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  • GBM Resources’ Farm In Partners Outline A$3.8m Exploration Budget For Mt Isa Projects

    GBM Resources' (ASX: GBZ) farm-in partners, Pan Pacific and Mitsui, have demonstrated their commitment to advancing four projects located in the highly prospective Mt Isa region of northwest Queensland, outlining a A$3.8 million exploration budget to March 2013.

    The projects cover 1,580 kilometres of prospective multi‐minerals ground in the eastern succession of the Mount Isa inlier.

    The increased exploration budget for 2012 will support geophysical surveys and extensive drilling of over 10,000 metres on a range of targets over the Bungalien, Grassy/Talawanta, Mount Margaret, and Chumvale projects.

    Exploration in 2011 uncovered buried iron oxide copper gold (IOCG) mineralisation at Bronzewing Bore, one of a number of targets identified in the Bungalien project area.

    GBM intersected a broad interval of anomalous copper mineralisation from the first drill hole completed on the Bungalien project farm in area, confirming a new IOCG system.

    The hole returned mineralisation over 200 metres averaging almost 0.1% copper, and including 24 metres averaging 0.28% copper, and may represent a halo style intersection.

    Meanwhile, the Mt Margaret West tenement group includes a number of targets in close proximity to Xstrata's (LSE: XTA) 200 million tonne at 1% copper and 0.5 grams per tonne gold Ernest Henry mine.

    Farm-in terms

    Under the agreement Pan Pacific and Mitsui, through their co-established Australian subsidiary Cloncurry Exploration and Development, can earn up to 51% by spending $15 million within six years.

    The partners can then increase their collective interest in the projects to 90% by spending a further $40 million.

    Once they have achieved their 90% interest, GBM will then be free carried through to the completion of a Bankable Feasibility Study with a 10% interest.

    Proactive Investors is a market leader in the investment news space, providing ASX "Small and Mid-cap" company news, research reports, StockTube videos and One2One Investor Forums.

    May 21 3:34 AM | Link | Comment!
  • NSL Consolidated Director Buys More Shares On Market Following First Iron Ore Sales In India

    NSL Consolidated (ASX: NSL) non-executive director Peter Richards has increased his shareholding in the company with the purchase of a further 400,000 shares on-market.

    Richards acquired the shares for a total consideration of A$25,600, providing an average entry price of $0.064.

    Just last week NSL announced it had achieved the milestone of first ex-gate sales of iron ore into the Indian domestic market.

    The company is targeting an initial steady production rate of 200,000 beneficiated tonnes per annum from the first phase of operations at the Kurnool stockyard, with beneficiated grades of up to 58% achieved last month.

    A 58% iron ore product sells domestically for about US$90 per tonne, meaning that at 200,000 tonnes per annum production, NSL is looking at first phase revenue of $18 million.

    In Phase 2 of the project, NSL aims to ramp up production to 400,000 tonnes per annum at higher grades of between 58% and 62% iron.

    Given the strength of the domestic Indian iron ore market in both demand and pricing, NSL has said it may prioritise domestic sales at the gate ahead of export opportunities.

    Proactive Investors is a market leader in the investment news space, providing ASX "Small and Mid-cap" company news, research reports, StockTube videos and One2One Investor Forums.

    May 21 3:27 AM | Link | Comment!
  • Oro Verde: Momentum Builds At Chuminga Copper, Gold Project In Chile

    Oro Verde (ASX: OVL) is ramping up exploration at its Chuminga copper-gold project in Chile with the start of drilling on the fourth diamond hole.

    The company is testing around 300 metres of mineralised breccia in the current first phase 12-hole, 2,140 metre drilling program.

    Three holes have been drilled so far, with drilling already commenced on a fourth hole.

    Results to date have delivered notable intersections of 61 metres at 0.9% copper and 0.15 grams per tonne (g/t) gold from 65 metres from the first hole and 18 metres at 0.98% copper and 0.13g/t gold from 98 metres from the second hole.

    Results are yet to be received for the third hole, however drilling intersected 79.3 metres of copper and iron oxide breccia mineralisation from 55 metres.

    Chuminga, in which Oro Verde holds a 20% interest, has an exploration target of 50 to 60 million tonnes of between 1% and 1.1% copper, 0.3 to 0.4 grams per tonne gold and 0.5 to 1% zinc, suitable for bulk mining.

    The project is well positioned in the coastal area of northern Chile, 60 kilometres north of the regional mining town of Taltal and 115 kilometres south of the port of Antofagasta.

    This region has excellent infrastructure and most importantly hosts several world class copper mines such as Mantos Blancos, Chuquicamata and BHP Billiton's (ASX: BHP) Escondida.

    Vega

    Meanwhile, at Vega, Oro Verde has unearthed a truncated epithermal system, which has shown evidence of low grade copper and molybdenum mineralised basal porphyries.

    This system is an older 15 to 18 million year old mineralisation event than the younger 6 to 9 million year old mineralisation event that gave rise to the El Indio-Pascua Lama-Veladero epithermal, high sulphide, gold mineralisations.

    Oro Verde previously undertook a litho-geochemical survey and a CSAMT geophysical survey over a 5 square kilometre alteration area on the northern slopes of the Sancarron valley, down to the valley floor, between 3,600 metres and 3,900 metres ASL.

    The anomalies are believed to be due to the sulphidic, highly altered, silicified, Infiernillo suite of dacitic porphyries with minor copper and molybdenum mineralisations, which are present under extensive scree cover on the northern slopes of the Sancarron valley and in the valley floor.

    At this stage Oro Verde is not planning any further work on the Vega Project.

    Potential acquisitions

    Oro Verde is also in the process of evaluating new mineral exploration and development opportunities in Chile.

    Some of these opportunities are either in or near production. The company expects to reveal the outcome of these investigations possibly as soon as this quarter.

    Proactive Investors is a market leader in the investment news space, providing ASX "Small and Mid-cap" company news, research reports, StockTube videos and One2One Investor Forums.

    May 21 3:21 AM | Link | Comment!
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