Australian Market Report of November 18, 2010: Tanami Gold - A$8M Plant Upgrade in Western Australia
18.11.2010 | ABN Newswire
13:30 AEST Nov 18, 2010 ABN Newswire (C) 2004-2010 Asia Business News PL. All Rights Reserved.Sydney, Australia (ABN Newswire) - Australian gold producer Tanami Gold NL (ASX: TAM) announced an A$8 million upgrade of the treatment plant at its Western Tanami Operations in Western Australia. The upgrade, which will be funded by a combination of debt and existing cash on hand, will double the capacity of the plant from the current 250,000tpa to approximately 500,000tpa. The Western Tanami Operations produced 47,960oz for the 2010 financial year by treating 227,610 tonnes at an average grade of 6.7g/t Au.
Syndicated Metals Limited (ASX: SMD) announced that rock chip sampling over an area to the northeast of its recent Bloodwood copper-gold discovery has identified an additional new zone of high grade copper-gold mineralisation, approximately 30 kilometres north-northeast of the company's rapidly growing Barbara copper-gold project. First pass rock chip sampling returned copper-gold values up to 10.1% copper and 12.2g/t gold. Work continues to extend the mineralised zones and a drill testing is scheduled for early 2011.
Aphrodite Gold Limited (ASX: AQQ) reported shallow, high grade gold intersections from its Aphrodite Gold Project 65km north of Kalgoorlie, Western Australia. Assay results returned up to 1 metre at 24.19 g/t Au within an intersection of 16 metres from 113m @ 4.66g/t Au. The current RC Drilling program has been expanded and will continue to mid-December 2010 with the Company aiming to complete a revised JORC resource in early 2011. The Project currently contains a JORC Resource of 983,000 ounces of gold hosted by a 16.9 million tonne deposit.
Sovereign Metals Limited (ASX: SVM) has reached agreement to acquire the remaining 50% interest in the prospective Tate River Project in northeast Queensland, leading to an 100% control of the project. The Tate River Project exhibits the potential for the discovery of epithermal and intrusion related gold and base metal mineralisation. The first ever drill program at the Project returned best results of: 3m at 60g/t. Ag, 4.2% Pb, 2.0% Zn and 0.65g/t Au.
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