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KORAB RESOURCES LIMITED

ASX: KOR

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

Korab Resources Limited is an Australian mining and exploration company with 2 mining projects in Australia and a number of exploration projects in Australia. Korab is on a verge of becoming organic phosphate rock and magnesium oxide producer. Korab also holds shares in two gold mining companies Melrose Gold Mines and Lugansk Gold which will be seeking listing on ASX this year.

Batchelor project in the Northern Territory covers the same stratigraphic horizon that hosts a number of nearby uranium, polymetallic and gold mines and resources. It contains the GeolSec organic phosphate rock deposit and Winchester magnesium deposit.

Winchester deposit contains 16 million tones of magnesite (MgCO3) grading on average 91%. Winchester deposit is sufficient for a mine life of 45 years with annual production of 50,000 tons of magnesium metal at a low operating cost. The project has passed bankable feasibility study stage, test mining and pilot plant testing. Korab is currently reviewing the best options to develop this project and to take advantage of the steadily growing demand for magnesium from chemical, defence, aerospace, automotive and construction sectors.

GeolSec rock phosphate deposit contains in excess of 1.3 million tones of rock phosphate grading average 12% P2O5. Deposit has high grade pockets grading up to 39% P2O5. of Korab is in the process of obtaining approvals and permits to commence quarrying, grinding and sales of organic fertilizer based on Geolsec rock phosphate to organic farmers and pastoralists in the Northern Territory and to selected niche markets in Western Australia.

Lugansk Gold's Bobrikovo gold and silver mine is located in the Lugansk region in eastern Ukraine. Bobrikovo has a JORC Code compliant resource of 1,012,000 ounces of gold. Approximately 500,000 ounces are in measured and indicated categories. Bobrikovo deposit also contains silver as a accompanying metal. The average silver content is 45.2 g/t, however in some parts of the deposit grade reaches over 400 g/t. Silver resource has been estimated at between 12,250,000 and 14,500,000 ounces. It should be noted that silver credits have not been included in the previous economic assessments of Bobrikovo deposit. Inclusion of the silver credits further enhances the economics of this project. Bobrikovo deposit from surface to 200m depth showing mineral resource blocks with average grade above 1g/t Au. Deposit is open at depth and along strike. Some parts of the deposit are constrained by depth of drilling. Several deeper holes drilled in the central section have shown that Bobrikovo deposit has excellent exploration potential with mineralisation extending from surface to below 3,200 meters. Government geologists have estimated that Bobrikovo contains between 2.3Moz and 3Moz Au in oxide and primary ores (3). Bobrikovo is currently mining and stockpiling oxidised ore. It is expected that the mine will commence production of gold concentrate from oxide ore in 2011 (2). Oxide ore zone, which contains around 130,000 ounces of gold, has low strip ratio and high grade and can be concentrated at low capital and operating cost using a simple gravity circuit. Bobrikovo is targeting operating costs for the oxide zone around US$250 - $280 per ounce.

Melrose Gold Mines has 1,300 square km of prime gold exploration properties in Western Australia and the Northern Territory. One of the projects owned by Melrose Gold Mines is the Melrose gold project which contains around 340,000 ounces of gold in JORC compliant resource. Mineralisation at Melrose is open at depth and along strike offering excellent exploration upside with a potential for additional resource nearby where drilling has discovered near-surface gold mineralisation. Melrose Gold Mines will complete a definitive feasibility study to develop this project following its IPO. Scoping study completed by independent experts shows that Melrose project may be developed as a stand alone operation or the ore may be trucked to the nearby mills at Bronzewing, Darlot or Thunderbox.

Mine For

gold, magnesium, rare earths, copper, nickel, iron ore, zinc, lead, cobalt, phosphate

Location of operation(s)

Western Australia, Northern Territory, Ukraine

Address

Level 6 , 100 Mill Point Road
SOUTH PERTH, WA, AUSTRALIA

Phone

(08) 9474 6166

Email

Website


Last Updated

24/03/2011

 

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.