ALTERA RESOURCES LTD - ASX: AEA

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Description

The Company has the ability to engage both reverse circulation and diamond drill rigs for early drill testing of the targets outlined within the Project area. The Company will also seek to pursue complementary opportunities with the potential to add value.

Queensland Coal Project

Coal exploration targets have been estimated, totalling some 405 to 540 Million tonnes. Altera has a total of 12 Exploration Permits for Coal applications (EPCAs) lodged with the Department of Mines and Energy, Queensland in the Clarence-Moreton Basin in South East Queensland and Bowen Basin in northern Queensland covering an area of over 5,600 km2. A detailed open file data review and geological compilation completed on 10 EPCA’s in the Clarence-Moreton Basin has highlighted that:

* Altera’s EPCAs cover a strategic area with actual and potential for large tonnages of thermal coal.
* A large Inventory coal tonnage has been established, from which several Exploration Targets have been estimated, totalling some 405 to 540 Million tonnes.
* Whilst these Exploration Targets are conceptual in nature, there is potential for both open cut and underground mining in each area.
* Expected product coals range from domestic to export thermal and perhaps a semi-soft coking coal.

A number of Exploration Target areas that have been identified will be the subject of follow up exploration drilling programs with the aim of converting the Exploration Targets into coal resources suitable for reporting to the JORC Standard. Data review and compilation of Altera’s other EPCAs covering an area of over 80km2 in the Bowen Basin is underway. These EPCAs also have the potential for the discovery of new coal deposits. The Company is reviewing new coal opportunities to complement its existing EPCAs in Queensland.

Gascoyne Base Metal Project

Potential New Base Metal Discovery in the Gascoyne Province

* Results of up to 2.3% Pb and 0.9% Cu returned from first pass RC drilling at the Gascoyne Base Metal Project, has proven the Company’s geological model of base metal mineralisation being associated with coincident soil geochemistry and “thumbprint” magnetic anomalies. •
* Drilling has defined two areas of base metal mineralisation 9 km apart. Mineralisation remains open in all directions.
* 1. Area 1 – Base metal mineralisation outlined over 100m strike length.
* 2. Area 2 - anomalous Zn values of up to 0.17%.
* An Induced Polarisation (IP) survey covering an area of 300 m X 400m at Area 1 is expected to outline conductors representing base metal mineralisation at depth. Conductors identified by the IP survey will be tested by a program of RC and or diamond drilling. The IP survey is expected to commence by the end of June Quarter 2008.
* A number of “thumbprint” magnetic anomalies have yet to be explored by systematic soil geochemistry within the project area.
* A deeper and larger chargeable zone indicated from the IP dipole-dipole data which warrants further investigation with additional IP surveys. Two-dimensional modelling suggests that this zone lies below 100 m depth.
* Several iron/manganese-stained outcrops identified; these are of great interest and may prove to be gossanous, have been identified by interpretation aerial photography data.

Mine For

Lead, Zinc, Silver

Location of operation(s)

Western Australia, Queensland

Australian Basins

Bowen

Address

813 Wellington Street
WEST PERTH, WA, AUSTRALIA

Phone

(61 8) 9321 2642

Email

Website

http://www.alteraresources.com.au/

Last Updated

05/05/2010