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JINDALEE RESOURCES LIMITED - ASX: JRL
The data on Australian Shares.com is intended as a guide only and is compiled from information in the public domain. Data on this website should not be used to make an investment or trading decision.
Description
Jindalee Resources Limited ("Jindalee") is a public company with the primary objective of creating wealth for shareholders through the discovery of world-class mineral deposits. Through disciplined execution of Jindalee’s exploration and corporate strategy since the Company was founded in 2002 liquid assets (cash and shares) have accumulated to approximately $25.7M at 31 December 2010 (equivalent to $0.74 per share, fully diluted).
Jindalee has a track record of rewarding shareholders through priority entitlements to new listings in which the Company is involved (including Energy Metals, Alchemy Resources and Anchor Resources) and in July 2010 a fully franked special dividend of $0.55 was paid to eligible shareholders. After the payment of this dividend Jindalee still holds significant liquid assets, leaving the Company in a strong position to assess new opportunities to create further wealth for our shareholders.
Yilgangi JV (Jindalee 20% project carried)
The Yilgangi project is located approximately 120km northeast of Kalgoorlie. Jindalee retains a 20% interest that is project-carried through to a decision to mine with Newcrest controlling the other 80% and overall management of the project. Jindalee also holds a pre-emptive right over the project in the event that Newcrest decides to assign its interest in the project.
Principal exploration focus until now had been on the advanced Hobbes prospect, where extensive aircore, RC and diamond drilling has defined a wide zone of anomalous supergene and bedrock gold anomalism beneath 30-40m of transported cover. Better intersections from this drilling include:
* 21m at 1.0g/t gold from 53m
* 23m at 1.6g/t gold from 56m
* 22m at 1.4g/t gold from 51m
* 41m at 1.4g/t gold from 39m
The mineralization is interpreted to be associated with a number of steeply-dipping northwesterly-trending structures within the mixed metasedimentary and basaltic bedrock. Emphasis has now shifted to drill testing of six other discrete geophysical targets within the project. Modelling of the Hobbes data using 3D software has highlighted the potential for shoot-controlled mineralisation. Further work is being undertaken as to how best to target the potential shoots.
Cardinia JV (Jindalee 11%)
The Cardinia project area is located 30km east northeast of Leonora. Jindalee Resources hold an 11% interest in a group of 4 tenements at Cardinia that form a small part of Navigator Resources extensive regional holdings. Navigator have announced a resource base totaling 207,000 ounces of gold for their Cardinia project at an average grade of 2.2g/t. Part of the joint venture project is located immediately adjacent to this resource and it is anticipated that planned future drilling will result in the definition of additional resource ounces that could be included within Navigator’s planned operations.
Murchison Project
Despite good infrastructure and proven gold endowment, including several 1M oz deposits, the Murchison region remains underexplored and the potential for discovering significant mineralisation remains high.
The Project is a Joint Venture with Alchemy Resources with Jindalee’s 20% interest free carried to completion of a Bankable Feasibility Study. In addition to the joint venture interest in the Murchison projects, Jindalee also holds 9.8 million Alchemy Resources shares, providing Jindalee’s shareholders with exposure to Alchemy’s exciting Hermes gold and Magnus copper-gold projects, located 120km northeast of Meekatharra. The Magnus copper-gold project covers the extensions of the favourable Narracoota Formation volcanics to the west of Sandfire Resources’ Doolgunna project tenements. An airborne geophysical (VTEM) survey was undertaken by Alchemy in 2009 with 13 conductors (targets) being defined within the sequence. These targets will be prioritised in early 2010 for drill testing.
Joyner's Project
The Joyner’s project is located 40km west of Wiluna in Western Australia and covers the eastern part of the Joyner’s Find greenstone belt. The project is a joint venture with Golden West Resources Limited (GWR) and forms a part of Golden West’s much larger 126 million tonne Wiluna West iron ore project. At Wiluna West, direct shipping grade (DSO) hematite iron ore averaging around 59% iron has been defined in a series of deposits, associated with banded iron formations.
Golden West controls an 80 percent interest in the two joint venture tenements (M53/1078 and E53/1089) with Jindalee retaining a 20 percent equity position, free-carried through to completion of a Bankable Feasibility Study.
In October 2009, Golden West announced an upgrade of estimated iron ore resources, including a revision of total resources within the joint venture ground. Indicated and inferred resources contained within the joint venture area are now estimated to total 8.2 million tonnes at an average grade of 60.1% iron. Almost 38% of this resource is in the indicated category.
Mt Korong Project
The Mt Korong project is located in the northern Eastern Goldfields between the townships of Leonora and Laverton and in close proximity to Minara Resources’ Murrin Murrin lateritic nickel operation. The project is a joint venture between Jindalee and Golden State Resources in which Jindalee currently holds an 87% interest.
A review of historical exploration information highlighted a mineralised structure in the southwest of the project, where shallow drilling in the 1990’s had intersected narrow intervals of anomalous gold values, including one intersection of 4m at 1300ppb (1.3g/t) from near surface and a separate bedrock intersection of 5m @ 400ppb gold from 61m depth. The gold mineralisation is associated with quartz veins in sheared mafic and ultramafic rocks and appears to be related to a northwest-trending structure or contact. This structure can be traced as a persistent feature in the aeromagnetics, even where its surface expression is masked by transported cover. Previous soil and auger sampling over much of this trend is unlikely to have proven fully effective.
During the December 2010 quarter Jindalee completed several 800m spaced RAB/aircore traverses across the interpreted position of the structure, recording anomalous gold intercepts from line 6826000N including 4m @ 1.2g/t (within a downhole zone totaling 28m @ 0.56g/t).
Mine For
gold, nickel, iron ore, uranium
Location of operation(s)
Western Australia
Address
Level 2, 18 Kings Park Road
WEST PERTH, WA, AUSTRALIA
Phone
61 8 9321 7550
Website
Last Updated
1/04/2011
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.
