Australian Market Report of October 12, 2010: Avanco Resources - Received More Spectacular Copper Results From Rio Verde Project In Brazil
12.10.2010 | ABN Newswire
13:30 AEST Oct 12, 2010 ABN Newswire (C) 2004-2010 Asia Business News PL. All Rights Reserved.Sydney, Australia (ABN Newswire) - Avanco Resources Limited (ASX: AVB) has completed 2,000m drilling programme at its Rio Verde Copper Project in Brazil. New assay results include the spectacular intercept of 2.05 metres of Copper grading 42.68%. Drilling results clearly demonstrate that the high grade copper zone extends to over 300m laterally and remains open along strike and at depth. Interpretation also indicates the likely presence of a second as yet undiscovered highly mineralised structure existing to the north of the current high grade zone. The Company is now planning an aggressive +10,000m follow up drilling programme aimed at further extending and discovering additional high grade copper.
Mindax Limited (ASX: MDX) announced 260% increase in Potentially Beneficiable Magnetite (PBM) Mineral Resource at its Mt Forrest Project in the emerging Yilgarn Iron Province in WA. The updated PBM Mineral now stands at 1.01 billion tonnes grading 31.4% Fe and the Direct Shipping Hematite-Goethite Mineral Resource aggregates 4.5 million tonnes grading 54.3% Fe. Drill program of 14,500m is to commence in late October.
Montezuma Mining Company Limited (ASX: MZM) has received very encouraging beneficiation test results at the Butcherbird manganese project in WA. Grades of up to 37.65% concentrate Mn have been achieved with favourable values for both phosphorous and iron, two key impurities in manganese ore. The work completed to date continues to define large tonnages of manganiferous material and beneficiation test data supports an Exploration Target of 100-130 Mt grading 8-15% manganese.
Avonlea Minerals Limited (ASX: AVZ) announced better than anticipated preliminary results from the reverse circulation ('RC') drilling program at the Ondjou Prospect in Namibia. An average grade of 24-27% Fe was encountered. The +4,200m RC drilling program has also exceeded initial expectations with regard to the scale and continuity of the mineralisation.
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