Rum Jungle Resources Ltd. Karinga Lakes Drilling Program Nov 2015
09.11.2015 | ABN Newswire
Perth, Australia (ABN Newswire) - Rum Jungle Resources (ASX:RUM) has commenced an evaluation drilling program on a limited area within the Karinga Lakes project area. As previously flagged in the recent September 2015 Quarterly Activities Report, RUM intends to complete a series of up to 12 holes to test the depth extension of the brine aquifers and to better understand the nature of the hydrogeology, brine chemistry at depth and ground water recharge potential of the system. This evaluation drilling program may enable an increase in the in-situ brine resource.The existing JORC 2012 Measured, Indicated and Inferred in-situ Brine Resource of 8.4Mt of K2SO4 (as announced to the ASX on 20 February 2014 and has not changed since) is at an average aquifer thickness of 17 metres. Previous drilling was limited to a maximum depth of 40 metres, with most holes significantly less than this. The current program intends to test the likely brine continuation below these depths on a select subset of the lakes.
As indicated in recent investor presentations, RUMs intent is to progress the development of a small scale, low capital, limited environmental footprint Sulphate of Potash (SOP) operation targeting approximately 40,000 tonnes per annum, with a capital target of less than A$80m and operating costs of less than A$300 per tonne. Key target markets include southern and northern Australian horticultural markets and SE Asia. The current SOP market in Australia is approximately 50,000 tonnes per annum which is met by imports from Europe.
RUM is currently assessing study manager options to commence a preliminary feasibility study on the Karinga Lakes small scale start-up with the intention to leverage the knowledge garnered from the Karinga Scoping Study that was completed in December 2014.
About Rum Jungle Resources Ltd:
Rum Jungle Resources Ltd. (ASX:RUM) is an Australian Securities Exchange listed, diversified junior explorer focused on highly prospective land located in Australia's Northern Territory and Queensland.
A Northern Territory and Queensland focussed mineral explorer with a portfolio including: Uranium, Potash, Phosphate and Base Metals.
Rum Jungle Resources has strategic alliances with other major Northern Territory explorers increases exposure to additional exploration areas.
Rum Jungle Resources has experienced geological management backed up by a solid financial base to fund exploration budgets.
Contact:
Rum Jungle Resources Ltd.
T: +61 8 8942 0385
E: info@rumjungleresources.com.au
www.rumjungleresources.com.au