5 April 2007
For further information contact:
Brett Young
Chief Operating Officer
Australian Mines Limited
Tel: 08 9481 5811
For media enquiries contact:
Robert Williams
Farrington National
Tel: 02 9332 4448
Acquisition of Lake Yindarlgooda Nickel Project
Australian Mines further enhances nickel portfolio following Marriott’s Western Australian-based nickel miner Australian Mines Limited (ASX: AUZ) has acquired the Lake Yindarlgooda nickel project to add to the Company’s exploration portfolio.
Australian Mines owns and operates the Blair Nickel mine, south of Kalgoorlie, which has historically produced in excess of 26,000 contained tonnes of nickel. The Company is also fast-tracking development of its Marriott’s Nickel Project, near BHP Billiton’s Leinster Operations, W.A.
The Company has entered into an option agreement with Boyer Exploration & Resource Management Pty Ltd (BERM) to acquire the Lake Yindarlgooda Nickel Project.
Lake Yindarlgooda comprises two highly prospective tenements, E28/1134 and ELA 28/1134, and is located less than 50 km north east of Kalgoorlie.
Australian Mines’ COO Brett Young said, “This acquisition further enhances our portfolio of nickel assets, and we look forward to commencing exploration activities in the near future.”
Under the terms of the agreement, Australian Mines paid BERM $11,500 for a 24-month option to evaluate the project. Should the company opt to exercise its right to acquire the project, Australian Mines will pay BERM a further A$65,000 in cash and issue $25,000 in shares in new equity. There is an existing 1% royalty payable to Anglogold Ashanti Australia Ltd on revenues received from product sold.
The north-west trending mafic-ultramafic volcanic sequence partially exposed within the tenement is interpreted to be the extension of the Jubilee komatite belt. The belt hosts a number of nickel occurrences including the Acra deposit. The Lake Yindarlgooda nickel laterite (Mindex reports 1 million tonnes @ 1.0%) lies along strike to the South on the adjoining tenement.
Previous limited exploration on E28/1134 reported shallow drill intercepts up to 3m @ 0.48% Ni in near fresh ultramafic. Also reported were trace sulphides including violarite and chalcopyrite in chip samples from outcrops at several locations.
For further information contact:
Brett Young
Chief Operating Officer
Australian Mines Limited
Tel: 08 9481 5811
For media enquiries contact:
Robert Williams
Farrington National
Tel: 02 9332 4448
The information in this report that relates to Exploration Results is based on information compiled by Mr M Elias who is a Fellow of The Australasian Institute of Mining and Metallurgy. Mr Elias is employed by CSA Australia Pty Ltd and is a Non-Executive Director of AUZ. Mr Elias has sufficient experience which is relevant to the style of mineralisation and type of deposits under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves.’
g
Email Subscription
Latest News
Production Increases Significantly
Australian Mines has achieved its best quarterly production result since the June 2005 quarter at the 100%-owned Blair Mine, located 32 kms from Kalgoorlie in W.A.
Australian Mines has achieved its best quarterly production result since the June 2005 quarter at the 100%-owned Blair Mine, located 32 kms from Kalgoorlie in W.A.
Continuing Strong Drill Results
Australian Mines continues to intersect significant mineralisation in its 2008 resource drilling at Blair Deeps at the Blair Mine, located 32km from Kalgoorlie WA.
Australian Mines continues to intersect significant mineralisation in its 2008 resource drilling at Blair Deeps at the Blair Mine, located 32km from Kalgoorlie WA.
Significant High Grade Drill Intersection at Blair
Australian Mines (ASX:AUZ) has recommenced 2008 resource definition drilling at Blair Deeps with drilling initially targeting the high grade E03C shoot below current workings at the Blair Nickel Mine located 32kms from Kalgoorlie.
Australian Mines (ASX:AUZ) has recommenced 2008 resource definition drilling at Blair Deeps with drilling initially targeting the high grade E03C shoot below current workings at the Blair Nickel Mine located 32kms from Kalgoorlie.
Nickel Production Expected to Grow in 2008
Australian Mines is forecasting a continuation of improving production at its 100%-owned and operated Blair Nickel Mine following good progress with the development of the Blair Deeps orebody.
Australian Mines is forecasting a continuation of improving production at its 100%-owned and operated Blair Nickel Mine following good progress with the development of the Blair Deeps orebody.
Resource Update - Marriott's Nickel Project
Australian Mines (ASX:AUZ) is pleased to announce a 25% increase in resources at its 100% owned Marriott's nickel project, following the completion of Phase 1 infill diamond drilling
Australian Mines (ASX:AUZ) is pleased to announce a 25% increase in resources at its 100% owned Marriott's nickel project, following the completion of Phase 1 infill diamond drilling
Update: Marriott's Nickel Project
Australian Mines Limited (ASX: AUZ) is pleased to announce another impressive high grade intercept from resource definition diamond drilling at the Marriott's nickel project, which is 65 km from Leinster in W.A.
Australian Mines Limited (ASX: AUZ) is pleased to announce another impressive high grade intercept from resource definition diamond drilling at the Marriott's nickel project, which is 65 km from Leinster in W.A.
Copyright © 2008 Australian Mines | Disclaimer | Privacy