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ALTIUS MINING LIMITED

ASX: AYM

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

Altius is an emerging gold production and exploration Company focused on the discovery, development and mining of its primary assets in far north Queensland (FNQ) and New South Wales (NSW).

Altius has substantial tenement holdings of two long standing Mining Leases and an Exploration Permit, Minerals located at Forsayth, FNQ and twelve Exploration Licences located predominantly in the Lachlan Fold Belt region of NSW.

The tenements cover an aggregate area of more than 3,000 km2 in areas well known for gold and other mineral production by major mining companies, such as at Cowal, Northparkes, Cadia and Kidston. The Company has carefully selected its portfolio of tenements based on their high level of prospect potential, positive geological characteristics, proximity to active brownfield sites and existing infrastructure facilities. The Independent Geologist’s Report details Indicated and Inferred Resources and immediate conceptual target mineralisation* based on historical and recent Altius work.

Altius has identified four priority targets: Forsayth, FNQ; Sofala in western NSW; Karangi in mid north coast NSW and Huntingfield, south of Broken Hill, NSW. Technical improvements supported by substantial exploration activities have enabled Altius to identify economically viable resource targets. An extensive drilling program has been developed and will be implemented over the next 12-24 months to enlarge several existing resources and bring others to reserve status.

The Company’s flagship project is at Forsayth, FNQ along the Big Reef Fault that extends through Kidston. The combined Mining Leases and Exploration Permit cover more than 50 historic gold workings and deposits that contain a considerable number of high-grade gold reefs. The southern part of the Forsayth Goldfield is mapped as metasediments underlain by granite. In the northern part of the tenement the metasediments have been eroded away exposing the richer Queenslander and Nil Desperandum lodes.Queenslander production figures suggest the average historical grade recovered was about 44-47 g/t Au and Nil Desperandum production figures suggest the average historical grade recovered was about 50-54 g/t Au. The historical production from the smaller deposits to the south has been 1.1 Moz Au @ 46g/t. Trial mining and commissioning of the existing gold processing plant is planned immediately post listing on the ASX.

Exploration is advanced on several Altius projects in NSW for gold, copper, iron (pisolite), nickel-cobalt, platinum group elements (PGE) and rare earth elements (REE). Sofala legitimately claims to be Australia’s oldest surviving gold town and was the location of some of the first economic gold mines in Australia. The Company plans to expand and develop its gold resources at the two open pit deposits at Sofala, currently containing an Inferred Resource of 4.6Mt @ 1g/t Au or 147,000 oz Au. Huntingfield, 500 km south of Broken Hill, contains a possible 200Mt-300Mt of iron mineralisation* (55% Fe after beneficiation) based on recent low-level aeromag and radiometric work. Development of these pisolite channel iron deposits and nickel targets will be a priority at Huntingfield.

Mine For

gold, copper, iron, nickel, cobalt, platinum, scandium, rare earth elements

Location of operation(s)

Queensland, New South Wales

Address

Level 3, 521 Toorak Road
TOORAK, VIC, 3142

Phone

1300 136 453

Email

Website


Last Updated

28/09/2011

 

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.