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MACQUARIE HARBOUR MINING LIMITED - ASX: MHM
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Description
MHM Metals Limited (ASX:MHM) is a diversified resources company with operations associated with the aluminium industry, and projects under development involving high-purity silica, gold, nickel, copper and iron ore. The company philosophy is to grow shareholder wealth through diversification, to insulate the company from the effects of cyclical demand in metals markets. MHM Metals intends to be the dominant force in the global aluminium waste processing industry, and has begun to grow an impressive portfolio of world class mineral assets.
Sorell Silica Project
Comalco (now Rio Tinto Aluminium) previously delineated four project areas suited to silicon metal production, significant potential to upgrade both purity and tonnage. Unique “world-class” deposit with respect to magnitude and purity. Silica displays excellent thermal stability and mechanical strength - critical factors in suitability for use to produce silicon metal. Drilling to confirm tonnage and grade to JORC compliance subject to positive news regards potential offtake.
Marrawah Silica Project
Reported purity and tonnage potential within specifications. Adjacent to sealed roads, excellent proximity to international ports.
Miyabi Gold Project
On 14 May 2010, the Company announced that it had entered into a Letter of Intent with AIM-listed African Eagle Resources PLC (AIM:AFE)(African Eagle) to acquire up to 75% of African Eagle's interest in the Miyabi Gold Project in Tanzania, Africa. The Miyabi Gold Project, located in the Lake Victoria Goldfields of northern Tanzania, has an Indicated and Inferred JORC-compliant resource of 12.2MT at 1.3g/t containing 520,000 oz using a 0.5g/t cut off. The resource decreases to 6.3MT at 1.82g/t containing 370,000 oz using a higher 1.0g/t. The resource is 71% Indicated and 29% Inferred. The resource occurs in four main deposits over a distance of 3.5km in discrete lenses within Archean age greenstones. The delineated resource commences at surface and continues to depths of at least 100 metres. There is upside potential for discovering new extensions along strike and at depth to all of the four mineralised deposits as well as potential for developing other early stage prospects nearby. Preliminary metallurgical tests have indicated that the gold is free-milling and has a median recovery of 95% using a range of oxide, transition and fresh material with nomical consumption of reagents. Some oxidised material is present that may be amenable to heap leaching. MHM has engaged international mining consultant SRK Consulting (UK) to conduct a pre-feasibility study into the project. For further information please refer to the Company announcement dated 14 May 2010.
Tasmanian Gold Targets
The Company is progressing a number of Tasmanian gold targets with significant potential, including;
Pelias Cove – contains observed outcropping copper mineralisation, significant quantities of coarse gold present in panned heavy concentrates. Fault breccia and silica flooding intersected in drilling are promising indications of a primary gold source.
North Butler Creek – extensive outcrop with disseminated pyrite and accompanied by significant alluvial gold. Carbonate-silica-pyrite-sericite pervasive within a volcanic-sedimentary sequence.
Hill 99 – outcropping massive iron sulphide. Sulphide gossan float with highly chloritised rocks and coincident copper and zinc soil anomaly over 400m strike length. The target contains an extensive alteration package of the type that hosts the Henty gold and Hellyer zinc mineralization.
In March 2010 the Company completed an airborne geophysical survey (VTEM) over prospective gold targets in Western Tasmania. Follow up of anomalies generated by this survey is planned for late 2010 when weather permits.
Nickel
The Hibbs Nickel Province in Western Tasmania contains an ultra-mafic belt that extends in excess of 25 kilometres, with known pentlandite (nickel sulphide) mineralisation occuring throughout the structure. In March 2010 the Company completed an airborne geophysical survey (VTEM) over prospective nickel targets in Western Tasmania. Follow up of anomalies generated by this survey is planned for late 2010 when weather permits.
Copper
The Thomas Creek Copper Gold Project is a recently discovered, highly prospective and underexplored porphyry copper-gold target with the potential for a ‘world-class’ resource. This prospect has affinities to parts of the Mt Lyell mineralisation (311Mt @ 0.97% copper, 0.31g/t gold*). In March 2010 the Company completed an airborne geophysical survey (VTEM) over prospective copper targets in Western Tasmania. Follow up of any anomalies generated by this survey would be planned for late 2010 when weather permits.
Iron Ore
The Double Cove Iron Ore Project in Western Tasmania contains a structure than extends in excess of five kilometres, containing high-grade hematite-magnetite mineralisation. This suggests the potential for "Direct Shipping Ore", with surface samples returning grades of 62-69% Fe. The Company is undertaking negotiations with potential off take and project investment partners.
Mine For
silica, gold, nickel, copper, iron ore
Location of operation(s)
Tasmania, Tanzania
Address
52 Channel Hwy
KINGSTON, TAS, AUSTRALIA
Phone
61 3 6229 9955
Website
Last Updated
7/3/2011
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.
