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ASX RELEASE
25 NOVEMBER 2014
COMPLETION OF T16 HMS GRID DRILLING PROGRAM
Metallica Minerals Ltd, is pleased to announce that the Cape York Heavy Mineral Sands (HMS) and Bauxite Joint Venture has completed the T16 Mineral Sands 2014 drilling program which consisted of 335 holes for a total of 1,933 metres of grid drilling (average depth of 5.8 metres) using an Aircore drill rig. Grid drilling was typically on a 400m drill line spacing with 100m drill hole spacing along each line.
This drill program was a follow up program to the initial regional exploration drill program (35 holes) on the T16 exploration target in October 2013 which resulted in the discovery of consistent zircon rich HMS mineralisation.
The drill samples have been dispatched to RJ Robbins in Brisbane for analysis with results expected to be received in January 2015. Subject to the heavy mineral analysis results, a JORC compliant Resource estimate is then expected to be commissioned.
During the T16 drill Program 19 shallow holes (averaging 3.4 meters depth) were drilled into adjoining or nearby bauxite outcrops in the south Vrilya Point area, these samples will be dispatched to ALS Brisbane for analysis in conjunction with the Urquhart Point bauxite drilling also being undertaken this month (this will be summarised under a separate ASX release).
T16 is one of many regional HMS exploration targets within a 300km coastal belt covering extensive sand and bauxite/laterite outcrops between Weipa (Urquhart Point HMS deposit being developed) and the northern extent of Cape York Peninsular.
The Cape York HMS and Bauxite Joint Venture is currently a 66.66%:33.33% Joint Venture between Oresome Australia Pty. Ltd (a wholly owned subsidiary of Metallica) and Ozore Resources Pty. Ltd. Upon contribution of a further $2.5 million of funding by Ozore, the Joint Venture will be a 50%:50% Joint Venture.
For more information please contact:-
Stewart Hagan, General Manager or Andrew Gillies, Managing Director
Oresome Australia Pty Ltd Joint Venture Metallica Minerals Ltd
Phone: +61 07 3249 3000 Phone: +61 07 3249 3000
Email: [email protected]
METALLICA MINERALS LIMITED
Figure 1: Cape York HMS and Bauxite JV Project tenements and regional setting (T16 is approximately 160 km NNE of Weipa as marked (blue start) on the figure below)
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Metallica Minerals Ltd
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PRODUCTEUR |
CODE : MLM.AX |
ISIN : AU000000MLM0 |
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ProfilIndicateurs de MarchéVALEUR : Projets & res.Communiqués de PresseRapport annuelRISQUE : Profile actifsContactez la cie |
MLM est une société de production minière de nickel basée en Australie. MLM est productrice de nickel, d'aluminum en Australie, et détient divers projets d'exploration en Australie. Son principal projet en production est WEIPA en Australie et ses principaux projets en exploration sont BELL CREEK SOUTH, SANDY CREEK (EPM 14987), LUCKY BREAK-DINGO DAM et NORNICO en Australie. MLM est cotée en Australie et en Allemagne. Sa capitalisation boursière aujourd'hui est 8,4 millions AU$ (6,3 millions US$, 5,8 millions €). La valeur de son action a atteint son plus haut niveau récent le 29 juillet 2011 à 0,42 AU$, et son plus bas niveau récent le 27 mars 2020 à 0,01 AU$. MLM possède 278 549 984 actions en circulation. |