MALAGASY MINERALS LIMITED - ASX: MGY

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

MML was established specifically to pursue the rapid development of mineral resources in Madagascar, the world’s fourth largest island, which hosts significant under explored mineral provinces. The country has a mining culture and in the past decade has made significant advances in establishing a modern mining code and a politically stable democracy.

The Company has fast tracked its development since incorporation on 22nd September 2006 with the acquisition of 100% of the issued capital of Mada Aust SARL (“MDA”) a Madagascar-based exploration company established more than 10 years ago, holding approximately 2,000 sq km of granted prospective tenements in the south of Madagascar. Following the acquisition of MDA in April 2007, MML commenced negotiations with the French based geoscientific group, Bureau de Recherchés Géologiques et Minières (“BRGM”) to acquire their commercial drilling and assaying business in addition to land and buildings on approximately 19,000 sqm of land which includes a number of offices, warehouses and residences, as well as the BRGM drilling and assaying facilities, at their base in Antananarivo, the capital city of Madagascar. These negotiations were successfully concluded on 13th December 2007 in Orleans France, with the execution of legal agreements.

The Company successfully listed on the Australian Securities exchange (´ASX´) on 7th July 2008, following completion of an A$10M initial public offering.

The Company retains approximately 1,800 sq km of 100%-owned granted mineral exploration tenure and operates three (3) main projects in southern Madagascar: Ampanihy nickel-copper-PGE; Fotadrevo vanadium and Vohibory copper-silver VMS. The Ampanihy project has a structural setting similar to the Voisey’s Bay area in eastern Canada, where a massive nickel deposit is associated with Labradorite intrusives. In Madagascar the Company´s Labradorite intrusives are currently being quarried by three companies on a Royalty basis, while MDA retains the rights to all other minerals. The Labradorites contain numerous disseminations of sulphide, as evidenced by prior and current field exploration programmes and (petrographic) study of cut samples. Interpretation of airborne geophysical data in and around these intrusives has indicated several areas of prospectivity worthy of follow up; these deposits constitute our primary target.

In the central-western portion of the Ampanihy Project, exploration by the Company has delineated a significant zone of vanadium mineralisation contiguous with mineralised zones defined at the adjacent Green Giant project of Energizer Resources Inc. (´EGZ´). Costeaning during 2009 outlined mineralisation over a four km strike. The prospective horizon continues within Company tenements for an additional 35 strike km to the south and west.

Additionally, at the Vohibory Project MML has identified significant copper anomalies with surface samples of up to 29% copper and 175gpt silver. Initial drilling along the Besatrana trend in the north of the project has returned early encouragement of 4m grading 10.3gpt silver from surface. Detailed surface geochemistry in the central and south of the project has defined a total of 12 strike kilometres of copper-silver anomalism, inclusive of two semi-contiguous zones associated with strong geophysical conductors that have returned numerous results in excess of 1% copper and 10gpt silver.

Through these strategic acquisitions, MML has developed a significant local presence in Madagascar with an experienced work force through out the group of approximately 60 personnel, the majority of whom are locals. Following ASX-listing in July 2008, Managing Director Mr. Steven Goertz has relocated to Madagascar, with operations currently run and managed from there, with only the corporate administration services being managed from Perth.

The primary objectives of MML are to “Create Shareholder wealth through focused exploration, discovery and development of significant nickel, copper & PGE ore bodies, utilising modern exploration techniques and the technically competent and experienced resource team assembled in Madagascar”.

Mine For

nickel, copper, platinum group elements, vanadium, copper, silver

Location of operation(s)

Madagascar

Address

Unit 7, 11 Colin Grove
WEST PERTH, WA, AUSTRALIA

Phone

+61 8 9463 6656

Email

Website

http://www.malagasyminerals.com/

Last Updated

22/03/2011