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JERVOIS MINING LIMITED

ASX: JRV

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

Jervois Mining Limited has been listed on the Australian Stock Exchange for 44 years. It was first listed on the Adelaide Stock Exchange, which remains its 'home' exchange at this time. Jervois was originally formed in 1963 to mine and produce copper from the Jervois Ranges in the Northern Territory. For the next 14 years the Company was successful in its mining and petroleum interests. Since 1987 the Company have acquired a suite of mineral leases, with tenements around Australia. These leases range from good to excellent in terms of economic potential.

Jervois Mining Limitedís major assets are both in New South Wales. The first is the high grade scandium deposit near Nyngan. Significant world-wide interest in uses and related applications for scandium (including fuel cells) make the development of the mining operation at Nyngan an enterprise which should be realised within the next three years.

The other major asset is a nickel/cobalt/ iron laterite near Young in New South Wales. This resource contains 167 million tonnes at 0.72% nickel and 0.07% cobalt (0.6% Ni cut-off). Innovative metallurgical test work is in progress and Jervois will continue endeavouring to unlock the potential value.

Jervois Mining Limited currently produces gold from its mining tenement at Bullabulling, near Kalgoorlie, Western Australia. This activity is expected to be viable for some years. The identified gold resource at Bullabulling is 400,000 oz, which, at present market values of $1,200oz (Jan 2009), values this deposit at $480m (in ground). Profits from the sale of gold on the resource will assist in funding research in Jervoisí NSW ventures.

In addition, Jervois has joint venture agreements with Newcrest Operations Ltd. at Forest Reefs, NSW (gold), and with New Age Explorations in Western Australia for uranium.

Forest Reefs Gold Project, NSW (Joint Venture with Newcrest Operations Ltd)

This Exploration Licence is located 6-7 kilometres east of the important gold/copper mining centre at Cadia and covers part of the Lachlan Ford belt, considered by many to have good potential for gold and base metal porphyry systems. Diamond drill hole FRNC017 at EL4620 - Forest Reefs JV was commenced on 29 September 2008 and completed on 16 October 2008 at 915.8m. The hole was designed to test the southeast strike extent of broad anomalous porphyry gold and copper mineralisation intersected in diamond drill holes FRNC005 (274m @ 0.18g/t Au, 0.07% Cu) and FRNC008 (83m @ 0.22g/t Au, 0.32% Cu). The hole intersected strongly altered Forest Reefs Volcanics composed of coarse polymict volcaniclastic breccia and conglomerate, massive andesitic volcanic and medium grained inequigranular monzodiorite, beneath a thin Tertiary basalt cap. Final assay results were received for diamond drill hole FRNC017 at EL 4620 Forest Reefs JV from 826 - 915m. No significant intersections >0.1 g/t Au or >0.1% Cu were returned. Full assay results in Quarterly Reports.

Nyngan Scandium Project, NSW

Nyngan is located about 160km N/West of Dubbo, NSW. The proposed mine site is approximately 25km from Nyngan via sealed roads. Current project targets are completion of a bankable feasibility study within 12 months and, subject to successful economics and financing, to completion of a small, relatively low cost, commercial plant to produce 20-30 TPA 99.9% scandium oxide within 12-18 months.

Scandium Resource Statement

Measured: 2718000t, 274ppmSc, 0.81:1 Overburden Ratio
Indicated: 9294000t, 258ppmSc, 1.40:1 Overburden Ratio
Total: 12012000t, 261ppmSc, 1.10:1 Overburden Ratio

Summervale Nickel/Cobalt Laterite Discovery, Nyngan,NSW

The Company is pleased to announce some remarkable early drilling results targeting what was a suspected and possibly large extension of the known nickel/cobalt resource of 16 million tonnes @ 0.83% nickel and 0.06% cobalt identified many years ago by then Anaconda Ltd (now Minara Resources Ltd) at Summervale, near Nyngan, N.S.W. In the new zone identified by ground and airborne magnetics every hole intersected strong mineralisation particularly for nickel. The intercepted intervals are considered likely to potentially double in thickness when final assays are received. This is shown in the attached table. The Company regards these results as exciting; the new tenement encompasses a very large structure.

The program followed a concept identified by our Exploration Manager, Dr Sanja Van Huet and her technical assistant, Ms Jane Quinn. They also supervised the drilling on the ground. One veteran local geologist, when advised of this discovery said "this thing lay for eons of time undiscovered just waiting (for Jervois) to come!" Despite quite intensive past airborne geophysics, magnetics etc, no one else previously drilled a test hole. This discovery is considered very important for Jervois and its shareholders and because of the relatively high grade, also especially important for NSW. Shareholders should realise that whilst the current nickel laterite locations of Young and Nyngan are both near perfect from an infrastructure perspective, the grade dictates that Westlynn and Summervale, near Nyngan, will potentially become the major nickel asset of the Company.

Uranium Exploration - New Acquisition-GoldPride Pty Ltd

The above company is the beneficial owner of six (6) mining tenements near Bullabulling where Jervois operates a gold mine and six (6) mining tenements with potential for uranium occurrences that dovetail with tenements presently owned by Jervois. These tenements have been independently valued and the preferred valuation placed on these tenements was $1.54 million. A further eight (8) tenements recommended by Goldpride Pty Ltd, but not included in the above valuation, were assigned directly to Jervois Mining Limited who became the applicant. These latter tenements are located 'on strike' five kilometres north of our Bullabulling mine site.

The uranium tenements will be passed, as announced, to a planned IPO on the now substantial uranium exploration tenements owned by the Company. This potential IPO is scheduled for early next financial year (2010) and work has already started for a draft Prospectus. Various required experts have been or will be retained shortly. The exploration tenements for the Prospectus will be the Jervois/New Age Exploration (NAE) uranium exploration targets plus the uranium tenements aquired following the aquisition of Goldpride Pty Ltd.

Young Nickel/Cobalt Laterite Project, NSW.

The Young nickel/cobalt laterite project was initiated by a search of the Minfinder Database of the NSW Department of Mineral Resources. Jervois has focussed on mineral exploration within Australia and as part of this on-going activity, the first Exploration Licence was granted at Young in 1998. Two more Exploration Licences were acquired subsequently and the total area under exploration licence is now 265 square kilometres. Within these licences, extensive drilling has yielded resources in laterite in the indicated and inferred category of greater than 1.3 million tonnes of nickel, greater than 115,000 tonnes of cobalt and greater than 5000 tonnes of the exotic metal scandium. The high iron content of the hematite and limonite zones allows consideration of iron concentrate production also. As a consequence of funding provided by our loyal shareholders, the company still retains 100% equity in the exploration tenements and resources.

Mine For

scandium, nickel, cobalt, iron, gold, magnesium

Location of operation(s)

New South Wales, Western Australia

Address

Se 12, 10 Jamieson St
CHELTENHAM, VIC, AUSTRALIA

Phone

(61 3) 9583 0498

Email

Website


Last Updated

18/1/2011

 

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.

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