View in Other Languages 
 |
Sydney, April 16, 2010 (ABN Newswire) - Dynasty Metals Australia Limited (
ASX:DMA) is pleased to announce that since the successful conclusion of the recent placement by Patersons Securities, the Board of Directors has now approved Phase 1 of the 2010 Exploration Expenditure Program of approximately A$2.5M for the Prairie Downs Project.
2010 Exploration Phase 1, Program
The program is designed to:
- Complete infill drilling of the 453M tonne Spearhole Deposit
- Define high grade Fe zones in Spearhole
- Complete bulk testing of the Spearhole Deposit and undertake beneficiation tests
- Evaluate the continuation of the Spearhole Deposit to the south and south east
- Identify possible extensions to the Marra Mamba Formation and drill those targets
- Explore for hidden Brockman Iron Formation which overlies the Marra Mamba Formation
- Drill the Homestead iron rich basal conglomerate
The results of the Phase 1 program will be used to define the Phase 2 program. Work will also commence during Phase 1 on investigations into infrastructure options and the early preparations for environmental and native title clearances required to support any future project development.
Rationalisation of Non-Core Tenements
To ensure the Company remains focussed on its Pilbara iron ore projects, the Board has decided to transfer all its non-iron tenements to the following three new wholly owned subsidiaries:
1. Scorpion Resources Limited - Stanley Nabberu Tenements (base metals, gold and uranium)
2. Irwin Energy Limited - Irwin River Coal and Petroleum Exploration Licenses (coal and coal seam gas)
3. Taurus Resources Limited - W.A. and N.T. uranium, Victorian gold projects.
The Board has been in advanced discussion with various brokers which have expressed interest in supporting the spin-off of the above three subsidiaries. It is also the Board's intention to seek additional projects to be injected into the three subsidiaries, and wherever possible and viable to advance each entity to public listing.
On completion of the tenement transfer and securing further tenements as may be appropriate, the Board intends to provide a priority-offer and/or in-specie distribution of the shares in the subsidiaries to Dynasty shareholders at that time, so as to unlock value in these areas for the benefit of shareholders.
ASX:DMA) is pleased to announce that since the successful conclusion of the recent placement by Patersons Securities, the Board of Directors has now approved Phase 1 of the 2010 Exploration Expenditure Program of approximately A$2.5M for the Prairie Downs Project.2010 Exploration Phase 1, Program
The program is designed to:
- Complete infill drilling of the 453M tonne Spearhole Deposit
- Define high grade Fe zones in Spearhole
- Complete bulk testing of the Spearhole Deposit and undertake beneficiation tests
- Evaluate the continuation of the Spearhole Deposit to the south and south east
- Identify possible extensions to the Marra Mamba Formation and drill those targets
- Explore for hidden Brockman Iron Formation which overlies the Marra Mamba Formation
- Drill the Homestead iron rich basal conglomerate
The results of the Phase 1 program will be used to define the Phase 2 program. Work will also commence during Phase 1 on investigations into infrastructure options and the early preparations for environmental and native title clearances required to support any future project development.
Rationalisation of Non-Core Tenements
To ensure the Company remains focussed on its Pilbara iron ore projects, the Board has decided to transfer all its non-iron tenements to the following three new wholly owned subsidiaries:
1. Scorpion Resources Limited - Stanley Nabberu Tenements (base metals, gold and uranium)
2. Irwin Energy Limited - Irwin River Coal and Petroleum Exploration Licenses (coal and coal seam gas)
3. Taurus Resources Limited - W.A. and N.T. uranium, Victorian gold projects.
The Board has been in advanced discussion with various brokers which have expressed interest in supporting the spin-off of the above three subsidiaries. It is also the Board's intention to seek additional projects to be injected into the three subsidiaries, and wherever possible and viable to advance each entity to public listing.
On completion of the tenement transfer and securing further tenements as may be appropriate, the Board intends to provide a priority-offer and/or in-specie distribution of the shares in the subsidiaries to Dynasty shareholders at that time, so as to unlock value in these areas for the benefit of shareholders.
| Tweet |
About Dynasty Metals Australia Limited
Dynasty Metals Australia Ltd (ASX:DMA) is an emerging Australian iron ore exploration company focused on developing its 100%-owned tenements at Prairie Downs in Western Australia's Pilbara region.
In March 2010, Dynasty announced initial JORC-Compliant Inferred Resources of 453 million tonnes of Detrital Channel Iron and 23.3 million tonnes of Marra Mamba Iron Formation.
The 2010 exploration programs are underway and are aimed at further testing and significantly expanding the current resources, as well drilling a large iron-rich basal conglomerate for the first time. The exploration target is more than 1 billion tonnes of iron.
During 2010, Dynasty plans to commence detailed commercial investigations that will cover preliminary mine planning, beneficiation process design, mining and processing costs, transport infrastructure, capital costs, environment and native title clearances, and government approvals. A pre-feasibility study is anticipated to commence in late 2010.
|
||
|
 |
Related Companies |
>>>       Dynasty Metals Australia Limited |
| |
Related Industry Topics: |
Metals | Financial General | Mining | |
| |
This Page Viewed: (Last 7 Days: 20) (Last 30 Days: 160) (Since Published: 37170) |
(87700)
Events & Exhibitions
|
Site Search
| ENGLISH All Languages |
Upcoming WebCasts
 | Mr Mark Paton CEO Cue Energy Resources Tuesday, June 12, 2012 |
 | Mr Alan Hopkins CEO Pan Asia Corporation Tuesday, June 12, 2012 |
 | Mr Barry Dawes Martin Place Securities Tuesday, June 12, 2012 |
 | Dr Andrea Grant CEO Living Cell Technologies Monday, July 02, 2012 |
Companies in the News
Mobile Video TV
|
||
|
||
){kind=link}