Brisbane, May 1, 2009 (ABN Newswire) - Kangaroo Metals Limited (ASX:KML) a diversified exploration and mining company with projects in North Queensland and Tasmania, would like to inform its shareholders of the current position of general operations in North Queensland and Tasmania.
General Operations
KML became aware that a financial shortfall would be forthcoming in November 2008 following the failure to conclude potential sales agreements as a result of the economic downturn. KML immediately began winding back general operations and staff numbers to minimize further expenditure.
KML immediately began discussions with investment entities to address the financial position of the Company and establish a basis for recapitalisation and re-entry of the Company back onto the ASX Board. The Company continues to negotiate with a number of third parties that have expressed interest in its tenements/assets.
Exploration and Production Assets
Antimony Reward (EPM14951)
The diamond drilling program commenced in July 2008 and was completed in the December 2009 quarter; however, the core samples remain to be analyzed until the value of the assets has been established by the incoming Board.
Stannary Hills (EPM14875)
The soil geochemistry program completed across Stannary West has excluded this region from further investigation, with all further work to focus on Stannary Central and Stannary East. The reverse circulation program at Stannary East will be assessed by the incoming Board to determine the extent of work required.
Silver Valley/Mt Ruby (EPM14880)
Additional ground surveys to identify further surface float and geological features across the Mt Ruby extensions has indicated the potential for further extensions is high and a follow-up program with reverse circulation drilling will be necessary. A program will be costed to assess the minimal requirements to achieve a JORC compliant statement across this project.
Socialist Scheelite (EPM14872)
The soil geochemistry program across a large area heading south-west of Mt Carbine was commenced but was wound back in late October 2008 until further capital could be identified and will be assessed by the Board to determine the extent of work required.
Little Plum Tree Creek (EPM14871) The sampling program along Little Plum Tree Creek has identified alluvial tin bearing banks and terrace which remain unworked and may be suitable to form part of a multi-site alluvial processing program in the region. Further work is required to fully assess this site and additional areas within the region ie. Skull's Lagoon and Station Creek.
West Wolfram (EPM14949)
Review of the geophysics and historic soil geochemistry results across the southern regions of this tenement has identified a series of coincident base metal anomalies attributable to the same geological formation which hosts the Wolfram Camp Tungsten deposit and is currently being assessed by the new Board to determine the extent of work required.
Riverside Alluvial Tin Mine, Tasmania
The Company announced on 23 March 2009 that it had formally settled on the termination of the South Mount Cameron mine transaction on Thursday 19 March 2009 and that the Company is now fully released from this transaction.
Exploration Expenditure
Expenditure on the tenements and relinquishments with pegged areas will be provided to the Department of Mines and Energy Queensland and reported to the shareholding as soon as these numbers become available.
General Operations
KML became aware that a financial shortfall would be forthcoming in November 2008 following the failure to conclude potential sales agreements as a result of the economic downturn. KML immediately began winding back general operations and staff numbers to minimize further expenditure.
KML immediately began discussions with investment entities to address the financial position of the Company and establish a basis for recapitalisation and re-entry of the Company back onto the ASX Board. The Company continues to negotiate with a number of third parties that have expressed interest in its tenements/assets.
Exploration and Production Assets
Antimony Reward (EPM14951)
The diamond drilling program commenced in July 2008 and was completed in the December 2009 quarter; however, the core samples remain to be analyzed until the value of the assets has been established by the incoming Board.
Stannary Hills (EPM14875)
The soil geochemistry program completed across Stannary West has excluded this region from further investigation, with all further work to focus on Stannary Central and Stannary East. The reverse circulation program at Stannary East will be assessed by the incoming Board to determine the extent of work required.
Silver Valley/Mt Ruby (EPM14880)
Additional ground surveys to identify further surface float and geological features across the Mt Ruby extensions has indicated the potential for further extensions is high and a follow-up program with reverse circulation drilling will be necessary. A program will be costed to assess the minimal requirements to achieve a JORC compliant statement across this project.
Socialist Scheelite (EPM14872)
The soil geochemistry program across a large area heading south-west of Mt Carbine was commenced but was wound back in late October 2008 until further capital could be identified and will be assessed by the Board to determine the extent of work required.
Little Plum Tree Creek (EPM14871) The sampling program along Little Plum Tree Creek has identified alluvial tin bearing banks and terrace which remain unworked and may be suitable to form part of a multi-site alluvial processing program in the region. Further work is required to fully assess this site and additional areas within the region ie. Skull's Lagoon and Station Creek.
West Wolfram (EPM14949)
Review of the geophysics and historic soil geochemistry results across the southern regions of this tenement has identified a series of coincident base metal anomalies attributable to the same geological formation which hosts the Wolfram Camp Tungsten deposit and is currently being assessed by the new Board to determine the extent of work required.
Riverside Alluvial Tin Mine, Tasmania
The Company announced on 23 March 2009 that it had formally settled on the termination of the South Mount Cameron mine transaction on Thursday 19 March 2009 and that the Company is now fully released from this transaction.
Exploration Expenditure
Expenditure on the tenements and relinquishments with pegged areas will be provided to the Department of Mines and Energy Queensland and reported to the shareholding as soon as these numbers become available.
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About Kangaroo Metals Limited
(ASX code: KML) listed on the Australian Stock Exchange in April 2007 as a mining and exploration company quoted within the main resources sector. The Company has a focus on both base and precious metals exploration.
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