Resource Wrap: 05 March 2010 – GXY, DRA, AWL
March 4, 2010
Galaxy Resources Limited (GXY) said it has commenced pre-strip mining at its Mt Cattlin Spodumene Project, in Western Australia. The junior lithium producer said a four month pre-strip mining period was on track and would guarantee supply of run of mine ore for the commissioning of the Mt Cattlin processing plant during the third quarter of 2010. The company said it hopes to employ up to 150 in the Ravensthorpe area.
Dragon Mining Limited (DRA) said the new mineral resource at the Kujankallio gold deposit in southern Finland is 1.34Mt @ 6.1 g/t Au for 261,900 ounces, representing a 25% increase in tonnes and a 20% increase in contained gold when compared to the previous resource estimate completed in January 2009. The company said the increase in mineral resources follows an aggressive infill-drilling program in 2009, when a total of 8,200 metres of diamond drilling was completed at Kujankallio.
AWH Corporation Limited (AWL) said it has signed an agreement with future joint venture partner Aldridge Uranium Inc and other parties to conditionally acquire up to a 75% interest in an advanced uranium project located in Turkey. The company said the project area includes 94 granted exploration licences covering some 140,000 ha of what is considered to be one of the richest uranium districts in Turkey. AWH said historic data for one of the uranium deposits in the project suggests an immediate in-situ leach exploration target of 8 – 10Mlb of contained uranium at a grade of between 250 to 500ppm (0.025- 0.05%) uranium oxide. The company said the potential quantity and grade of this target is conceptual in nature and there has been insufficient exploration to define a mineral resource.
Dragon Mining Limited (DRA) said the new mineral resource at the Kujankallio gold deposit in southern Finland is 1.34Mt @ 6.1 g/t Au for 261,900 ounces, representing a 25% increase in tonnes and a 20% increase in contained gold when compared to the previous resource estimate completed in January 2009. The company said the increase in mineral resources follows an aggressive infill-drilling program in 2009, when a total of 8,200 metres of diamond drilling was completed at Kujankallio.
AWH Corporation Limited (AWL) said it has signed an agreement with future joint venture partner Aldridge Uranium Inc and other parties to conditionally acquire up to a 75% interest in an advanced uranium project located in Turkey. The company said the project area includes 94 granted exploration licences covering some 140,000 ha of what is considered to be one of the richest uranium districts in Turkey. AWH said historic data for one of the uranium deposits in the project suggests an immediate in-situ leach exploration target of 8 – 10Mlb of contained uranium at a grade of between 250 to 500ppm (0.025- 0.05%) uranium oxide. The company said the potential quantity and grade of this target is conceptual in nature and there has been insufficient exploration to define a mineral resource.
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