Australian Market Report of March 29: Padbury Mining - Announce 850 Million Tonne Maiden Inferred Resource At Peak Hill Iron Ore Project
29.03.2011 | ABN Newswire
12:00 AEST Mar 29, 2011 ABN Newswire (C) 2004-2011 Asia Business News PL. All Rights Reserved.Sydney, Australia (ABN Newswire) - Padbury Mining Limited (ASX:PDY) announced a maiden JORC Inferred Resource for the Telecom Hill Deposit at its Peak Hill Iron Ore Joint Venture Project with Aurium Resources Limited (ASX: AGU). The first Mineral Resource comprises 850Mt at 27.3% Fe, 46.2% SiO2, 3.4% Al2O3 and 0.14% P and demonstrates the ongoing potential of the Telecom Hill Deposit. A number of additional exploration and evaluation programs are planned during Q2 2011, aiming at enlarging and upgrading the Telecom Hill Deposit resource.
Universal Coal plc (ASX: UNV) said today that the first phase drilling at the Berenice Project and the newly acquired Cygnus Project in South Africa is progressing well. Four drill rigs are currently operational, undertaking a 46 diamond drillhole programme, scheduled for completion in June 2011. Drilling has discovered the presence of a 35m-40m thick coal zone with 40%-50% coal. The Company will continue to focus on increasing its coking coal resources with an exploration target of 700-800 million tonnes for these two projects.
Interra Resources Limited (ASX: ITR) said today that drilling on the CHK 1161 Development Well, the first well to be drilled in its 2011 drilling campaign in Myanmar has been successfully completed. The Well was drilled to a total depth of approximately 2,350 feet and is producing a stabilised average of 23 barrels of oil per day after one week of production testing. The well may be developed to yield commercially recoverable hydrocarbons or profitable production.
Mindoro Resources Limited (ASX: MDO) (CVE: MIO) announced high grade gold and copper results from its resource definition program at Pan de Azucar Project in the Philippines. Best results included 39.2m at 1.00 g/t gold and 1.89% copper and 31.7m at 1.15 g/t gold and 0.48% copper. The results confirmed continuity of the mineralization and the presence of massive sulphide extensions. The Company plans to undertake metallurgical tests to ascertain the recovery rate of copper, gold and other base and precious metals.
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