Resource Wrap: 19 January 2010 – KAR, VMS
January 18, 2010
Karoon Gas Australia Limited (KAR) shares rallied more than 6% early after the company said it would, with JV partner ConocoPhillips, retest the Poseidon 2 well. Last week the company’s shares fell by nearly 25% after it reported ‘inconclusive’ test results. In announcing the retest the company said it was ‘highly likely’ no connection between the well bore and the reservoir was achieved.
Venture Minerals Limited (VMS) said diamond core drilling at its flagship Mt Lindsay Tin/Tungsten Deposit in North-West Tasmania has intersected up to a 70 metre wide zone at 0.3% of tin equivalent at the Reward Prospect. The company said the discovery is situated within the “Red Rock Member” which already hosts the Renison Bell Tin Mine 12.5 kilometres to the south. Venture said additional drilling has already been planned to follow up on the success, with drill holes both down dip and along strike scheduled for completion over the coming weeks.
Venture Minerals Limited (VMS) said diamond core drilling at its flagship Mt Lindsay Tin/Tungsten Deposit in North-West Tasmania has intersected up to a 70 metre wide zone at 0.3% of tin equivalent at the Reward Prospect. The company said the discovery is situated within the “Red Rock Member” which already hosts the Renison Bell Tin Mine 12.5 kilometres to the south. Venture said additional drilling has already been planned to follow up on the success, with drill holes both down dip and along strike scheduled for completion over the coming weeks.
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