Archer Exploration Limited - Settlement of Sugarloaf Land Acquisition
12.05.2013 | ABN Newswire
13:38 AEST May 10, 2013 ABN Newswire (C) 2004-2013 Asia Business News PL. All Rights Reserved.Adelaide, Australia (ABN Newswire) - Archer Exploration Limited (ASX:AXE) is pleased to announce that it has settled the purchase of the Sugarloaf Property, located approximately 35km north of the township of Cleve on South Australia's Eyre Peninsula.
The Sugarloaf Property which lies within the Company's Carappee Hill tenement EL 4861, contains the bulk of the Sugarloaf graphite deposit which has an identified Exploration Target of 40-70Mt at 10-12%C*.
* The potential quantities and grades presented as the Exploration Target are conceptual in nature, there has been insufficient exploration to define an overall Mineral Resource and it is uncertain if further exploration will result in the determination of a Mineral Resource.
The Sugarloaf Property consists of 568 hectares (1,404.3 acres) of land with 503 hectares arable and used for winter cropping. The Company intends to appoint farm managers who will continue to operate the land on that basis.
The acquisition of the landholding gives the Company flexibility in conducting ongoing exploration and far greater flexibility for the planned future mining operations.
The purchase of the Sugarloaf Property represents another step toward the Company's plans to further develop its graphite projects on the Eyre Peninsula.
To view tables and figures, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-AXE-734791.pdf
About Archer Exploration Limited:
Archer Exploration Limited (ASX:AXE) is a graphite, magnesite, copper, gold and manganese explorer focused on the discovery of world-class ore deposits.
The company has carefully acquired a portfolio of projects, covering an area in excess of 5300 km2, in the highly prospective Gawler Craton and Adelaide Fold Belt regions of South Australia. All projects are 100% owned by the Company.
Archer also has earned the right to 100% of minerals other than uranium on EL4693 Wildhorse Plain located near Cleve on Eyre Peninsula.
The Company's flagship Campoona and Sugarloaf graphite deposits occur in the Cleve district where the Company has tenure of 933km2 in the emerging graphite province.
Archer Exploration Limited has an experienced board and management team and has the ability to maximise the potential of the company's world-class projects.
Contact:
Archer Exploration Limited
T: +61-8-8272-3288
WWW: www.archerexploration.com.au