O8) and higher recoveries from high grade material (>400 ppm U3O8).
Investigations into minimising the leach residue grade are in progress.
This recovery methodology will be applied to optimisation of the August 2010 resource model to
help determine overall process recovery for the DFS. Acid consumption based on lithology will
also feature in future resource optimisation. Determining total process recovery and acid
consumption will form a critical component of detailed mine planning and scheduling for the DFS
so that the most robust mine plan can be developed.
Mining Licence Update
In parallel with the DFS and Environmental Impact Assessment study, early planning for a Mining
Licence application for Husab’s Rössing South has commenced. It is anticipated that the Mining
Licence application will be lodged with the Namibian Ministry of Mines and Energy in Q4, of
calendar 2010.
Exploration
A large number of additional uranium exploration targets have been identified within the Husab
Project, many of which have had no previous work carried out on them. During the next 12
months, reconnaissance level exploration will be completed on many of these targets in order to
assess their potential to host economic concentrations of uranium mineralisation.
About Extract Resources
Extract Resources Ltd is an international uranium exploration and development company whose
primary focus is in Namibia. The company’s principal asset is its 100%-owned Husab Uranium
Project which contains two known uranium deposit areas, Rössing South and Ida Dome. Extensive
exploration potential also exists for new uranium discoveries in the region. Extract Resources is
listed on the Australian (ASX), Toronto (TSX) and Namibian (NSX) Stock Exchanges.
For further information, please visit www.extractresources.com or contact:
Extract Resources: London Office
Jonathan Leslie, Chief Executive Officer/Managing Director
Tel: +44 (0)20 7317 9220
jleslie@extractresources.com
Extract Resources: Perth Office
Andrew Penkethman, Manager Projects
Siobhan Lancaster, Company Secretary
Tel: +61 (0)8 9367 2111
apenkethman@extractresources.com
slancaster@extractresources.com
Brunswick Group (UK)
Carole Cable / Pip Green
Tel: +44 (0)20 7404 5959
MAGNUS Investor Relations/Corporate Communication (Australia)
John Gardner
Tel: +61 (0)2 9286 0260
Mob: +61 (0)413 355 997 |
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IRON MOUNTAIN MINING LIMITED (ASX:IRM)
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$0.005 (8.3%) to $0.065
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O: 0.060 H: 0.065 L: 0.060 C: 0.065 V: 237,129 |
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ASSAY RESULTS RECEIVED FROM MAIDEN
WANDOO BAUXITE DRILLING PROGRAM AT E70/2693
Iron Mountain Mining Limited (ASX: IRM, “Iron Mountain”) is pleased to announce that it has finally received all assay results from its maiden Wandoo bauxite drilling program completed in late June 2010. Results from this first phase of drilling within E70/2693 are very encouraging in regards to the extent and grade of the bauxite profile identified and its proximity to existing road and rail infrastructure. Assay grades as high as 47.9% Al2O3 were encountered with little or no recorded overburden.
Some of the better results from the drilling program are listed below in Table 1.
A total of 287 air core holes were drilled in June 2010 across five freehold properties on the
Darling Ranges Plateau within E70/2693 approximately 35km west of the township of New Norcia
(see Fig 1 & 2). The drilling was undertaken on a 200m x 200m grid and approximately 250 holes
were unable to be completed due to the onset of early seasonal rains and cropping season in the
district. As can been seen from the selected drilling results (see Table 1), the bauxite
mineralisation within E70/2693 is predominantly at or very near surface.
Including quality control and check sampling, a total of 1311 assays were received intermittently in
batches of 200 samples each since drilling was completed. All assay data has been subsequently
merged with all existing drilling data in preparation for the complete drilling database to be
submitted to independent consultants Hackman & Associates Pty Ltd for resource estimation
study/work.
Reactive silica analysis utilising hydroxide leach technique is currently in progress. A total of 512
samples were selected and submitted for reactive silica analysis with results expected to be
received by late September. Once completed, the reactive silica results will be merged into the
maiden drilling database and resource estimation will commence. It is also expected that data
from this maiden drilling program will allow calibration studies to be performed on the substantial
historical drilling database that will hopefully allow the accuracy and confidence of past and future
resources estimated using historical data to be significantly improved.
Robert Sebek
Managing Director 9 September 2010 |
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IMX RESOURCES LIMITED (ASX:IXR)
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 $0.005 (-1.2%) to $0.425
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O: 0.430 H: 0.440 L: 0.425 C: 0.425 V: 69,000 |
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New Ni-Cu Intersections from L, M and C Zones at Ntaka Hill,
Nachingwea Ni-Cu JV, Tanzania
IMX Resources Limited (ASX:IXR) is pleased to report new nickel-copper intersections from 2010
diamond drilling completed at L, M and C Zones at the Nachingwea project in southern Tanzania.
The project is a 30:70 Joint Venture between IMX Resources Limited (‘IMX’) and Continental
Nickel Limited (‘CNI’) of Canada.
Best intersections include:
L Zone
 10.04% Ni, 1.00% Cu and 0.16% Co over 1.9m from a wider 5.35m interval grading
4.15% Ni, 0.49% Cu and 0.06% Co in hole NAD10-199
M Zone
 1.2% Ni, 0.36% Cu over 10m from a wider 21m interval grading 0.89% Ni, 0.22% Cu in
hole NAD10-193
C Zone
 1.18% Ni, 0.26% Cu over 4m in hole NAD10-192
 0.74% Ni, 0.17% Cu over 13.25 metres in Hole NAD10-194
These new intersections at L, M and as previously reported H Zone (ASX 26 July 2010) have
extended the previously defined Ntaka Hill Ni-Cu sulphide mineralisation beyond the boundaries
of the 2009 Mineral Resource model. The new results will now be incorporated into the resource
models ahead of an updated Mineral Resource Estimation study which will commence after all of
the outstanding assay data is received.
The 2010 diamond drilling programme at Nachingwea is now complete with 36 holes drilled for a
total of 4,988.8 metres of diamond core. Thirty-five of the holes were drilled at Ntaka Hill as part of
an extensional drilling programme to expand the currently defined nickel-copper sulphide Mineral
Resources. A single diamond hole was completed at the regional Lionja prospect for 266.1
metres. To date results from 14 holes have been reported.
The planned regional exploration Reverse Circulation (RC) drilling programme is now scheduled
to commence in October to test priority targets developed from ongoing regional field validation.
A full discussion of results for M, L and C Zones including a drillhole location plan can be viewed
in the CNI release to the TSXV attached below.
Nachingwea Holding Structure
The IMX Resources interest in the Nachingwea project are held indirectly through a 37.2%
interest in Continental Nickel, which holds a 70% interest in the Tanzanian JV company, Ngwena
Limited. Ngwena is the licence holder for the Nachingwea tenements. IMX Resources also holds
a 30% direct interest in the project through a 30% interest in Ngwena.
IMX Resources 30% interest is free carried up to the completion of a feasibility study or the
expenditure of Cdn$15m whereby Continental Nickel can earn an additional 5% interest.
Continental Nickel is expected to reach the Cdn$15m expenditure threshold during 2010 at which
time IMX Resources will dilute to 25% of the project and will commence funding the JV on a prorata
basis.
DUNCAN MCBAIN
MANAGING DIRECTOR
For further information, please contact:
Duncan McBain
Managing Director
Tel: +61 8 9388 7877
E: dmcbain@imxres.com.au
Investor Relations:
Warrick Hazeldine
Purple Communications
Tel: +61 8 9485 1254
E: whazeldine@purplecom.com.au
About IMX Resources Limited
IMX Resources Limited (ASX:IXR) – is headquartered in Perth, Western Australia, is listed on the
Australian Stock Exchange (ASX) with a current market capitalisation of approximately $100m.
IMX is an active diversified mining company with projects in South Australia, Tasmania, Tanzania
and Mozambique, East Africa, focusing on a range of commodities including iron-ore, nickel, gold,
copper, platinum and uranium.
The company is disciplined in following a careful strategy to maximise shareholder value by
discovering and developing ore bodies. IMX achieves this by participating in multiple, quality
exploration projects in joint ventures with global mining companies, and by listing spin-off
companies, to ensure programs with high potential are well-funded, while retaining a significant
interest to provide exposure for IMX shareholders.
Subject to the successful completion of the terms of the Sichuan Taifeng HOA, IMX will own 51%
of the Cairn Hill project, 55 kilometres south-east of Coober Pedy, South Australia. This unique
magnetite Fe – Cu – Au project is close to the Darwin to Adelaide railway line. Phase 1, which has
recently commenced mining, is a DSO magnetite project. Testwork indicates that the ore
produces a premium coarse grained magnetite product, with a clean saleable Cu / Au
concentrate. IMX has a Phase 1 life of mine sales offtake agreement with Jilin Tonghua Iron &
Steel (Group) Mining Co Ltd for the DSO magnetite production. Beyond Phase 1, preliminary
metallurgical testwork has been completed on Phase 2 of the project targeted at producing a
premium grade magnetite concentrate.
IMX owns 100% of the iron ore rights on the Mt Woods tenements where besides the potential of
Phase 3 magnetic anomalies outside ML6303, recent drilling has intersected magnetite to the
south and west of Cairn Hill with target mineralisation of 320-550mt @ 25-35% Fe based on the
drilling, ground gravity and aeromagnetics.
The immediate upside for Cairn Hill / Mt Woods remains the definition of further resources to
support a long term 3-5mtpa iron ore operation.
IMX has recently formed a Joint Venture with OZ Minerals for the non-iron ore rights on its Mt
Woods tenements. OZ Minerals will have 51% of the joint venture and must spend $20m over 5
years to retain this interest. OZ Minerals is targeting Prominent Hill style copper / gold
mineralisation.
In Tanzania, IMX holds 100% of the Mibango nickel / copper / platinum project.
IMX spun off 70% of the Nachingwea Nickel - Copper project in Tanzania into a Continental
Nickel Limited (TSXV:CNI) in August 2007. IMX currently holds 37.2% of Continental Nickel and
retains a 30% free carried interest in the Nachingwea Nickel - Copper project through a joint
venture company structure.
IMX owns 30.1% of Uranex (ASX:UNX), a spin-off company from IMX , which listed on the ASX in
October 2005 and is dedicated uranium company with assets in Australia and Tanzania.
Visit: www.imxresources.com.au
Press Release
Continental Nickel Reports Additional Assays from Ntaka Hill, including 4.15%
Nickel and 0.49% Copper over 5.35Metres from the L Zone on the Nachingwea
Nickel Sulphide Project in Tanzania
Toronto, Ontario (September 8, 2010): Continental Nickel Limited (TSXV: CNI) (“Continental” or “CNI” or
the “Company”) is pleased to report further assay results from its diamond drill program on the
Nachingwea nickel-copper sulphide project (“Nachingwea”) in Tanzania. The project is a 70:30 Joint
Venture between CNI and IMX Resources Limited (“IMX”) of Australia. Highlights include: 4.15% nickel
and 0.49% copper over 5.35 metres, including a higher grade interval grading 10.04% nickel and 1.00%
copper over 1.9 metres from a “step-out” diamond drill hole, NAD10-199 at L Zone.
The Company is currently implementing a $4 million exploration program at Nachingwea. In the current
program, thirty-five diamond drill holes, totalling 4,722.7 metres, were completed at Ntaka Hill, and one
266.1 metre drill hole was completed at Lionja, 8 kilometres to the south. Assay results have now been
reported for fourteen of the thirty-six drill holes, including the results of nine holes totalling 986.7 metres
reported herein. The assay results are provided below as Table I and a location figure may be viewed
using the link provided with this release. The remaining assay results will be reported as they are
received, compiled and validated.
The Ntaka Hill drilling program was designed:
1. to evaluate selected sulphide deposits for extensions to mineralization beyond the
currently defined Mineral Resources;
2. to evaluate several other sulphide zones which could be included in the Mineral
Resources.
Currently defined NI 43-101 compliant, Measured and Indicated Mineral Resources, from six separate
sulphide deposits (G, H, J, L, M and NAD013) at Ntaka Hill, total 3.1 million tonnes grading 1.31% nickel
and 0.24% copper at a US$23 / tonne Net Smelter Return (“NSR”) cut-off (Press Release dated July 15,
2009).
L Zone
The current Measured and Indicated Mineral Resources at L Zone (July 2009) are estimated at 221,000
tonnes grading 1.71% nickel and 0.32% copper. Two drill holes, totalling 201.8 metres, were positioned
along strike to the north and to the south of the current resource limit to test for potential extensions of
the mineralized zone.
Diamond drill hole NAD10-198 was drilled up-plunge, 50 metres to the north. This hole failed to intersect
significant mineralization and the zone probably pinches out in this direction.
Drill hole NAD10-199 was positioned to test for an extension of the high grade mineralization intersected
30 metres to the north in drill hole NAD08-124, which had intersected 5.47% nickel and 0.96% copper over
4.0 metres. NAD10-199 intersected a 5.35 metre mineralized interval grading 4.15% nickel and 0.49%
copper, including 1.9 metres of massive sulphide mineralization grading 10.04% nickel and 1.00% copper.
Bore hole electromagnetic (“BHEM”) surveys have indicated that the high conductance plate associated
with this zone is now largely tested.
This drilling has extended the high grade mineralization at least 30 metres to the south, increasing the
total strike length of the zone to 180 metres. These results will be incorporated in a revised resource
model for the L Zone.
MZone
The current Measured and Indicated Mineral Resources at M Zone (July 2009), contained in a preliminary
pit shell, are estimated at 344,000 tonnes grading 1.73% nickel and 0.38% copper. Three diamond drill
holes totalling 318.4 metres were completed to test the potential for extensions to the deposit along
strike to the north and south.
Two drill holes were positioned at the northern end of M Zone to test for mineralization up-plunge and
near surface. NAD10-193 was drilled approximately 25 metres up-dip above drill hole NAD08-169 which
intersected 0.50% nickel and 0.08% copper over 9.0 metres (previously reported January 28, 2009).
NAD10-193 intersected a wide zone of disseminated to net-textured mineralization grading 0.89% nickel
and 0.22% copper over 21.0 metres, including higher grade intervals grading 1.20% nickel and 0.36%
copper over 10.0 metres and 1.92% nickel and 0.22% copper over 2.4 metres. Drill hole NAD10-196 was
positioned 50 metres along strike of NAD10-193 and did not intersect any mineralized rock.
Drill hole NAD10-197 was drilled at the south end of the zone and intersected a narrow zone of
disseminated to net textured sulphide mineralization grading 0.80% nickel and 0.14% copper over 2.0
metres.
The drilling at the M Zone successfully intersected higher grade mineralization up-dip and near surface at
the north end of the deposit. Results of BHEM surveys indicate the zone is now largely tested. The new
results will be incorporated into an updated resource model for use in a pit optimization study. This study
will evaluate whether mineralization currently extending below the original preliminary pit shell can be
upgraded to a Mineral Resource category which would increase the current Mineral Resources atM Zone.
C Zone
The C Zone was discovered in 2009 while drill testing a strong, 500 metre long, surface electromagnetic
(“EM”) anomaly. Diamond drill hole NAD09-180 intersected sulphide mineralization grading 2.53% nickel
and 0.42% copper over 5.3 metres, including an interval of massive sulphide grading 4.31% nickel and
0.60% copper over 2.4 metres (Press Release dated November 24th, 2009).
Four diamond drill holes, totalling 466.5 metres, were completed to test the continuity of the zone near
the surface in the area of drill hole NAD09-180, as well as along strike to the south to test a strong off-hole
BHEManomaly.
Diamond drill holes NAD10-190 and 191 were positioned 25 metres up-dip and down-dip, respectively, of
drill hole NAD09-180 to provide an east-west section across the zone. Both drill holes failed to intersect
significant mineralization, indicating that the zone has limited dip extent on this section.
Drill hole NAD10-192 was drilled 50 metres north and along strike of NAD09-180 and intersected strongly
oxidized sulphide mineralization grading 1.18 % nickel and 0.26% copper over 4.0 metres. This
intersection is interpreted as the northern limit of the sulphide zone.
Drill hole NAD10-194 was drilled 210 metres to the south and along strike of NAD09-180 and was
positioned to test a strong off-hole BHEM anomaly detected from hole NAD09-181, which intersected
sulphide mineralization grading 1.06% nickel and 0.30% copper over 7.60 metres (Press Release dated
December 16, 2009). The hole intersected several wide, mineralized intervals including: 10.0 metres
grading 0.58% nickel and 0.18% copper, starting at 27.0 metres down hole; and 0.74% nickel and 0.17%
copper over 13.25 metres, starting at 125.0 metres down hole. A BHEM survey of drill hole NAD10-194
has confirmed that the targeted off-hole BHEM anomaly detected from drill hole NAD09-181 has been
intersected.
The new drill results will be interpreted along with the 2009 drill results in order to assess if a Mineral
Resource can be outlined and estimated for this zone.
Next Steps:
With the completion of the Ntaka Hill drill program, a reverse circulation drilling program is planned to
commence in October to test priority targets developed from an ongoing regional exploration program.
Craig MacDougall, President & CEO of Continental Nickel Limited, said “the drilling completed at M and L
zones, and as previously reported at H Zone, has extended the mineralization in all three zones. This new
information will now be incorporated into the resource models ahead of an updated Mineral Resource
Estimation study which will commence after all of the outstanding assay data is received. We continue to
look forward to additional assay results from the Ntaka Hill area, including follow-up holes at the recent
discovery of a wide zone of disseminated sulphide mineralization at the Sleeping Giant Zone.”
Qualified Persons
The quality control, technical information and all aspects of the exploration program are supervised by
Patricia Tirschmann, P. Geo., Vice President, Exploration for CNI. The information in this release was
prepared under the direction of Craig MacDougall, P. Geo., President and CEO for Continental Nickel
Limited. Both Ms. Tirschmann and Mr. MacDougall are qualified persons as defined by National
Instrument 43-101.
Quality Control
The drilling was completed by Tandrill Limited of Tanzania. Drill core samples (NQ) are cut in half by a
diamond saw on site. Half of the core is retained for reference purposes. Samples are generally 1.0 metre
intervals or less at the discretion of the site geologists. Sample preparation is completed at the ALS
Chemex preparation lab in Mwanza, Tanzania. Sample pulps are sent by courier to the ALS Chemex
analytical laboratory in Vancouver, Canada. Blank samples and commercially prepared and certified Ni
sulphide analytical control standards with a range of grades are inserted in every batch of 20 samples or a
minimum of one per sample batch. Analyses for Ni, Cu and Co are completed using a peroxide fusion
preparation and ICP-AES finish (Analytical Code ME-ICP81). Analyses for Pt, Pd, and Au are by fire assay
with an ICP-AES finish (Analytical Code PGM-ICP23).
About Continental Nickel
Continental Nickel Limited is focused on the exploration, discovery and development of nickel sulphide
deposits in geologically prospective, but under-explored regions globally. The Company's key asset is its
70% interest in the Nachingwea project in Tanzania, where NI 43-101 Mineral Resources have defined
40,000 tonnes of contained nickel, and ongoing exploration is underway to evaluate the potential to
expand these Resources. The Company’s interest in the Nachingwea project will increase to 75% upon the
completion of exploration expenditures totalling $15 million, which is expected to be confirmed in the
current quarter.
Continental Nickel Limited has 38,943,664 shares issued and outstanding (46,211,514 on a fully-diluted
basis) and trades on the TSX Venture Exchange under the symbol CNI. The Company remains well-funded
with over C$11.6 million in the treasury.
On behalf of
Continental Nickel Limited
“Craig MacDougall”
President & Chief Executive Officer
For further information please contact:
Continental Nickel Limited
Craig MacDougall, P. Geo. Marguerite Manshreck-Head
President and CEO Investor Relations
Tel: (905) 815-0533 Tel: (613) 395-4487
Fax: (905) 815-0532
E: info@continentalnickel.com
Web site: www.continentalnickel.com |
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FINDERS RESOURCES LIMITED (ASX:FND)
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$0.010 (-3.0%) to $0.325
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O: 0.335 H: 0.335 L: 0.320 C: 0.325 V: 240,000 |
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FINDERS RESOURCES LIMITED
Tambang Drilling Results
Finders Resources Limited (FND AIM/ASX) is pleased to announce the latest drilling results from its 72%
owned Ojolali gold‐silver project in Sumatra, Indonesia following the recently completed 18 hole 1717m
program of infill reverse circulation drilling at the Tambang gold‐silver vein system. The drilling program
was designed to test for near surface mineralization with potential to provide additional feed for a start up
mining operation based on the Jambi oxide gold resource.
Highlights include:
* The identification of a new high grade gold‐rich shoot that is completely open at depth with an
intersection of 7m grading 5.62 g/t Au and 70 g/t Ag from 55m depth within a broader intercept of
24m grading 1.84 g/t Au and 38 g/t Ag and 0.56% Zn from 49m depth in TBGR 29
* Further high grade shallow silver intersections, including:
- 13m grading 184 g/t Ag and 0.41 g/t Au from 23m in TBGR 21,
- 20m grading 128 g/t Ag and 0.39 g/t Au from 52m depth in TBGR19
- 1m grading 658 g/t Ag and 0.52 g/t Au from 30m depth in TBGR 20
Finders Chairman, Russell Fountain, said the results have demonstrated the ability to expand the inventory
of near‐surface oxide mineralization at Ojolali and continue to emphasise the discovery potential of the
project.
“This program tested approximately 600m of the known +2km strike length of the Tambang vein system.
The results have highlighted the continuity of wide zones of near surface gold‐silver mineralization, and
importantly demonstrated previously unrecognized potential for gold rich shoots within the system, as
evidenced by the intersections in TBGR25 and 29, which are completely open at depth.
“This drilling, supported by ongoing surface geological mapping and trenching, has now defined the
principal ore controls at Ojolali. We believe that we are looking at the very top of a large epithermal
system, with great potential for additional discoveries at depth.
“Based on these Tambang results and the previously announced Jambi drilling, we are now instituting a
program of metallurgical test‐work, including bottle roll testing, as a basis for a scoping study for
development of a leaching operation based on both prospects,” he said.
The Tambang mineralization comprises a west dipping fault controlled swarm of quartz and manganese
veins hosted mainly in a siltstone unit separating basement basalts from a locally tuffaceous andesitic rock
sequence (see figure 1).
Holes TBGR14, 15 and 16 were designed to test a geophysical anomaly, and intersected only minor
mineralization.
The remaining holes confirmed the presence of wide zones, with true widths ranging from 8 to 21m at a 0.5
g/t gold equivalent (Au +Ag/60)cut‐off, of low grade gold and silver mineralization, with local high grade
silver spikes to 658 g/t.
In addition, high grade gold (7m @ 5.6 g/t Au, 70 g/t Ag) was intersected from 55m depth in TBGR29,
indicating potential for significant gold rich zones within the generally silver dominated Tambang vein
system. Additional drilling will be required to evaluate this potential.
The gold and silver values are accompanied by significant zinc and lead below the base of oxidation, which
extends to around 25m depth within the vein zone. The company plans to carry out a program of
metallurgical testing using material from this drilling, to check recoveries of both gold and silver across the
oxide‐sulphide boundary at Tambang prior to follow up drilling.
Drill collar locations and a full listing of the significant assay results, using a 0.5 g/t Au cut off, maximum 1m
of internal dilution, and a minimum of 5 gram*meters gold equivalent minimum intercept, are appended
below. A plan and additional section illustrating the Tambang drilling are shown in Figures 2 and 3 and
below.
Assays were undertaken by the Intertek Jakarta laboratory, using 50g fire assay (Code FA51) for gold, and
ICP for other elements.
Table 1. Summary drill results for 2010 Tambang RC drilling. Intercepts using a 0.5 g/t gold equivalent (Au
+Ag/60) cut‐off, and a minimum intercept of 5 g*m Au equivalent intercept. Intercept lengths are down
hole distances, true widths are estimated to be about 90% of down‐hole intercepts.
Further details for all projects may be found on the Finders website at www.findersresources.com
Finders Resources Ltd:
Russell Fountain Non‐Executive Chairman +61 2 9211 8299
Chris Farmer Managing Director info@findersresources.com
Financial PR:
Stuart Carson FD Third Person (in Sydney) +61 (2) 8298 6100
Nick Elwes College Hill (in the UK) +44 20 7457 2020
RFC Corporate Finance Ltd ‐ Nomad:
Rob Adamson Managing Director +61 2 9250 0000
Stuart Laing Executive Director +61 8 9480 2500
FinnCap ‐ Finders’ Broker for the AIM market:
Matthew Robinson Corporate Finance Director +44 20 7600 1658
Joe Lunn Analyst +44 20 7600 1658
Background Information on Finders
Finders, listed on AIM and ASX, is the operator of the Wetar Copper Project (~94% and earning), and the
Ojolali Gold‐Silver Project (72% with option), both located in Indonesia.
At the Wetar Project, as part of a definitive feasibility study, a demonstration SX‐EW plant with 5t per day
copper cathode capacity was commissioned in February 2009 and is permitted to process 100,000t of ore
from the Kali Kuning deposit. The Company is targeting commercial production in two stages of expansion
to reach 23,000 tonnes per year cathode, subject to permitting and project funding.
At the Ojolali Project, Finders controls what it considers to be a major new epithermal gold district, and has
been undertaking an extensive exploration program comprising detailed drilling to establish an initial
mining resource, supported by extensive surface geophysical and geochemical surveys. Finders believe
that the Ojolali project has strong potential to generate cash flow through open pit CIL/CIP development of
the gold resource at the Jambi Oxide gold deposit. |
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AFRICAN ENERGY RESOURCES LIMITED (ASX:AFR)
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$0.001 (1.1%) to $0.088
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O: 0.087 H: 0.091 L: 0.087 C: 0.088 V: 1,178,375 |
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ENCOURAGING COAL RESULTS AT SESE, BOTSWANA
HIGHLIGHTS:
* Proximate analyses have been received for the four core holes
drilled into thick coal seams in the Sese project in Botswana.
* Proximate analyses from two additional core holes drilled in the
project area by Shell Coal Botswana Pty Ltd in 1976 lend further
support to the coal quality over a very broad area.
* The key results of the raw proximate analyses are as follows:
* The average raw coal quality and geometry of the seams compares
very favourably with nearby deposits in southern Africa.
* Coal seams have been intersected over an inferred strike length of
greater than 30km, and an inferred down dip extent of up to 4km.
* The main coal seam intersected in the drilling has an average
thickness of 10‐12m, and an average depth to the top of the seam
of 41m.
OVERVIEW
The Directors of African Energy Resources Limited (AFR) are pleased to announce the results of
preliminary proximate analysis on raw coal recently discovered on its wholly owned Sese project in
northeast Botswana (for location refer to Diagram 1). The Company has also been able to retrieve
open file exploration data which includes proximate analyses for two core holes drilled in 1976 by Shell
Coal Botswana Pty Ltd (Shell), which further support the analyses undertaken on the AFR core. The
results confirm that the areal extent of the coal and the average quality of the coal is sufficient to
warrant further investigation. The Company is actively seeking a suitably qualified cornerstone project
partner to advance the discovery to the next stage.
PROXIMATE ANALYSES OF COAL AT SESE
Immediately after the discovery of coal at Sese by AFR, four diamond drill core holes were drilled to
collect samples for proximate analyses (for locations of AFR and Shell core holes refer to Diagram 2).
The proximate analyses for AFR raw coal core were undertaken at ALS Chemex’s coal laboratory at
Witbank in South Africa, and all analyses are quoted on an air dried basis. Sixty‐five individual raw coal
core samples were selected for analysis on the basis of geological boundaries and have been
summarised as weighted averages of composite intersections exceeding a calorific value (CV) of
12 M/kg. The four AFR holes were drilled vertically, and indications to date are that the coal seams dip
at less than 1 degree, so the quoted widths approximate true width intersections. Proximate analyses
published in 1976 by Shell are also included in the table below for the two holes they drilled:
The six holes for which proximate analyses are available cover a large proportion of the known strike
length of the coal deposit (see Diagram 2) and are widely separated. They are therefore believed to
give only a preliminary indication of the average coal quality across the deposit. The average for the
unwashed, raw coal indicates a seam thickness of approximately 9m, with a calorific value of 19 MJ/kg
(4,550 kcal/kg), ash content of 27% and sulphur content of 1.8%. The data published by Shell indicates
an average specific gravity for the coal in holes N8 and N9 of 1.59. Further drilling and proximate
analyses would be required to establish an initial inferred resource.
Proximate analyses of washed coal for Shell holes N8 and N9 are also shown in the table above, and
indicate that below a specific gravity of 1.60, a yield of 60% provides coal with a calorific value of
approximately 22.5 MJ/kg (5,375 kcal/kg), ash content of 16‐20% and low sulphur content below 0.4%.
DISCUSSION OF RESULTS AND FUTURE PLANS FOR THE SESE COAL PROJECT
The limited drilling completed to date on the project shows that coal seams are present over a strike
length of 30km, and up to 4km down‐dip (Diagram 2). The average coal seam thickness is 10‐12m with
an average depth to the top of the seam of 41m. The raw (unwashed) coal quality data and the
combination of relatively thick but shallow seams suggest that this deposit compares will with other
known coal deposits in the southern Africa region (see Appendix 1).
The Directors consider that this combination of preliminary coal quality, areal extent, thickness and
shallow depth suggest that a commercially viable coal mining operation may be possible at Sese and
warrants further evaluation. The Company is therefore actively seeking a suitably qualified
cornerstone project partner to manage the future assessment of the Sese coal project.
BACKGROUND TO PROJECT
The Sese project comprises two 100% owned prospecting licences located in northeast Botswana,
approximately 50km southwest of the town of Francistown. The project is situated close to the sealed
highway between Francistown and Gaborone and is easily accessible. Rail, road and power
infrastructure is close to the project area.
The Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the ‘JORC Code’) sets out
minimum standards, recommendations and guidelines for Public Reporting in Australasia of Exploration Results, Mineral
Resources and Ore Reserves. The information contained in this announcement has been presented in accordance with the
JORC Code and references to “Measured, Indicated and Inferred Resources” are to those terms as defined in the JORC Code.
Information in this report relating to Exploration results, Mineral Resources or Ore Reserves is based on information compiled
by Dr Frazer Tabeart (an employee and the Managing Director of African Energy Resources Limited) who is a member of The
Australian Institute of Geoscientists. Dr Tabeart has sufficient experience which is relevant to the style of mineralisation and
type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person under the
2004 Edition of the Australasian Code for reporting of Exploration Results, Mineral Resources and Ore Reserves. Dr Tabeart
consents to the inclusion of the data in the form and context in which it appears.
For any further information, please refer to the Company’s website or contact the Company directly
on +61 8 6465 5500.
For and on behalf of the board |
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INTEGRA MINING LIMITED (ASX:IGR)
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$0.010 (-1.9%) to $0.515
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O: 0.525 H: 0.535 L: 0.510 C: 0.515 V: 8,078,719 |
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NEW HIGH-GRADE SANTA GOLD HITS SUPPORT
PLANS TO LIFT PRODUCTION TO 140,000oz
OUTSTANDING NEW RESULTS FROM EMERGING SATELLITE PRODUCTION AREA
• Best results: 4 metres @ 34.1 g/t incl. 1 metre @ 131 g/t, 4 metres @ 17.4
g/t incl. 1 metre @ 63 g/t and 2.1 metres at 46.7 g/t
• High-grade gold mineralisation extended to over 2 kilometres of strike and
to 400 metres depth within the Santa Trend of gold deposits
• Confirms potential for both high-grade open pit and underground
production from Santa, 16km east of new Salt Creek gold processing facility
• Resource extension drilling continuing with first gold production at
Randalls Gold Project now imminent
Integra Mining Limited (“Integra”; ASX: IGR) is pleased to report that a host of outstanding
new high-grade drilling results have strengthened the potential of the Santa area as a
future source of satellite open pit and underground production for its Randalls Gold Project
in Western Australia, where first gold production is imminent.
Santa, which is located 16km east of the new gold processing facility, is one of several areas
being targeted by Integra to support its plans to rapidly increase gold production from the
Randalls Gold Project from an initial level of 90,000 ounces per annum to 140,000 ounces per
annum (see ASX announcement 30 October 2009).
Commissioning of the new processing facility at Randalls, which is located 60km south-east of
Kalgoorlie, is nearing completion with ore processing underway. Mining is progressing well
with high-grade blocks being mined in the Salt Creek open pit and contained metal
reconciliation of the grade control drilling results to the Mineral Resources model proving very
accurate at 101%.
Recently received drilling results have confirmed both the depth and strike continuity of
banded iron formation (BIF) hosted gold mineralisation within the Santa Trend, which extends
over a strike length of more than 2 kilometres. These results highlight the significance of the
Santa Trend as a major gold system with excellent extensions to the known mineralisation
confirmed both along strike for over 2 kilometres and at depth to over 400 metres. The
mineralisation remains open both at depth and along strike.
Recent drilling results which confirm shallow strike extensions with open pit production
potential beyond the current Mineral Resources include:
* 4 metres at 34.13 g/t gold from 20 metres drill depth including
* 1 metre at 131 g/t gold
* 4 metres at 17.36 g/t gold from 21 metres drill depth including
* 1 metre at 63 g/t gold
* 4 metres at 9.86 g/t gold from 82 metres drill depth
* 20 metres at 2.90 g/t gold from 45 metres drill depth including
* 2 metres at 14.60 g/t gold
* 7 metres at 4.54 g/t gold from 5 metres drill depth
Additional high-grade drill intercepts with underground production potential below the current
Mineral Resources include:
* 2.1 metres at 46.70 g/t gold from 270 metres drill depth
* 2.25 metres at 25.10 g/t gold from 217.1 metres drill depth
* 2.3 metres at 18.70 g/t gold from 235.7 metres drill depth
* 2 metres at 10.33 g/t gold from 140 metres drill depth
* 3 metres at 7.16 g/t gold from 176 metres drill depth
* 6 metres at 5.86 g/t gold from 126 metres drill depth
The latest drilling results continue to indicate that high-grade gold mineralisation
within the BIF-hosted Santa Trend persist at depth with excellent potential for
underground extraction and also persist along strike with excellent potential for
additional open pit production. Integra sees no geologic reason why high-grade gold
mineralisation at the Cock-Eyed Bob, Santa and Maxwells gold deposits could not persist to
one kilometre depth or beyond presenting the Company with outstanding Mineral Resources
expansion potential beyond the limits of current drilling.
Given its strategic location 16km east of Integra’s flagship Salt Creek gold deposit – where the
newly constructed gold processing facility is being commissioned – the high-grade BIF-hosted
gold deposits at Cock-Eyed Bob, Santa and Maxwells continue to emerge as potential future
sources of high-grade underground and open pit material for the Randalls Gold Project.
Previous high-grade drilling results from the Santa, Maxwells and Cock-Eyed Bob gold deposits
were released to the market on 9 November 2009, 22 January 2010, 8 February 2010, 10 June
2010 and 24 August 2010 respectively.
Integra intends to revise its global Mineral Resources estimate near the end of the year with
the upgraded resource inventory expected to include the depth and strike extensions to the
Maxwells, Santa and Cock-eyed Bob high-grade gold deposits as well as a preliminary Mineral
Resource estimate for the new Majestic discovery.
Yours sincerely,
Chris Cairns
Managing Director |
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SIBURAN RESOURCES LIMITED (ASX:SBU)
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No Change From $0.225
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O: 0.225 H: 0.225 L: 0.225 C: 0.225 V: 0 |
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MT PLEASANT RC/DIAMOND DRILLING AND GRAVITY SURVEY RESULTS
ASX/MEDIA RELEASE 8 SEPTEMBER 2010
Siburan Resources Limited (ASX: SBU, Siburan) is pleased to announce the results of its maiden drilling
programme and the gravity survey at its Mt Pleasant gold project, located 35km north of Kalgoorlie in
Western Australia (Figure 1).
The aim of the initial RC and Diamond drilling programme at the Mt.Pleasant gold project was to
understand the controls of gold mineralisation at the Fidelitas, Fortis, Anomaly 4 and 5 prospects and
identify targets for the next phase of drilling.
At the Fideltas prospect, drill hole 10 MPRD001 intersected a wide zone of disseminated pyrite (5 –
10%) in a carbonate altered gabbro host rock. Sampling from this zone has returned 10m @ 1.1 g/t Au
from 135m including 2m @ 3.45 g/t Au from 143m.
In addition, at Anomaly 4, in drill hole 10 MPRD 005, a strongly altered gabbro with pervasive chlorite
and zones of silica-sulphide (py + po) alteration has intersected several zones of gold mineralisation
including 5m @ 1.75 g/t from 55m, 3m @ 1.20 g/t Au from 71m and 3m @ 1.80 g/t Au from 79m.
The drilling programme has highlighted that gold quartz veins are tensional veins that have formed in
a gabbroic host rock as a result of a late sinistral strike-slip re-activation of pre-existing NW trending
ductile shear zones.
Structural measurement of the quartz sulphide veins in drill hole 10 MPRD001 showed the strike to
have an orientation of NNE to NE, with steep dips of 70 degrees NW to 80 degrees SE. Schistosity (at
Anomaly 4) shows a well defined orientation of NW strike and average dip that is steep to the NE.
These overall findings are supported by Siburan’s recently completed gravity survey at the Mt Pleasant
project where NW and NE trending corridors have been defined (Figure 2). The gravity survey has
provided information on the gravity lows that appear to be significant in relation to gold
mineralisation. The prospect areas outlined to date at Mt Pleasant occur either within or at the
margins of localised gravity lows. The zones marked C-C and D-D appear linear in the shaded first
vertical derivative image and could represent a chopped up margin of granitic porphyries. The zone
marked B-B is more linear and quite well defined by the new survey and is poorly drilled. This area
remains prospective for the discovery of new gold deposits.
The Mt Pleasant gold project has had 45,000m of drilling in the last 20 years of exploration. However,
only 2% of the drilling is below 100m.
“Mt Pleasant contains a number of shallow high-grade drill intersections discovered by previous
explorers in the 1990s, but the project has seen no systematic gold exploration since this time. The
historical results to date have shown that there exists a high potential of the discovery of a significant
new gold deposit.” said Mr Ong.
The Company now intends to undertake a systematic RAB drilling programme testing of the two trends
of gold mineralisation, initially utilising holes oriented to the east at 60° before embarking on further
RC drilling.
Sampling and Anlaytical Notes:
Drill hole collar positions determined by handheld GPS: GDA94-51 datum
RC drill samples were collected on a metre basis and 4m composite samples submitted. The 4m composites were
analysed using Aqua Regia method. Anomalous composites were further analysed on a 1m basis using Fire assay
method (FA50).
Drill core samples (HQ and NQ size core) was cut in half, with samples collected on 1m metre basis and analysed
using Fire assay method (FA50).
Duplicate samples and standards were submitted for QA/QC purposes.
FA50/AAS method – 50g lead collection for assay and analysed by Flame Atomic Absorption Spectrometry. All
samples submitted to Genlaysis Laboratories Pty Ltd with a detection limit of 0.01g/t Au.
For further information please refer to our website www.siburanresources.com.au or contact:
Noel Ong James Moses
Managing Director Media and Investor Relations
Siburan Resources Mandate Corporate
T: +61 8 9386 3600 M: +61 420 991 574
E: noel.ong@siburan.com.au E: james@manadatecorporate.com.au |
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YTC RESOURCES LIMITED (ASX:YTC)
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$0.025 (10.6%) to $0.260
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O: 0.235 H: 0.260 L: 0.235 C: 0.260 V: 798,712 |
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SIGNIFICANT HIGH GRADE INTERSECTION OUTSIDE OF EXISTING
RESOURCE SHELL AT HERA PROJECT
YTC Resources Limited (“YTC” or “the Company”) is pleased to announce a high-grade gold and
base metal intersection from drilling into the upper section of the Far West Lens at the Hera
Project.
Drill hole TNY005W2 intersected:
10m @ 10.65g/t Au*, 38g/t Ag, 6.52% Pb and 12.83% Zn from 594m
This high grade intersection substantially upgrades the tonnage and grade potential of this lens,
and of the broader Hera deposit, where YTC has already defined a resource of over 560,000oz
gold equivalent resource at a grade of 8.0g/t Au Eq (refer Appendix 1 to this release).
The hole was designed to test the continuity of the upper part of the Far West Lens in an area of
limited drilling coverage The intersection is approximately 60m from the nearest drill hole through
the Far West Lens.
The high grade mineralisation intersected lies just outside the current Far West resource shell
(refer to long section attached), and confirms the existence of good thickness, high grade gold
and base metals in this upper portion of the Far West Lens.
Rimas Kairaitis, YTC’s Chief Executive Officer said, “Both the impressive width and grade of this
latest intersection provides the Company with a high degree of confidence that the Hera Project
will continue to increase in size as further exploration drilling is completed”.
Mr Kairaitis added, “We continue to be impressed by the results of our drilling programme which
is clearly demonstrating the potential upside at the Hera Project”.
The results represents an immediate opportunity to infill this section of the Far Wes Lens.
Significant intersections from these follow-up holes would not only expand the Far West Lens
resource, but likely upgrade this portion of the resource into the Indicated category, meaning it
would be available for inclusion in the current DFS Mine Planning process. The upper part of the
Far West Lens lies above the base of the proposed Mine Development.
Follow up holes have already been planned and will be completed as part of the current major
drilling programmes in which YTC is targeting:
• extensions to the Hera resource;
• satellite ore feed from the nearby Nymagee Copper Mine and;
• several high priority VTEM and gravity anomalies along strike of the Hera and Nymagee
deposits.
YTC currently has 3 drill rigs active on these programmes.
* Gold results have been generated using the screen fire assay method. Screen fire assay is considered a more
definitive estimation of gold grade in coarse gold mineralisation.
Competent Persons Statement
About the Hera Gold Project
The Hera Project is located 100km south-east of Cobar and is hosted in Cobar Basin rocks which
also host the world-class mineral deposits at CSA, The Peak and Endeavor.
The Hera deposit was discovered by Pasminco in 2001 and advanced to pre-feasibility by Triako
Resources in the period 2002 to 2006, before Triako was the subject of a takeover by CBH
Resources Limited. YTC acquired the Hera Project from CBH Resources in September 2009.
The Hera deposit represents multiple lenses of sub-vertical gold and base metal mineralisation. The
central Main lens represents the bulk of the deposit tonnes and extends for approximately 600m along
strike. Significant other mineralised lenses within the deposit include the, the Far West lens, Hays
lens and the Western Pb lens.
YTC consider that exploration upside exists not only in the extension of the existing lenses, but also in
the interpretation of Hera to evolve into a more substantial ‘Cobar style’ gold-base metal system in the
style of the world-class CSA or ‘the Peak’ deposits.
About the Nymagee Joint Venture
YTC Resources purchased an 80% interest in the Nymagee Mine Joint Venture from CBH Resources
as part of the Hera Project purchase transaction in September 2009.
The Joint Venture includes the Nymagee Copper Mine, located 4.5km north of the Hera deposit,
which last operated in 1918, and has recorded historical production of 422,000t @ 5.8% Cu.
The Nymagee Mine Joint Venture includes the following Exploration Licences and Mining Leases
which cover both the historic Nymagee Copper Mine as well as linking the tenement coverage of the
Hera-Nymagee corridor.
• EL 4458, EL 4232, ML 53, ML 90, ML 5295, ML 5828 and PPL 847
YTC is the manager and operator of the Joint Venture and is currently sole funding the Joint Venture.
If YTC continues to sole fund, it will earn an additional 1% interest for every $75,000 of further Joint
Venture expenditure, to increase its Joint Venture interest to a maximum of 90%.
Appendix 1: Hera Resource Estimate & Metal Equivalents
On 15 June 2010, YTC released the following JORC compliant Resource Estimation:
The estimation was defined at a “net recoverable ore value per tonne” cut-off. YTC have utilised
a cut-off of A$125/tonne to define a Global Resource for the selected lenses of:
Within the global resource, a higher-grade resource for the selected lenses has been defined at a
“net recoverable ore value per tonne” cut-off of A$200/tonne:
Tonnage estimates have been rounded to nearest 1,000 tonnes. Metal grades have been rounded to nearest
decimal place.
It is the company's opinion that all the elements included in the metal equivalents calculation have a reasonable
potential to be recovered.
Au Equivalent calculation formula = (Metal price x metal grade) ÷ (gold price per oz ÷ 31)
The following metal prices, exchange rates and metal recoveries and payabilities were used in the estimation of
“net recoverable ore value per tonne” and for the calculation of a gold equivalent. |
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KASBAH RESOURCES LIMITED (ASX:KAS)
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$0.005 (4.0%) to $0.130
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O: 0.125 H: 0.130 L: 0.125 C: 0.130 V: 309,500 |
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ACHMMACH DRILLING UPDATE
HIGHLIGHTS
• Drilling results reported for the Meknes Zone between 200 m – 400 m below natural surface
• AD047 Meknes Zone intercepts confirm the interpreted down dip extension of the intersections in AD025
• AD047 returned:
7 m at 0.70% Sn from 410 m
7 m at 0.85% Sn from 421 m
• AD048 returned:
6 m at 1.05% Sn from 207 m
10 m at 1.84% Sn from 218 m
12 m at 0.87% Sn from 281 m
• AD050 returned:
24 m at 0.97% Sn from 236 m
(including 17 m at 1.20% Sn)
22.5 m at 0.83% Sn from 265.5 m
(including 13 m at 1.15% Sn)
5 m at 1.16% Sn from 292 m
• Objective is to increase inferred and indicated tonnages and further define the 3D shapes of the mineralised tin zones
• Drilling to test the western strike extensions of the Meknes Zone is underway
ACHMMACH DRILLING UPDATE
OVERVIEW
Kasbah Resources Limited (“Kasbah”) is pleased to announce the latest exploration drilling results from the Company’s Achmmach Tin Project in Morocco.
Post the 16 August Resource Upgrade, drilling in AD047, AD048 and AD050 has continued to define additional, potentially economic tin widths and grades between 200 m - 400 m below natural surface. This improves the interpretation of the deeper resources defined within the Meknes Zone.
Drilling to date delineates an upper limit to the Meknes Zone tin mineralisation which suggests that a combination of folded lithology and high strain zones mark the boundaries constraining stronger zones of alteration and tin mineralisation.
The Meknes Zone has untested strike potential of up to 300 m to the west outside the currently defined resource and at depth over the full strike length.
The focus of the Meknes Zone drilling now shifts to:
1. the completion of remaining infill holes in the western part of the Meknes resource to allow better definition of tin grades in the mineralised systems and
2. testing the strike potential of the tin mineralisation to the west of AD029
Operating concurrently with the Meknes Zone drilling, the Shallow Targets drilling program seeks to define tin mineralisation potentially mineable by open pit methods.
Key Points
Wide zones of tin (Sn) mineralisation continue to be intersected within Meknes. Refer to Appendix A for all significant intersections and Appendix B for status of drill-holes underway.
• AD047 returned:
7m at 0.70% Sn from 410 m
7m at 0.85% Sn from 421 m
• AD048 returned:
6m at 1.05% Sn from 207 m
10m at 1.84% Sn from 218 m
12m at 0.87% Sn from 281 m
• AD050 returned:
24m at 0.97% Sn from 236 m, including 17m at 1.20% Sn
22.5m at 0.83% Sn from 265.5 m, including 13m at 1.15% Sn
5m at 1.16% Sn from 292 m
TECHNICAL SUMMARY
Latest Diamond Drilling Results from Meknes Zone
Drill-holes AD047, AD048, AD049 and AD050 test the Meknes Zone to the east of underground workings between the 950 mRL and the 850 mRL (Figure 1 and Figure 2). These holes were a part of the close spaced Meknes Resources Definition Drilling program (MRDD).
On section MRDD AD025, three drill-holes test the mineralisation down dip, the potential for shallow dipping zones within the mineralised system and the position of an interpreted structural discontinuity.
On MRDD section AD037, one drill-hole tests the potential for shallow dipping zones within the mineralised system.
Results have now been received for the drill-holes listed below. Note that drilling cross sections are oblique to the grid and are named for the earliest hole drilled on that cross section:
• AD047
Planned to test both Meknes Zone and Marrakech mineralisation down dip from AD025 on MRDD section AD025
• AD048
Planned to test Meknes Zone mineralisation potential for shallow dipping zones on MRDD section AD025
• AD049
Planned to intersect structural discontinuity drilled in AD048 on MRDD section AD025
• AD050
Planned to test Meknes Zone mineralisation potential for possible shallow dipping zones on MRDD section AD037
Meknes Zone, MRDD section AD025 (Holes AD047, AD048, AD049)
AD047 was planned to test the down dip extensions mineralisation in the Meknes Zone and Marrakech below-hole AD025 (Figure 3). This section lies to the east of an interpreted / inferred structural discontinuity trending at 130 degrees. AD048 and AD049 (a structural verification hole not planned to intersect any mineralised zones) are interpreted as passing through this structure.
The 130 degrees structure has been interpreted based on logging of a broken / fractured tourmaline altered zone. Though additional work is required, this structure is recognised in several drill-holes and potentially manifested in surface outcrop as a break in the mapped tourmaline zones. There is no apparent major offset on this structure and it may predate mineralisation. This structure also defines a change in the shape of the Meknes Zone across it from west to east.
AD047 intersected the Meknes Zone with 7 m at 0.70% Sn from 410 m and 7 m at 0.85% Sn from 421 m (refer Appendix C for full results). Further below this AD047 passed through weak mineralisation in the Marrakech position about 60 m down dip from Marrakech mineralisation intersected in ADO025. This is interpreted as potentially being the base of the stronger tin mineralisation in the Marrakech mineralised system.
This intercept was at the lower extremity of the Marrakech Inferred Resource, if only just within the Marrakech resource wireframe.
AD048 intersected the Meknes Zone with 6 m at 1.05% Sn from 207 m, 10 m at 1.84% Sn from 218 m and 12 m at 0.87% Sn from 281 m (refer Appendix D for full results).
Meknes Zone, MRDD section AD037 (Hole AD050)
AD050 was planned to test the Meknes Zone mineralisation potential for possible shallow dipping zones (Figure 4).
AD050 intersected the Meknes Zone with 24 m at 0.97% Sn from 236 m, including 17 m at 1.20% Sn, 22.5 m at 0.83% Sn from 265.5 m, including 13 m at 1.15% Sn and 5 m at 1.16% Sn from 292 m (refer Appendix E for full results).
It is possible that these intersections represent a combination of both the steeper dipping and shallower dipping structures. Another hole is planned to test this idea drilled from the north which will also pass through the Fez mineralised system.
Drilling Status
Appendix B outlines the status of drilling as of August 31. Holes AD051, AD053 and AD055 did not reach their targets due to drilling issues and drilling practises have been modified to rectify these issues.
Drilling continues and additional assay results are pending.
For and on behalf of the Board,
Wayne Bramwell
Managing Director
For further information please go to: www.kasbahresources.com
Or email: info@kasbahresources.com |
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