STONEHENGE METALS LIMITED - ASX: SHE

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Description

Stonehenge Metals Limited (ASX Code: SHE) is developing a potentially world-class uranium project in South Korea. The company’s flagship Daejon Project boasts an Inferred Resource of 65Mlbs grading 320ppm eU3O8 (in accordance with JORC guidelines).

Daejon is one of three projects Stonehenge holds in South Korea and has significant exploration upside via a conceptual exploration target1 of 82Mlbs to 104Mlbs grading 250 to 350ppm U3O8.

South Korea Project

Stonehenge owns 100% of a Korean company called Chong Ma Mines Inc. Chong Ma holds the rights to four uranium projects in South Korea including the Daejon Project which contains the largest uranium resource within South Korea.

Stonehenge has announced a Mineral Resource Upgrade of 65 Mlbs of contained eU3O8 at the Daejon Uranium Project. An ASX release entitled Stonehenge Metals Ltd announces 87% increase in uranium resources to 65Mlbs eU3O8.

The company has also completed chemical assay analyses on rock chip samples taken from the 100% owned Gwesan area which have returned results of up to 5354ppm U3O8.

Stonehenge recently signed an agreement with Kongju University in Korea to review drill core in South Korea from previous historical drilling by the Korean Resource Corporation (KORES).

Stonehenge Lead-Zinc-Silver Project — EL 17/2003 & 20M/2001

The Company's namesake Stonehenge lease (Tenement Map), located three kilometres from Zeehan and accessible via existing sealed and gravel roads lies within the Heemskirkm Mineral field and covers extensive historical lead-zinc- silver workings.

The area consists of Proterozoic sediments overlying younger Cambrian sedimentary and volcanic rocks intruded by gabbros and underlain by serpentinised nickeliferous ultramafic volcanic rocks. The dominant mineralising event in the area is the intrusion of the Devonian Heemskirk Granite which provided both mineralised solutions and the heat source to remobilise metals from existing rock units to develop mineral concentrations in favourable lithological and structural sites. The lease is prospective for lead-zinc-silver, tin and nickel mineralisation.

Stonehenge Nickel Project — EL 17/2003

The Stonehenge lease contains the potential to host significant nickel deposits. The lease contains similar rocks and magnetic signatures to the adjacent Avebury Nickel Mine and the Saxon Nickel Deposit. Both deposits are located on magnetic highs. In addition the Comstock lead-zinc- silver mine is also located on a magnetic high.

Historical geological survey reports identified outcropping nickel sulphide mineralisation in a narrow pyroxenite dyke just south of the Swansea prospect. The dyke trends in a north-westerly direction parallel to the long axis of the magnetic high on the Stonehenge lease. The dominant sulphide noted was in the form of the nickel sulphides, millerite and pentlandite.

Granville Tin Project — 21M/2003 & 9M/2006

The Granville Tin Project is subject to a sale agreement with McDermott Mining Pty Ltd.

Mine For

uranium, lead, zinc, silver, nickel, tin

Location of operation(s)

Tasmania, South Korea

Address

Ground Floor, 1306 Hay St
WEST PERTH, WA, AUSTRALIA

Phone

(61 8) 9481 2277

Email

Website

http://www.stonehengemetals.com.au

Last Updated

20/7/2011