Australian Market Report of December 22, 2010: Metminco - Commence Copper/Molybdenum Drilling in Peru
22.12.2010 | ABN Newswire
Sydney, Australia (ABN Newswire) - Metminco Limited (ASX: MNC) said today that Hampton Mining Limited (Hampton), Metminco's wholly owned subsidiary, has commenced a 50,000 metre diamond drilling program at its Los Calatos copper-molybdenum project in southern Peru. The new drilling program is designed, firstly, to infill and extend the current resources at Los Calatos which contains approximately 4.7 million tonnes of copper equivalent metal, and secondly to test a number of new targets identified by surface geochemical sampling.Ausgold Limited (ASX: AUC) announced further significant assay results from the drilling program of the Jinkas ore body within the Company's Boddington South Gold Project. These new results indicate that gold mineralisation extends at least a further 120 metres along strike from historic resource and mineralisation continues to remain open to the north, east and at depth. The company plans to fast-track drilling in January 2011 and expects a resource update in the second quarter of 2011.
Synergy Metals Limited (ASX: SML) has signed a non-legally binding Memorandum of Understanding with Northwest Nonferrous International Investment Company Limited on a placement of 1,050,000,000 ordinary shares in the Company for an investment of A$12.6 million and 1,050,000,000 free attached options for a further potential investment of A$16.8 million. The funds raised from the Placement will be used to progress the exploration programs at Glen Wills and Sunnyside goldfields.
Forte Energy NL (ASX:FTE) announced that further Rare Earth Element (REE) assay results suggested that a substantial body of REE mineralisation may exist within the Company's 100% owned Firawa Uranium project, Guinea. Following these successful REE results, the Company plans to re-assay of all of these samples, with the objective of calculating a JORC compliant REE resource at Firawa in addition to the existing uranium resource.
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