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AUSTRALASIAN RESOURCES LIMITED

ASX: ARH

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

Australasian Resources Limited, through its wholly owned subsidiary International Minerals Pty Ltd, plans to develop the world-class Balmoral South Iron Ore Project in the Pilbara region of Western Australia. The Balmoral Resource is located approximately 80km southwest of the town of Karratha and 30km from a port currently under construction by CITIC Pacific Mining Management Pty Ltd (CPMM) at Cape Preston, as part of the Sino Iron project located next to the Balmoral South Iron Ore Project.

International Minerals Pty Ltd has the right to mine 1 Billion tonnes of magnetite ore from which it plans to produce 12Mtpa of high grade concentrate and pellets over a 25 year span. The company has completed a Feasibility Study on the project and is well advanced in obtaining the relevant approvals for the project.

In March 2007 a project agreement was signed with entities associated Shougang Corporation (one of the larger steel producers in China) which covered the joint development of the Balmoral South Project. Although this agreement was formally terminated in early July 2009, discussions continue with Shougang on project development and financing along with interested parties from the Middle East, North Africa and Asia.

BALMORAL SOUTH IRON ORE PROJECT

Australasian Resources Limited, through its wholly owned subsidiary International Minerals Pty Ltd, plans to develop the world-class Balmoral South Iron Ore Project in the Pilbara region of Western Australia. International Minerals has the right to mine 1 billion tonnes of magnetite iron ore from the Susan Palmer deposit within the “Southern Block” of the Balmoral resource located approximately 80km southwest of the town of Karratha. The extensive Balmoral deposit, which is owned by private company Mineralogy Pty Ltd, is reputedly the world’s largest undeveloped magnetite resource which, according to estimates by Hellman & Schofield Pty Ltd independent geological consultants, has the potential to host 60 – 100 billion tonnes of magnetic Banded Iron Formation. The Project involves the mining and processing of magnetite ore from the Susan Palmer deposit to produce premium iron ore products for export.

The project has significant advantages over its peers including:

* Project is already part of a State Agreement (Act of Parliament);
* Bulk scale test programs have proven a premium Iron Ore product can be produced (68 – 71% Fe);
* Lowest quartile of cost curve for traded pellets and HBI;
* Close to major markets;
* Coastal location;
* Access to port facilities;
* No rail infrastructure required;
* Adjacent to major North West Gas Field;
* All granted mining leases; and
* Huge upside potential with Mineralogy which has defined an exploration target under secrtion 18 of the JORC Code of between 60 and 100 million tonnes of magnetite mineralisation in the area.

SHERLOCK BAY NICKEL PROJECT

The Company’s Sherlock Bay Nickel Project is located east of Karratha, in the Pilbara region of Western Australia. The Project has an estimated Mineral Resource of 25.4 Million tonnes @ 0.4% nickel which is equivalent to 101,000 of nickel (“Ni”) metal tonnes. Significant potential exists to develop a bacterial heap leach operation with very low operating costs and a 10+ year mine life at 2 Million tones per annum. Test work has shown the Project may be developed with nickel recoveries exceeding 90%. Early feasibility work completed up to 2006 suggested the potential to develop a concentration and refining facility in order to produce Ni metal.

CAT CAMP PROJECT

The Cat Camp nickel prospect is located approximately 170km south west of Kalgoorlie and 20km north of the Emily Ann and Maggie Hays nickel mines. The prospect lies within the Lake Johnston Greenstone Belt and contains lithologies that are consistent with those that host the Emily Ann and Maggie Hays nickel sulphide deposits.

Copper Bore Well Project

The Copper Bore Well uranium, copper, silver prospect (E08/1555) covering some 10,130 hectares, is located approximately 100km to the southeast of Onslow, and approximately 100km to the east of the Manyingee uranium deposit which is 100% owned by Paladin Resources Ltd and contains an Inferred Resource of 12,000 tonnes of U3O8 at a grade of 0.08%.

The Copper Bore well prospect hosts previously identified copper-uranium mineralisation in shear zones in the Boolaloo batholith and adjacent to a contact with overlying Ashburton Formation sediments. During the late 1970’s Esso completed some shallow air track drilling of the shear zone down to 26m deep with best results being 2m @ 1.43% Cu, 4.5g/t Ag, 62ppm U; and 3m @ 2.50% Cu, 9.3g/t Ag and 120ppm U.

Mt Salt Project

The Mt Salt uranium prospect is located near the Pilbara coast, immediately to the west of the Balmoral South project area where the Company intends to develop its world class iron ore operation. Based on open file reports of the Western Australian Mines Department, the Mt Salt prospect has undergone extensive reconnaissance work and consists of a radiometric anomaly system with dimensions of some 20km in strike and 4-5km in width. It strikes parallel to the coast and is developed on the flanks of the Mt Salt mound spring.

Mine For

iron ore, nickel, copper, uranium, silver

Location of operation(s)

Western Australia

Address

Level 4 , 5 Mill Street
PERTH, WA, AUSTRALIA

Phone

+61 8 6216 7400

Email

Website


Last Updated

26/04/2011

 

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.