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GENERAL MINING CORPORATION LTD

ASX: GMM

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

Since being established in 2007, GMM has brought together strong portfolio of projects in Australia and Mongolia that offer potential for large economic resources. This focus has led the Company to the highly prospective Mongolia, which is considered as one of the last frontiers of mineral exploration. In addition the Company has brought together a mixture of projects within Australia including the Shoemaker Iron Ore project in which the Company has acquired a 50% interest from ASX listed Galaxy Resources Ltd and is earning up to 80%. Other Australian projects include conceptual geophysical targets prospective for large iron-oxide-copper-gold or cabonatite hosted rare earth deposits.

In Mongolia the Company established a subsidiary, Golden Cross LLC in 2008 which has applied for and had 10 licences granted in the north-west of Mongolia. These projects include the Uvs Basin potash project, located in Mongolia, where the Company holds licences covering over 2000km2 of prospective evaporite geology which are known to host economic grades of potash at shallow depths on the nearby Russian-Mongolian border. The location of this project close to China, the world’s largest consumer of potash, and with improving access to strategic transport corridors provides an exciting opportunity to participate in this high margin industry.

Shoemaker Project, Western Australia (Acquiring/Earning up to 80%)

The Shoemaker Iron Ore Project is located 120km north-east of Wiluna in Western Australia within the Earahardy Basin. The project focuses on an area of the Frere Formation known as the Shoemaker Impact Structure (“SIS”). The project is located approximately 150km from the planned railway to the Golden West Resources Ltd iron ore deposit at Wiluna. GMM is targeting high grade hematite iron ore at Shoemaker. In addition, there is significant potential for mineralisation related to the large meteorite impact event including gold and uranium.

Eyre, Australia (GMM 100%)

GMM is targeting two distinct magnetic and gravity features which may relate to an iron-carbonatite, IOCG or a mafic intrusive. These prospects occur along a major lineament interpreted as a large splay fault off the Mundrabilla Fault. At the Eyre prospect, a ground magnetic survey conducted by the Company revealed a large distinct elliptical magnetic anomaly with a 700 nT magnetic high. This magnetic high is approximately 8km in diameter with an interpreted depth to magnetic source of approximately 580m. The presence of an alkaline environment, confirmed by nearby oil wells and Government water bores at a depth of 400m, confirms the prospectivity for carbonatite or IOCG related mineralisation. Teck Cominco is also targeting the region for IOCG mineralisation. The Eyre project is is located on Crown Land and Pastoral Leases with easy access from the Nullarbor Highway. The project is ready to drill.

Veevers, Australia (GMM 100%)

The Veevers project is located in the Great Sand Desert in the north-east of Western Australia near the Northern Territory border. The project covers a large magnetic dipole anomaly (5km by 3.5km) on the flank of a basement (gravity) high defined by previous extensive geophysical surveys by CRA Exploration Pty Ltd. A single drill hole was conducted to test the anomaly. The hole was drilled to 432.30 m where it was abandoned due to drilling conditions. The target remains untested despite it’s prospectivity for carbonatite or IOCG mineralisation styles.

Webb, Australia (GMM 100%)

The Webb project is located in the Great Sand Desert in the east of Western Australia along the Northern Territory border. Previous work conducted by Geoscience Australia identified the Mt Webb Granites as having significant potential for IOCG mineralisation. Initial exploration by BHP defined a large 6 mGal gravity anomaly (3km by 6km) with an estimated depth to basement of 300m+ which BHP considered prospective for hematite IOCG mineralisation. Difficulties in negotiating access to the tenement for drilling led to the abandonment of the project. GMM has negotiated an access agreement that will allow drilling to commence on completion of a heritage survey.

Black Hills Project, Western Australia (GMM 100%)

The Black Hill tenement is located north east of Halls Creek. The Black Rock application covers an area of approximately 57 km2 along the Halls Creek fault zone. The Black Rock area, or Black Hills was named by the WA Geological Survey geologist, Ilmar Gemuts, because of the occurrence of black calcite associated with these structures. Black calcite is a common associate of silver/manganese ores, common to the southwest USA silver fields, and include the Creede and Silver Cliffs districts of Colorado and the Tombstone and Hardshell districts of Arizona. The black calcite in these areas commonly assays between 10 and 1500 ounces to the tonne.

Pegmont Mines Limited (“Pegmont”) undertook limited sampling during a brief helicopter visit to its Kimberley tenements in 2006 in order to confirm the presence of silver bearing black calcite. The samples returned 138 g/t of silver (4 ½ oz) and highly anomalous lead (0.44%). Minor copper which assayed 2.05% was also located in close vicinity to the black calcite whilst an ultramafic located at the bottom of the tenement assayed up to 400ppm nickel.

Mount Kinahan Project, Western Australia (GMM 100%)

The property is located approximately 29 km by road east of the Great Northern Highway. A number of north-easterly trending faults cut through the stratigraphy in the vicinity of Mount Kinahan, and have been mineralized with high grade copper in a quartz gangue. The mineralization occurs as lenses of massive chalcocite (a mineral containing 80% Cu) and malachite (a mineral with 57% Cu), in quartz. The Mt Kinahan project also has potential for manganese in altered dolomites. Historic data and recent sampling by Ausquest (Drew 2009) along strike from the GMM ground reveal high Mn values, many in excess of 20%. Recent mapping by Ausquest has identified the prospective manganese horizons as extending into the GMM licence area.

UVS Basin Project, Mongolia (GMM 100%)

The Uvs Basin project is situated in the far north-western region of Mongolia, in the territory of Uvs Aimag (province). GMM is targeting potash within a middle Devonian evaporite that outcrops at several places within the basin. Key features of the project are:

* Confirmation that sylvite settling occurred in the receding waters of the middle Devonian evaporite with potash grades up to 65% KCl and intersections of 1.8m @ 39% KCl and 9.7m @ 16% KCl in limited drilling at Tuz Tag on the nearby Russian-Mongolian border;
* Five exploration licences and one application covering over 2000km2 within the basin;
* Middle Devonian evaporite occurrences on the Company’s tenements.

Khangai Fault Project, Mongolia (GMM 100%)

GMM is targeting nickel-copper-pge within gabbro-mafic-ultramafic intrusions along the Khangai Fault where it holds 5 granted licences. GMM considers these targets highly prospective due to:

* their presence along a largely unexplored deep fault which lies on a continental margin (the Mongol-Okhotsk suture zone);
* the presence of numerous other world class and significant nickel-copper-pge and copper-molybdenum-gold deposits along the Eastern and Central portions of the Mongol-Okhotsk suture zone;
* the presence of significant copper-nickel-cobalt-pge mineralization along the Khangai Fault at Oyut Tolgoi with significant intercepts of over 100m at 1% copper within a narrow undifferentiated intrusive. This suggests that larger gabbro-mafic-ultramafic intrusives may have potential for large differentiated deposits similar to Norilsk/Kola Peninsula deposits; and
* the presence of numerous nickel-copper and copper occurrences and anomalies associated with gabbro-mafic-ultramafic and porphyry intrusives within the company’s tenements.

The Khangai Fault Project is considered a greenfield project with very little prior exploration having been conducted.

Mine For

iron ore, copper, gold, rare earths, uranium, potash, nickel, silver, platinum grou elements, molybdenum

Location of operation(s)

Western Australia, Mongolia

Address

129 Edward St
PERTH, WA, Australia

Phone

(61 8) 9227 1186

Email

Website


Last Updated

4/6/2011

 

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.