Australian Market Report of January 25: Hunnu Coal - Acquire Further Coal Assets In Mongolia
25.01.2011 | ABN Newswire
13:30 AEST Jan 25, 2011 ABN Newswire (C) 2004-2011 Asia Business News PL. All Rights Reserved.Sydney, Australia (ABN Newswire) - Hunnu Coal Limited (ASX: HUN) has acquired a further 15% interest in the Unst Khudag Coal Mine and surrounding licenses in Mongolia. The Company now has an 80% interest in the Unst Khudag Coal Project with an initial JORC Measured, Indicated and Inferred Resource of 324Mt. An updated JORC Resource for the Project is now being calculated. The Company is aiming to become a major force in the exploration and development of coking and thermal coal deposits in the world class South Gobi and Middle Gobi Coal Provinces.
Integra Mining Limited (ASX: IGR) has completed Mineral Resources estimations for a number of new gold deposits. The Company's global Mineral Resources estimate now stands at 30 million tonnes at 2.6 g/t gold for 2.5 million ounces of gold, among which the recent Majestic prospect has provided a maiden Inferred Resources estimate of 3.9 million tonnes at 2.1 g/t gold for 260,000 ounces of contained gold. The company will expand its process plant to take gold production beyond 100,000 ounces per year.
Enterprise Metals Limited (ASX: ENT) has received assay results for rockchip samples collected at Burracoppin Iron Project in Western Australia. Approximately 11% of the 104 samples contained in excess of 50% Fe, suggesting that the mineralisation at Burracoppin are capable of producing Direct Shipping Ore style hematite. The Company will commence airborne magnetic and radiometric survey by March 2011 to generate further targets for field follow up.
IMX Resources Limited (ASX: IXR) has received final assay results from the remaining six diamond drill holes of the recently completed seven hole 'Phase II' diamond drilling programme at the 'Sleeping Giant' zone on the Nachingwea Joint Venture Project in southern Tanzania. The project is a 25:75 Joint Venture between IMX Resources and Continental Nickel Limited (CVE:CNI) of Canada. Best nickel results include 0.6m at 14.45% Ni and 6.05m at 1.00% Ni. Drilling has now confirmed the presence of sulphide mineralisation for at least a 500 metre strike length and up to 300m down dip.
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