ASX RELEASE 11 AUGUST 2016
KEY DRILLING PROGRAM COMMENCES AT URQUHART BAUXITE PROJECT IN QUEENSLAND
Highlights
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Key drill program commences at Urquhart Bauxite project near Weipa in north Queensland to assist final planning for 2017 mine start
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Results to be used as part of the Urquhart Bauxite Pre-Feasibility Study (PFS) which is planned to be completed in 8-10 weeks
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PFS outcomes expected to confirm result of Metallica's internal Options Study completed on Urquhart early in 2016
Bauxite developer, Metallica Minerals Limited ("Metallica") (ASX:MLM) is pleased to advise that the Company has commenced a key mine plan drilling campaign at its Urquhart Bauxite project near Weipa in north Queensland. The 186 hole (~1,300m) drill program is expected to be completed within 2 weeks and will see drill spacing down to 80m in some areas. Results from the program will be used to upgrade the project's current bauxite JORC Inferred Resource and complete a Pre-Feasibility Study for Urquhart in the next 8-10 weeks. The PFS is expected to confirm the results of a previously completed Options Study undertaken internally by Metallica early this year to progress the project as a new Cape York direct shipping bauxite mine and export operation.
Metallica CEO, Mr Simon Slesarewich:
"The new drill program will deliver closed spaced drilling results to assist detailed mine planning at Urquhart Bauxite project for the planned commencement of operations in the first half of 2017. Metallica remains bullish that this project will deliver significant shareholder value and is looking forward to sharing the results of the Pre-Feasibility Study as soon as they are available."
For more information please contact:-
Simon Slesarewich
Chief Executive Officer Phone: + 61 7 3249 3000
Email: [email protected]
John Haley
CFO/Company Secretary Phone: + 61 7 3249 3000