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RICHMOND MINING LIMITED - ASX: RHM
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Description
Richmond Mining Limited (”Richmond”) is a mineral exploration company listed on the ASX (ASX Code: RHM). The company’s listing in June 2008 came after raising $3.5 million in a heavily oversubscribed Initial Public Offering. Richmond is exploring for nickel, base metals, gold and uranium at a suite of projects in Western Australia. One of the key focuses is to assess the nickel sulphide potential at the highly prospective Loongana project on the Nullarbor Plain.
Buena Vista Project – USA
• 450 km NE of San Francisco in rural Nevada, in the heart of the most “mining-friendly” state in the USA.
• The Buena Vista project area covers around 2,780 acres and is held under a combination of patented (private) and unpatented (government) mining claims.
• The project area contains six deposits and two prospects with combined JORC resources and exploration targets of +400 million tonnes of magnetite iron ore. Richmond has reviewed the non JORC compliant reserves within two deposits and re-classified them as a JORC Measured resource of 109 million tonnes grading 19.9% magnetic Fe (approximately 23% total Fe) using a 15% magnetic Fe cut off grade (note: magnetic Fe is 85% of total Fe based on statistical analysis of the historic metallurgical test work).
• Richmond has identified JORC compliant exploration targets of 45-55 million tonnes grading 20-22% total Fe within US Steel’s historical pit designs (based on a data base including 314 diamond holes and extensive metallurgical test work and mining studies) and additional exploration targets of 200-250 million tonnes grading 20-22% total Fe (based on more widely spaced drilling and geophysical work undertaken by US Steel) (note the potential quantity and grade of the exploration targets are conceptual in nature and there has been insufficient exploration to define a JORC compliant Mineral Resource and that it is uncertain if further exploration will result in the determination of a Mineral Resource).
• Waste dumps totalling 800,000 tonnes grading around 32% total Fe exist on the project area from mining operations undertaken in the 1950s.
Loongana Project - Western Australia
The Loongana project is situated on the Nullarbor Plain approximately 500 kilometres east of Kalgoorlie, Western Australia and between 40 to 90 kilometres north of the Trans Australia railway line. It consists of two granted exploration licences (E69/2444 & 2445) that cover an area of 1,205 km2. The exploration licences cover what the Company believes to be the largest under-explored mafic/ultramafic intrusion in Australia, which has been interpreted from geophysical surveys and the geology confirmed by five reconnaissance drill holes.
Three vertical drill holes (LONRC 1, 2 & 5) have been completed in the programme before drilling was suspended. The assay results support the current mineralogical study that has identified the majority of the rocks intersected in the drilling as being ultramafic. Although some variance in the nickel and copper values were seen within similar rock types, no results that could be described as anomalous were received.
However, assay results from the third hole LONRC 5 confirm it intersected gold mineralisation with associated elevated copper values. The best intercept is 1m @ 2.67 g/t Au from 368m in a quartz– feldspar vein. Further quartz veining between 370 – 372m contained on average 0.13% Cu and the interval from 371 – 372m also contained 0.74 g/t Au. The intersection of gold mineralisation and anomalous copper opens up the potential for IOCG-style mineralisation at Loongana.
Narracoota Project - Western Australia
The Narracoota project comprises a 111km2 granted tenement (E52/1496) located 70km north of Meekatharra, WA and 75km southwest of the significant DeGrussa copper-gold discovery. Sandfire Resources’ (ASX Code: SFR) DeGrussa copper-gold discovery appears to be a volcanogenic massive sulphide (VMS) deposit and is hosted within rocks of the Narracoota Volcanics. Richmond Mining’s Narracoota project contains extensive widths of Narracoota Volcanics that are interpreted to occur in at least three structural repetitions, providing a target zone of approximately 20km in length.
Throssell Project - Western Australia
The Throssell project is 100% owned by Richmond. Korab Resources Limited, a company listed on ASX joint ventured into the project area in 2005 and is currently earning a 50% interest. The Throssell project is held by two granted tenements and four tenement applications. The exploration area lies at the northeast margin of the Yilgarn Craton and is located 420km northeast of Kalgoorlie.
Mine For
nickel, gold, uranium, nickel, iron ore
Location of operation(s)
Western Australia, USA
Address
103 Abernethy Road
BELMONT, WA, AUSTRALIA
Phone
(08) 9277 9801
Website
Last Updated
11/5/2011
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.
