MINING PROJECTS GROUP LIMITED - ASX: MPJ

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

Mining Projects Group (ASX code: MPJ) is a minerals exploration company, currently undertaking exploration for gold and base metal mineralisation in Western Australia. The company also invests in a range of primarily resource-based projects and companies with the potential for high growth.

The company holds several strategic investments in other resource companies, creating exposure to various other deposits, commodities and geographic regions aimed at creating further shareholder value. The company will continue to evaluate new prospects, either to develop directly or to take a major cornerstone investment as a key shareholder.

Currently, MPJ has strategic investments in a number of public listed companies including Atlas Iron Limited (ASX: AGO), Mintails Limited (ASX: MLI), Eleckra Mines Limited (ASX: EKM), West Wits Mining Limited (ASX: WWI) and Watermark Global Plc (AIM: WET).

RAPTOR MINERALS (Pty) LIMITED

On 4th December 2009, Mining Projects Group Limited (‘the Company’ or ‘MPJ’) entered into a binding heads of agreement to acquire Raptor Minerals (Pty) Ltd (‘Raptor’). Raptor, through its subsidiary companies, has secured a number of granted prospecting rights strategically located in key regions of South Africa which MPJ considers have potential to host significant gold, uranium and molybdenum mineralisation (Figure 1).

Raptor along with its subsidiary companies have a 70-74% interest in 5 prospecting rights, with three prospecting rights to be granted by the Department of Mineral Resources. In total the rights cover approximately 44,209 hectares over gold, pyrite and uranium exploration tenements in the Free State Province and Uranium and Molybdenum tenements in the Western Cape Province of South Africa. The remaining equity is held by Raptor’s Black Economic Empowerment (BEE) partners. These prospects include underground mining targets for gold and uranium mineralisation within extensive flat dipping conglomerate reefs associated with the Central Rand Group of sediments and shallow Karoo Basin sandstone hosted uranium targets amenable to open pit extraction.

Gold and Uranium Prospects:

* BoschKop and Wintershoek prospects: Gold and Uranium targets in the Free State Province adjacent to the mining town of Virginia

Uranium Prospects:

* Edenburg: two Uranium targets in the Karoo Basin sediments in the Free State Province, 80km south of Bloemfontein
* Uitkyk and Schietkop prospects: Uranium targets in the Karoo Basin near Beaufort West township in the Western Cape Province
* Laingsburg Project : two uranium prospects (Spitzekop and Farm 45) close to Laingsburg township in the Western Cape

Xplor Limited

On 12th June 2009 MPJ announced its proposed acquisition of Xplor Limited (Xplor). Xplor is an unlisted public company holding a suite of prospective exploration and mining tenements, in key locations within Victoria and Western Australia. Xplor’s lease portfolio consists of three 100% owned projects; the Egerton Gold Project in Western Australia, the Mt Tarrengower Project at Maldon, in central Victoria and Golden Mount at Bonnie Doon, in eastern Victoria.

TALGA PEAK

MPJ completed in September 2008, 19 hole, 4,018m Reverse Circulation (RC) drilling program at the Talga Peak Project, located in the Pilbara, Western Australia. The program was designed to investigate Electro-Magnetic (EM) conductors for shallow to moderate depth Volcanogenic Massive Sulphide (VMS) style conductors, located beneath previously drill tested gossanous zones at the Cord prospect. The drill program also tested further EM targets located along the Cord Valley (a 15km corridor extending west from the Cord prospect), including targets identified at the Viagra, Packard and Excalibur prospects.

Assay results from the program suggest the 2km strike at the Company's Cord prospect consisted of multiple layers and lenses of variously polymetallic disseminated and semi massive sulphides over a stratigraphic width of up to 32m. Significant intercepts from RC holes completed at the Cord prospect include:

* 32m @ 11g/t Ag and 0.15% Cu from 148m (TPRC36)
* 4m @ 0.28g/t Au, 32.5g/t Ag, 0.24% Cu and 0.25% Pb from 164m (TPRC36)
* 4m @ 0.12g/t Au, 17.5g/t Ag and 0.47% Cu from 176m (TPRC36)

After reviewing the assay results, the Company has taken a position that the potential for shallow to moderate depth base metal VMS style mineralisation along the Cord Valley is diminished and no further exploration is warranted.

Reconnaissance ground inspections and rockchip sampling were also completed on an identified iron feature in the western portion of the project area. The iron feature is associated with the South Muccan Shear Zone (SMSZ), a major regional structure extending east - west through the project area extending to Moly Mines Limited’s Spinifex Ridge project. A total of five rock chip samples were collected from a single traverse sampled at 10 metre continuous intervals. The results received from the rock chip traverse were considered to be encouraging. Several samples reported high levels of iron. All samples collected contained maghemite material and indicate a width of up to 50 metres @ 48.5% Fe of the feature tested.

On 1st October 2009 the Company announced it entered into an exclusive and irrevocable option agreement with Process Minerals International Pty Ltd (“PMI”) a 100% owned subsidiary of Mineral Resources Limited (ASX:MIN) in respect to the iron ore rights associated with its 80% owned Talga Peak Project. Under the agreement PMI will pay MPJ a royalty per dry metric tonne of iron ore removed from the tenements, with the rights to all other minerals remaining with MPJ.

Mine For

gold, copper, silver, nickel, lead, uranium

Location of operation(s)

Western Australia

Address

Suite 2 , 1233 High Street
ARMDALE, VIC, AUSTRALIA

Phone

(03) 9824 8166

Email

Website

http://www.miningprojectsgroup.com.au

Last Updated

18/03/2011