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GRAYNIC METALS LIMITED - ASX: GYN
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Description
Graynic Metals Limited has recently (2nd March 2010) received support from its shareholders to change its name from Graynic Metals Limited to Xanadu Resources Limited. This process of name change will proceed over early March and it is envisaged that the company will trade under a new ASX code some time in March subsequent to ASIC and ASX approval.
The Company has secured an extensive portfolio of tenements located in Western Australia which display extensive base metal mineralisation and have yet to be fully explored.
In December 2005 Graynic entered into an agreement to purchase four tenements in NSW from Resource investment group for 10 million Graynic shares and 4 million options. Yanco Glen EL 6489 shows potential for significant scheelite mineralization (tungsten ore) and the mineralized zone identified by CRA in the 1980s was recently tested in a program of 2100m RC drilling. The tin and tungsten rights have subsequently been sold so that the company can concentrate on the gold and base metal potential on the remainder of this tenement. Wertago EL 6424 has abundant copper mineralization in shears as well as some less well defined lead and zinc mineralization; the presence of a large fault (the Koonenberry Fault) suggests this could be an ideal geological setting for a large Century-style zinc or porphyry-style deposit. Gulf Creek EL 6492 contains three strong zones of copper mineralization within a broad shear system. The copper ore was mined ore smelted on site over a number of years but the area was never drilled. Records suggest that the remaining copper mineralization could be substantial.
Mine For
tungsten, zinc, lead, copper, gold, silver, diamonds
Location of operation(s)
New South Wales
Address
Level 1, 350 Hay St
SUBIACO, WA, AUSTRALIA
Phone
(61 8) 6364 0518
Website
http://www.graynicmetals.com.au
Last Updated
16/03/2010
The data on Australian Shares.com is intended as a guide only and is provided purely as an indication of what information can be found through official announcements. Data on this website should not be used to make an investment or trading decision. All information should be carefully cross-checked against official sources for accuracy. The publisher (Intaanetto Pty Ltd) will not be held liable for any loss arising from the use of this website.