Australian Market Report of November 23, 2010: Catalpa Resources - Announced Maiden High Grade Inferred Mineral Resource at Edna May Gold Project
23.11.2010 | ABN Newswire
13:30 AEST Nov 23, 2010 ABN Newswire (C) 2004-2010 Asia Business News PL. All Rights Reserved.Sydney, Australia (ABN Newswire) - Catalpa Resources (ASX: CAH) today announced a maiden high grade underground Inferred Mineral Resource of 660,000 tonnes at 9.1 g/t Au for 195,000 contained ounces at its Edna May Gold Project in Western Australia. The company's total Mineral Resources are now estimated at 2.175 million ounces of gold. Drilling is currently targeting a 20 x 30 metre nominal spacing and is expected to improve resource confidence to an Indicated category shortly.
Range River Gold Limited (ASX:RNG) has defined further high grade mineralisation along strike at Mt Morgans in Western Australia. Recent drilling reported results including 5m at 20.80 g/t Au and 3m at 75.8g/t Au. Results emphasise the low risk, low cost exploration opportunity at Mt Morgans with an initial target Mineral Resource of 1.5 million oz Au. The company expects to achieve an annual production rate of 100,000 oz Au within five years.
Eastern Iron Limited (ASX: EFE) has completed metallurgical testwork at Hawkwood Iron-Vanadium Project in Central Queensland. Results indicate high Fe content (63.6% - 67% Fe) and low impurities for iron concentrate. In the coming months, the company will undertake a short program of diamond core drilling, which will provide samples for further metallurgical testwork and assist the planning of the next stage drilling program.
Blackthorn Resources Limited (ASX: BTR) announced today that the joint venture agreement with Glencore International AG for the Perkoa Zinc Project in Burkina Faso was completed and became effective on 22nd November 2010. Glencore will fund USD 80M to complete project construction for a 50.1% share in the Perkoa Zinc Project, whilst Blackthorn Resources and the Burkina Faso Government will retain a 39.9% interest and a 10% free carried interest respectively. Glencore will also manage and operate the Perkoa Zinc Project over the projected 9.5 year mine life.
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