Australian Market Report of January 20: Montezuma - Received Significant Copper Sulphide Results From Butcherbird Prospect
20.01.2011 | ABN Newswire
11:26 AEST Jan 20, 2011 ABN Newswire (C) 2004-2011 Asia Business News PL. All Rights Reserved.Sydney, Australia (ABN Newswire) - Montezuma Mining Company Limited (ASX: MZM) has received further copper sulphide results from the recent RC drilling programme at the Butcherbird Copper Prospect. Best results include 18m at 0.63% Cu, 10m at 0.82% Cu and 10m at 0.77% Cu. In addition to the copper, significant cobalt and silver values were also returned at levels of significant commercial interest, confirming the potential of the deposit.
Berkeley Resources Limited (ASX: BKY) has approved the decision to progress the Salamanca Uranium Project in Spain to the exploitation phase. The Company has arranged a fully underwritten capital raising of A$55 million to enable exploration drilling of high quality targets and fund a 1,200 hour pilot plant operation.
Sultan Corporation Limited (ASX: SSC) has successfully completed follow-up metallurgical test work for its 100% owned Peelwood North Copper Zinc Project in NSW. Separate copper/lead/silver concentrate and a zinc concentrate have been obtained. The copper recovery is expected to range from 80 to 85% at a concentrate grade of 14 to 16% Cu. Zinc recovery is expected to be in the range of 85 to 90% with concentrate zinc content in the range 59 to 63%. Metallurgical recoveries exceed expected recoveries and will result in higher metal production at no additional cost.
Northern Energy Corporation Limited (ASX: NEC) has recommenced the exploration program at its Colton Coal Mine in Queensland. The use of tracked drilling rigs, all weather access off-road vehicles and the extra preparatory work on access roads has made drilling possible during the traditional wet season. The Colton Mine is planned to produce 0.5Mtpa of hard coking coal and offers the opportunity for early production in mid-2012.
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