Posts Tagged ‘Mining Exploration’

    • ASX Company News: Mincor Resources Acquires New Tenements

    Thursday, January 12th, 2012

    Australian nickel miner Mincor Resources NL (MCR) announced that it has added a substantial package of highly prospective tenements to its land-holdings in the world-class Kambalda Nickel District. The tenements are being acquired from Jupiter Mines Ltd through a Sale Agreement executed earlier today. Completion of the acquisition, for a total cost of $200,000, remains subject to a number of statutory and regulatory approvals. Mincor is already the largest holder of nickel tenements in the Kambalda Nickel District, where it has been in successful production for nearly 11 years. Over that time Mincor has discovered an estimated 100,000 tonnes of nickel metal, and has produced more than 135,000 tonnes of nickel-in-ore. The latest acquisition adds some 56.4 square kilometres to Mincor’s landholdings in the southern part of the Widgiemooltha Dome. The tenements are along strike of some of the most successful mines in Kambalda, including Mincor’s operating Miitel and Mariners Mines and its former Redross Mine.

    Mincor is a leading Australian nickel producer and an emerging multi-commodity resources growth company, and is listed on the Australian Securities Exchange. Mincor operates two mining centres in the world class Kambalda Nickel District of Western Australia, and has been in successful production since 2001.

    www.mincor.com.au

    http://www.traderdealer.com.au/Fundamentals/mcr

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    ASX Company News: Monax Mining Enters Joint Venture With Antofagasta Minerals

    Monday, November 28th, 2011

    Monax Mining Limited (MOX) is pleased to announce it has entered into a strategic alliance with Antofagasta Minerals Adelaide Pty Limited (Antofagasta), a subsidiary of Antofagasta plc, for copper exploration within South Australia, exclusive of Monax’s current portfolio in South Australia.  The alliance builds upon the already existing relationship developed on the farmin agreement Monax has with Antofagasta on Monax’s flagship Punt Hill copper-gold project.

    South Australia has been the location for three significant copper discoveries in the last 12 years with Prominent Hill, Carrapateena and Hillside all located within the highly prospective Olympic Iron-Oxide Copper-Gold province. Both Monax and Antofagasta plc strongly believe that further exploration of this copper-gold province will result in additional significant discoveries, and it is this belief that underpins this strategic alliance. The significance of this copper province has been highlighted recently by purchase of Carrapateena by OZ Minerals and the agreement between Rio Tinto and Tasman Resources on the Vulcan project.

    Under the terms of the Agreement, Antofagasta will provide US$1 million to Monax over two years for target-generation and exploration within South Australia.  Properties which are identified as a project of interest become a Designated Project (DP).  Once a DP has been formed, Antofagasta will have acquired a 51% interest and Monax a 49% interest in the project.  Antofagasta will then have the option to earn an additional 19% of any DP (for a cumulative 70% interest) by spending a further US$4 million within three years.  At this stage, Antofagasta will make a cash payment (success fee) to Monax of US$3 million.

    The Alliance will target properties containing copper, gold, silver, molybdenum, lead, zinc, nickel and platinum group minerals. Properties identified by Monax under the Alliance that are not jointly pursued will then be available for Monax to pursue on its own. Decisions relating to the Alliance will be made jointly by a Technical Committee comprising two representatives from each company, with Antofagasta holding the casting vote whilst sole funding.

    www.monaxmining.com.au

    http://www.traderdealer.com.au/fundamentals/mox

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    ASX Company News: General Mining Acquires Mongolian Exploration Licence

    Wednesday, September 28th, 2011

    General Mining Corporation (GMM) wholly-owned Mongolian subsidiary Golden Cross LLC (GMM) has signed a purchase letter agreement to acquire a 100% interest in 19.6 km2 exploration licence 15206X predominantly for the purpose of coal exploration. Golden Cross will acquire exploration licence 15206X by way of a staged acquisition. It is to be comprised of an initial right to acquire 50% of the exploration licence interest by the payment of a non- refundable deposit of US$100,000 on execution of this agreement and an additional non-refundable payment of US$300,000 after the initial legal, technical, financial and regulatory due diligence period.

    Golden Cross will have a period of 16 months from the end of the initial due diligence to carry out mineral exploration, including drilling, and further due diligence; and to acquire the remaining 50% of the exploration licence interest by making an additional non-refundable payment of US$400,000.

    General Mining Corporation Ltd (GMM) is a Western Australian company with a substantial portfolio of exploration properties in Mongolia and Western Australia. The Company is focused on bulk commodities, namely high-margin potash and coal at the Uvs Basin project in Mongolia, and iron ore at the Shoemaker project in Western Australia. The Company also has some base metal and IOCG exploration properties in those countries.

    www.generalmining.com

    http://www.traderdealer.com.au/fundamentals/gmm

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    ASX Company News: Canyon Resources Acquires Wilier Project

    Monday, August 15th, 2011

    Canyon Resources Limited (CAY) is pleased to announce that it has entered into an agreement with a local vendor to purchase a new project, the Wilier Project, comprising two granted contiguous exploration permits in eastern Burkina Faso. This acquisition is consistent with Canyon’s previously announced strategy of continuing to selectively grow its exploration portfolio in Burkina Faso whilst actively exploring its existing projects.

    Canyon’s Managing Director, Mr Phillip Gallagher said, “We have had the opportunity to review a number of project areas for potential acquisition in Burkina Faso and the Wilier Project exceeds our criteria for early stage projects. It is a testament to our team on the ground in Burkina Faso, managed by our Exploration Manager Mr Chris Connell, that we are able to secure projects with such high exploration potential at a reasonable purchase price.” Canyon will initiate a first pass exploration program on Wilier at the commencement of the new exploration season in Burkina Faso, which is expected to commence in October 2011.

    Canyon will acquire 100% of the Wilier Project via an initial payment on signing of the Agreement and a series of payments over a three year period. The payments are to be made at Canyon’s election and if Canyon chooses not to make one of the payments it will hand back ownership of the tenements.

    www.canyonresources.com.au

    http://www.traderdealer.com.au/fundamentals/cay

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    ASX Company News: Carpenteria Exploration Acquires Yanco Glen Tenement

    Tuesday, November 23rd, 2010

    Carpentaria Exploration Limited (CAP) announces the acquisition of the Yanco Glen mineral exploration tenement, further expanding the Company’s tin and tungsten portfolio in the Broken Hill region of New South Wales.

    Located 30 kilometres north of Broken Hill, the Yanco Glen tenement is prospective for tin, tungsten and base metals with 125 known mineral occurrences on site. It is being acquired from Wolf Minerals Limited (WLF) for a total consideration of 250,000 new Carpentaria ordinary shares.

    The acquisition adds to the Company’s nearby Euriowie tin discovery (100% CAP), increasing its tenement holdings to 240 km2 in the base metal which has recently hit record highs of over US$27,000 a tonne.

    Executive Chairman, Nick Sheard noted that “This acquisition consolidates our 100% holding of two major historical tin fields in the Broken Hill district, and provides the opportunity to expand the tin potential we are currently establishing at Euriowie.” “Our initial drilling at Euriowie has given us confidence that the mineralised systems within the Mt Euriowie dyke extend from the surface exposure to depth. The mineralisation is very similar at Yanco Glen, with the tin occurring as cassiterite (tin oxide) in pegmatite dykes. There is also the added bonus of an established Inferred Resource of tungsten with upside potential.”

    www.capex.net.au

    http://www.traderdealer.com.au/Fundamentals/cap

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    ASX Company News: IMX Resources Enters JV Agreement With Sichuan Taifeng and SMGEB

    Monday, November 22nd, 2010

    Iron ore producer, IMX Resources Limited (IXR) is pleased to announce that it has signed a strategic alliance agreement with Sichuan Taifeng and Sichuan Metallurgical Geological and Exploration Bureau (SMGEB). The aim of the strategic alliance is to seek new projects in which to cooperate, in evaluating new investment opportunities as well as to investigate the opportunities for participating in existing IMX projects to accelerate exploration and development.

    IMX Managing Director Duncan McBain said “The strategic alliance represents an opportunity for IMX to partner with a well regarded organisation like SMGEB and gain access to their facilities and human resources. The access to such a pool of expertise opens up the possibility for IMX to fast track exploration and evaluate more opportunities than it could do by just utilising its own internal resources”, he said.

    SMGEB, based in Chengdu, Sichuan, China, is a professional exploration and minerals development bureau with 50 years of minerals exploration practice and 10 years of minerals exploitation, and is subordinated by 10 professional teams including geological exploration teams, geochemical and geophysical team, topography survey team, core drilling company, minerals development company, and sample assay and ore test. IMX Resources Limited (IXR) 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.

    www.imxresources.com.au

    http://www.traderdealer.com.au/Fundamentals/ixr

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    ASX Company News: Westgold Resources Enters JV Agreement With Mineral and Metals Group

    Tuesday, September 21st, 2010

    Westgold Resources Limited (WGR) is pleased to advise that an Option and Joint Venture Agreement (“Joint Venture”) has been signed with Melbourne based global mining and exploration company Mineral and Metals Group (“MMG”).

    The Joint Venture covers 14 tenements held by Westgold (100%), via its subsidiary company Castile Resources Pty Ltd. The project area is located in the southern portion of the McArthur Basin which hosts one of the world’s largest zinc-lead deposits, the McArthur River (Zinc-Lead) Mine. This “world class” deposit with stated mineral resources of 157 Mt @ 11.3% Zn, 4.9% Pb and 49 g/t Ag (from Xstrata Annual Report, 2006) is the scale of target MMG and Westgold seek to discover in this highly prospective but relatively poorly explored region.

    • MMG to earn 60% equity in the tenements upon sole funding exploration expenditure of $3.0M over a four year period, subject to a minimum expenditure of $250,000 in the first 12 months.
    • MMG may elect to increase equity in the tenements to 80% by sole funding further exploration expenditure to the commencement of a Pre-Feasibility Study, subject to a further minimum expenditure of $2.0M to be completed during this stage.
    • Westgold to contribute pro-rata or dilute to a net smelter royalty thereafter.
    • MMG to be manager of the Joint Venture.

    Westgold’s Managing Director, Andrew Beckwith commented “Westgold is delighted to attract such a high calibre partner in MMG. Both companies believe this region has the potential for a major new base metal discovery and we look forward to advancing exploration in this highly prospective region.”

    www.westgold.com.au

    http://www.traderdealer.com.au/Fundamentals/wgr

    www.mmg.com

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    ASX Company News: Dourado Resources Takeover Offer For Aurium Resources

    Saturday, July 17th, 2010

    Dourado Resources Limited (DUO) is pleased to announce a proposal to make an off market takeover bid for all of the Ordinary Shares in Aurium Resources Ltd.  The consideration for the proposed bid will be 1 cent cash and 1 Dourado Resources Limited Share for every 10 Aurium Resources Ltd Fully Paid Shares, and 1 Dourado Resources Limited Share for every 2,000 Aurium Resources Ltd Partly Paid Shares.

    Aurium Resources Ltd has a diverse portfolio of exploration assets, including a number of tenements prospective for gold, copper, iron and uranium in the mid west region of Western Australia, where the majority of Dourado Resources Limited’s existing tenements are located. Aurium Resources Ltd also has an interest in tenements in the Northern Territory which are prospective for uranium, which have the potential to compliment the Northern Territory tenement portfolio held by Dourado Resources Limited’s wholly owned subsidiary Eclipse Uranium Ltd.

    Dourado Resources Limited intends to make the takeover bid within two months after the date of this announcement unless any of the “prescribed occurrences” set out in section 652C of the Corporations Act occur between the date of this announcement and the lodgement of the Bidder’s Statement.

    The proposed takeover bid will be subject to the following conditions:

    • At the end of the offer period, Dourado Resources Limited having a relevant interest in at least 51% percent of the ordinary shares on issue in Aurium Resources Ltd.
    • At the end of the offer period, Aurium Resources Ltd having net tangible assets of not less than $2,500,000.
    • None of the “prescribed occurrences” set out in section 652C of the Corporations Act occurring  during the offer period.
    • Permission for admission to quotation for the Dourado Resources Limited Shares to be issued to
    • Aurium Resources Ltd Shareholders accepting the offer being granted by ASX no later than 7 days after the end of the offer period.

    www.dourado.com.au

    http://www.traderdealer.com.au/Fundamentals/duo

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    Uranium Exploration Australia Acquires Prompt Fission Neutron

    Tuesday, January 26th, 2010

    Uranium Exploration Australia Limited (UXA) is pleased to announce that it has completed the purchase of 100% of the assets and intellectual property of the Prompt Fission Neutron (PFN) borehole logging tool manufacturing and service business from GeoInstruments Inc (GII) situated in Texas, USA.

    The purchase further strengthens UXA’s fully-owned borehole logging business, Geoscience Associated Australia Pty Ltd (GAA), which is the sole Australian licensed distributor and servicer of PFN technology. PFN technology is becoming increasingly utilised within the uranium mining and exploration industries, and played a significant role in the discoveries of two of Australia’s largest uranium deposits, the Beverley mine and Four Mile deposits in South Australia.

    Under the terms of the agreement signed with GII’s President Jim Turner, GeoInstruments International Pty Ltd (a wholly owned subsidiary of UXA) will pay the total cash price of US$1,271,380 for the intellectual property, a number of completed and partially completed PFN tools and a fully equipped borehole logging truck.

    Commenting on the acquisition, Russell Penney, Managing Director of UXA said, “The purchase of the PFN business represents a significant growth step for GAA enabling it to expand its PFN logging and service business beyond Australia. UXA’s understanding of the PFN technology is second to none, and our cornerstone position within this exciting exploration technology sector provides us with a foundation for substantial growth for years to come. With GAA and the PFN technology UXA is now the owner of two profitable cash-flow businesses.”

    Uranium Exploration Australia Limited was formed to explore for and develop uranium and associated base and precious metal deposits, focusing principally on its ground holdings in the world class uranium provinces in South Australia and Northern Territory. UXA has an exploration joint venture with RIL Australia Pty Ltd, a subsidiary of Reliance Industries Limited, the largest private sector company in India.

    www.uxa.com.au

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    Ironbark Gold Enters JV Agreement With Nyrstar

    Wednesday, September 30th, 2009

    Australian base metal focussed exploration and development company Ironbark Gold Limited (IBG) has reached a significant milestone in the development   of its wholly owned Citronen lead/zinc project in northern Greenland through the  execution of a significant equity/ off-take agreement with Nyrstar NV, the world’s largest  zinc metal producer and one of the world’s largest primary lead smelting and refining companies.

    Under the terms of the binding agreement Ironbark has agreed to a two tranche placement that once completed will see Nyrstar hold 19.9% of the issued capital in Ironbark. Combined the placement to Nyrstar will see Ironbark issue 52,843,559 new shares and raise A$6.6M, with the funds raised to be applied to towards the completion of a Bankable Feasibility Study (BFS) at Citronen. Ironbark has also granted Nyrstar a life of mine off-take agreement in relation to 35% of the production from the Citronen deposit, once commercial production commences which, depending on market conditions, could be achieved in the next 3 to 5 years.   Ironbark is dedicated to developing a major base metal mining operation at the wholly owned Citronen project and considers that this strategic agreement with Nyrstar will prove to be a major development in the Company’s production plans.

    “The Citronen project represents one of the world’s largest undeveloped zinc resources and to have Nyrstar, the world’s largest zinc metal producer and one of the world’s largest primary lead smelting and refining companies, supporting us in the development of this project is a significant boost for our plans moving forward,” Ironbark Managing Director Jonathan Downes said.     “Not only has Nyrstar made a significant financial investment into Ironbark, but they have also confirmed our development plans for Citronen through the signing of a life of mine off-take for 35% of the production from the deposit. ”

    www.ironbark.gl

    www.nyrstar.com

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