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ADMIRALITY RESOURCES NL

ASX: ADY

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Description

Admiralty Resources NL is a diversified mining company with mineral interests in Australia and Chile and trades on the Australian Securities Exchange under the code ADY.

Admiralty's main project is the Admiralty Minerals Chile Pty Ltd Agencia en Chile, holder of a group of prospective iron ore tenements located in the Region III of Chile, a project in which Admiralty holds a 100% interest.

The Company also has a 100% interest in the Bulman Project, a zinc and lead oxide deposit located in the Northern Territory of Australia. The Bulman Project is owned by Bulman Resources Pty Ltd, a wholly owned subsidiary of Admiralty Resources NL and holder of the two mineral leases (MLN 726 & 727) and two exploration licences (EL 23814 and 25931).

Additionally, Pyke Hill Resources Pty Ltd, a subsidiary of the Company, owns the Mining Lease M39/159 together with Richfile Pty Ltd. The mining lease is over a rich nickel and cobalt deposit on a tenement located near Leonora, Western Australia. Cougar Metals NL has been granted limited mining rights over the tenement. Cougar has the right to mine for the nickel and cobalt. Admiralty will receive royalties on nickel and cobalt mined and retains the right to explore and mine for other mineral deposits on the tenement.

Admiralty Minerals Chile Limitada

Admiralty Resources NL acquired a 49% interest in SCM Vallenar Iron Company (formerly known as SCM Santa Bárbara) iron ore mines, located near Vallenar in Region III of Chile. Admiralty Resources increased its equity to 60% in July 2007 and it acquired the remaining 40% from Wyndham Explorations in May 2009, which resulted in a 100% ownership of the tenements and mining concessions of SCM Vallenar Iron Company.

SCM Vallenar Iron company owns and operates nine existing iron ore mines sites containing alluvial, hard rock (vein and stockwork) and stockpiled iron ore fines. The first mine to open was Japonesa, followed by Japonesita. Mining pits will be open in the Mariposa and Mirador mines in the coming months.

Bulman, Nth Territory

The Bulman Project is a zinc and lead oxide deposit located in southern Arnhem Land in Australia's Northern Territory. Admiralty Resources succesfully concluded negotiations with the traditional landowners to do sampling work on the mineral site which will help to better define the leases to determine the areas acceptable for prospecting. Mineral Lease Numbers (MLN's) 726 and 727 (Marumba) form the Bulman Zinc and Lead Project and are held by Admiralty Resources NL (previously Thunderbolt Resources NL) through our wholly owned subsidiary Bulman Resources (formerly known as Moonlight Mining NL). The leases are held over the Bulman base metal (unclassified) resources defined in the 1950's by Enterprise Exploration Company (EEC). We currently have an Exploration Licence Application (21384) for 637 sq kilometres of land that includes MLN 726 and 727. Granting of the Licence will enhance our prospects of finding a much larger ore body and increasing the economics of the deposit.

Combined geological ore "reserves" estimated by EEC (later CRA Exploration Pty Ltd) in the 1950's, for several mineralised "shoots/veins" were 375,000 tonnes @ 15% Zn and 2% Pb of mainly oxide material. The leases in part contain and are surrounded by early to middle Proterozoic McArthur Basin rocks including Katherine River Group, Mt Rigg Group and Roper Group lithologies transected by the northwest trending Bulman Fault which is associated with the zinc and lead mineralisation at Bulman. The combined "reserves" figure quoted by EEC was estimated following a programme of shaft sinking and bulk sample analysis at several localities inside and outside the current leases. Later drilling downgraded zinc and lead potential at depth due to a significant sill of dolerite occurring at shallow to moderate depth beneath the known mineralisation. However, significant near surface zinc and lead oxide ore remains, but largely untested with respect to modern systematic sampling and drilling practices. A literature review of available open file exploration data from the 1950's to the present day has highlighted the Bulman Leases and five nearby zinc and lead occurrences as having potential for at least one million tonnes of at-surface and near-surface exploitable oxide and sulphide ore at greater than 10% combined zinc and lead.

Pyke Hill, Western Australia

The Pyke Hill Project in Western Australia comprises a single granted Mining Lease which covers an area of 5.37km2. The project is located approximately 40km southeast of the Murrin Murrin Nickel Operation operated by Minara Resources Limited and is considered prospective for a high grade nickel laterite deposit. Admiralty has a joint venture option agreement in place with Cougar Metals NL (Cougar).

Data generated from nickel exploration at the Pyke Hill Project undertaken over the last 35 years has resulted in the definition of nickel-cobalt lateritic enrichment within the weathered profile at the project along a strike length of 2000m and over widths of up to 450m. Grades of up to 2.15% nickel and 0.67% cobalt have been encountered in the laterite profile in previous drilling.

The Pyke Hill Project has the potential to contain shallow to moderate depth zones of high-grade nickel-cobalt laterite mineralisation. Cougar has undertaken a limited drilling program in the project area as part of an initial due diligence program designed to confirm several of the previously reported drill intersections and to test the chemical and metallurgical characteristics of the laterite mineralisation. Satisfied with the results of this drill testing, the Cougar intends to conduct a systematic drilling program of 200m x 100m spaced holes over the laterite mineralisation at the project area. The aim of this drilling is to produce an Inferred Resource for the Pyke Hill Project.

At 3 million tonnes Admiralty Resources is able to earn 20 cents per tonne, providing revenues of up to $600,000 per annum from run of mine nickel ore.

Mine For

iron ore, zinc, lead, silver, nickel, cobalt

Location of operation(s)

Western Australia, Northern Territory, Chile

Address

Suite 1602 87-89 Liverpool Street
SYDNEY, NSW, AUSTRALIA

Phone

+61 3 9642 8787

Email

Website


Last Updated

21/04/2014

 

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.