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KINGSROSE MINING LIMITED

ASX: KRM

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

Kingsrose Mining Limited is a specialist high grade, narrow vein underground gold miner. The company operates a gold mine in Indonesia and is evaluating a tailings deposit in Italy. The company listed on the Australian Stock Exchange in December 2007. (ASX code: KRM).

Way Linggo

In January 2009, Kingsrose’ shareholders approved the acquisition of 85% of the advanced Way Linggo high grade, underground gold/silver mining project, located in Lampung Province, Southern Sumatra, Indonesia.

The Way Linggo Project comprises the development of an underground mine to exploit, initially, a high-grade epithermal quartz vein, known as the "North Vein". The Project is at an advanced development stage and is located in a highly prospective epithermal geological setting. Various other highly prospective targets have been identified and will form the basis of an extensive exploration program, both near mine and regionally.

The Project is undertaken by the 85% subsidiary of the Company, PT Natarang Mining, pursuant to a 4th generation Contract of Work agreement with the Indonesian government.

SARINC, ITALY

The Iglesiente-Sulcis province located in the south-west of Sardinia, Italy, is one of the oldest mining districts in the world, with production dating from before 1000 BC. In context of the modern era, early mining targeted for lead and silver deposits (and copper to a lesser extent) followed by zinc and barium. During its peak mining period early in the 20th century, around 60 mines existed but over the ensuing decades, ore depletion and a lack of new discoveries saw mine numbers dwindle. Low metal prices during the 1990s resulted in the last of the mines being closed.

The two main mining regions of the Montoponi/Iglesias valley and the Montovechio/Ingurtosu area have differing mineralization styles. Both regions appear to have been formed during the Paleozoic and both contain significant lead, zinc and silver deposits. They differ in mineralization styles, geological host rock setting, ore geometry and ore type mineralogy.

The Montoponi/Iglesias is classed as a “Mississippi valley” style mineralization with columnar shape swarm veins of Pb-Zn sulphide ore whilst the Montovechio/Ingurtosu area is characterized by skarn mineralization hosting large galena sphalerite veins having long continuous strike and depth extents.

The legacy of many centuries of mining is many separate tailings dams and disposal sites of sizes ranging from tens of thousands of tonnes to major ones containing millions of tonnes. The majority of the remaining dams are poorly constructed and all are known to leach heavy metals and/or acid drainage into the surrounding rural and semi-rural areas. A number of natural entrapment areas exist located within and near coastal swamps and perched valleys, which have caught and contained finer tailings material eroded from the dams or that were discharged directly into the steep valleys and waterways.

Kingsrose has been provided with various data from work undertaken on the majority of the tailings deposits by local agencies, including drill samples results and other information. It is not yet possible to accurately ascertain the quantities of metals contained within the deposits but the data received does indicate that there is potential for a large, long life operation focussed on the recovery of zinc, lead and silver. Kingsrose has carried out preliminary analysis of the data provided and has calculated a target of between 70 – 90 million tonnes of material with an overall average target grade of between 1.7 – 2.5% zinc and 0.4 – 0.6% lead with some areas grading up to 10% zinc and other areas showing grades below 1% zinc. The silver content of the deposits are not known as silver has not been assayed due to it not having been considered an environmental pollutant.

It should be noted these figures and comments are considered conceptual in nature as there has been insufficient exploration to define a mineral resource and it is uncertain at this stage if further exploration will result in the determination of a mineral resource.

Mine For

gold, lead, zinc, silver

Location of operation(s)

Indonesia, Italy

Address

Se 9, Level 2, 12-14 Thelma St
WEST PERTH, WA, AUSTRALIA

Phone

(61 8) 9486 1149

Email

Website


Last Updated

23/03/2011

 

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.