Australian Market Report of November 19, 2010: IMX Resources - Signs Strategic Alliance Agreement with China
19.11.2010 | ABN Newswire
13:30 AEST Nov 19, 2010 ABN Newswire (C) 2004-2010 Asia Business News PL. All Rights Reserved.Sydney, Australia (ABN Newswire) - IMX Resources Limited (ASX: IXR) has signed a strategic alliance agreement with Sichuan Taifeng Group and Sichuan Metallurgical Geological and Exploration Bureau. The aim of the strategic alliance is to seek new projects and investment opportunities as well as to investigate the opportunities for participating in existing IMX projects to accelerate exploration and development. With a current market capitalisation of approximately A$135m, IMX Resources is an active diversified mining company with projects in South Australia, Tasmania, Tanzania and Mozambique, East Africa, focusing on a range of commodities including iron-ore, nickel, gold, copper, platinum and uranium.
Coalworks Limited (ASX: CWK) has continued Phase 1 Drilling at the Ferndale Coal project in the prime Hunter Valley coal area of New South Wales. Five of the seven Phase 1 drillholes have been drilled, targeting open pit and underground coking and thermal coal. Multiple seams were intersected in both the Newcastle Coal Measures and upper and middle Wittingham Coal Measures, resulting in an updated total Exploration Target of 350 Mt to 530 Mt of export quality thermal coal and coking coal. Further exploration is planned with an aim to upgrade the Exploration Target into a Resource.
Elementos Limited (ASX: ELT) said today that on-going sampling and mapping identified high-grade silver-rich veins at the Yvette prospect of the Santo Domingo project in Argentina. Rock chip samples from the new veins returned grades up to 1,791g/t silver, 18.04 % lead, 12.3 % zinc and 0.89 g/t gold. The new discovery highlighted the potential to find additional veins around the Yvette prospect. The focus of the on-going exploration is to expand the size of the known mineralised area, which is open in all directions, and delineate targets ready for drilling in 2011.
St George Mining Limited (ASX:SGQ) has commenced a 3,600 metre reverse-circulation drilling programme at its East Laverton Property in Western Australia. The main focus of the drilling programme is to test three of the Company's advanced gold targets - Desert Knight, Desert King and Desert Dragon. These prospects are situated within two large gold systems identified by regional MMI (mobile metal ion) soil geochemical survey. Sample results from the drilling program are expected in early 2011.
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