Resource Wrap: 03 June 2010 – RVE, DRK, AWE, ORG, CAZ
June 3, 2010
Riviera Resources Limited (RVE) said it had completed due diligence of the Brazil Iron Ore project under the Heads of Agreement signed with South American Ferro Metals Limited to acquire 100% of its Brazilian subsidiary which owns the mineral rights and property at Ponte Verde. Riviera confirmed that the project has an initial exploration target of 140 – 150 million tonnes of Haematite rich Itabirite.
Drake Resources Limited (DRK) said drilling in Western Copper-Gold Zone at Falun, Sweden, has intersected massive sulphide mineralisation with strong copper, zinc and gold values. Drake’s managing director, Bob Beeson, said he was now interested in conducting further drilling to determine the extent this new zone of mineralisation, which is located immediately west of the old open pit at the Falun copper-zinc-gold mine. The intersection contained at 15.3 m @ 4.19 % Zn, 1.77% Cu, 0.83 % Pb and 1.78 g/t Au.
AWE Limited (AWE) and Origin Energy Limited (ORG) said their Redback-2 exploration well intersected the target Wagina reservoir onshore Perth Basin at a depth of 3,861 metres. The companies said an initial analysis of log data acquired while drilling indicates the reservoir unit is approximately 14 metres thick and gas charged. AWE and Origin said the results are an encouraging indication of the presence of gas in the structure, however added that it is too early to make any comment on the potential size or commercial significance of this accumulation.
Cazaly Resources Limited (CAZ) reported a Global Maiden inferred resource of 143mt @ 52.6% Fe (55.6% CaFe) for its Winmar iron ore deposit located within the Hamersley Project in Western Australia. The company said due to the size the initial resource being “substantially” more than what was expected, the exploration target for the deposit has now been revised upwards to 250 to 300mt @ 52-55% Fe (55-59% CaFe). Cazaly said the Main CID Zone comprises 92mt @ 54.9% Fe (58.4% CaFe).
Drake Resources Limited (DRK) said drilling in Western Copper-Gold Zone at Falun, Sweden, has intersected massive sulphide mineralisation with strong copper, zinc and gold values. Drake’s managing director, Bob Beeson, said he was now interested in conducting further drilling to determine the extent this new zone of mineralisation, which is located immediately west of the old open pit at the Falun copper-zinc-gold mine. The intersection contained at 15.3 m @ 4.19 % Zn, 1.77% Cu, 0.83 % Pb and 1.78 g/t Au.
AWE Limited (AWE) and Origin Energy Limited (ORG) said their Redback-2 exploration well intersected the target Wagina reservoir onshore Perth Basin at a depth of 3,861 metres. The companies said an initial analysis of log data acquired while drilling indicates the reservoir unit is approximately 14 metres thick and gas charged. AWE and Origin said the results are an encouraging indication of the presence of gas in the structure, however added that it is too early to make any comment on the potential size or commercial significance of this accumulation.
Cazaly Resources Limited (CAZ) reported a Global Maiden inferred resource of 143mt @ 52.6% Fe (55.6% CaFe) for its Winmar iron ore deposit located within the Hamersley Project in Western Australia. The company said due to the size the initial resource being “substantially” more than what was expected, the exploration target for the deposit has now been revised upwards to 250 to 300mt @ 52-55% Fe (55-59% CaFe). Cazaly said the Main CID Zone comprises 92mt @ 54.9% Fe (58.4% CaFe).
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