HIGHLIGHTS FOR THE QUARTER
Corporate
Completion of institutional capital raising of $6.3 million at 37 cents.
Copper /Gold/ Silver Exploration Results
Discovery results from 2010 drill programme including:
1. Multiple highly anomalous Gold and Copper intersections from 2010 drill assays;
2. Confirmation that the most prospective copper/gold targets lie within the major fault systems;
3. RC drilling high copper/gold surface samples identified flat lying mineralization at gabbrosediment contact (up to 4 metres thick with the best assay being 1m at 1.76g/t Au, 1.12% Cu, 3.21% Pb and 10oz/t Ag).
Approval of 2011 Exploration Programme
The following exploration programme has been developed and authorised during the quarter:
- A close spaced airborne V-TEM survey to be conducted with up to 2,200 line kilometres to be flown and covering most of the Speewah Dome;
- An additional soil sampling program will cover areas identified as being prospective for copper/gold mineralisation. This programme will be extended beyond the major King and Central faults with up to 4,000 samples collected;
- Further geological mapping and gossan sampling;
- An extension of the 2010 gravity survey;
- Reverse Circulation and Diamond Core drilling with up to 20,000 metres authorised.
Strategy Update and Implementation
The 2011 strategic objectives have been set and include the following three value add components. The first two components will be met through completion of the 2011 Exploration Programme:
1. Significantly increase to what is Australia’s and one of the world's largest vanadium/titanium in magnetite resource, through drilling a exploration target* of an additional 2-5 Billion tonnes @ 0.3-0.32% V205 and 1.8-2.0% Ti;
2. Continue exploration based on promising results of Copper/Gold/Silver and Lead mineralisation. This will include a maiden airborne EM survey conducted on the tenements that will target potentially highly conductive Cu/Au mineralisation against non-conductive background rock.
3. Metallurgical work on the vanadium/titanium resource and investigate the potential to recover titanium and iron in addition to vanadium which may have the potential to multiply project values.
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