Rum Jungle Resources Mineral Lease Application
Perth, April 11, 2012 AEST (ABN Newswire) - Rum Jungle Resources Limited (
ASX:RUM) has pleasure in announcing that the company has applied to the Northern Territory Department of Resources (DoR) for a Mineral Lease (ML) over its Barrow Creek 1 phosphate resource. This is a key milestone and necessary prerequisite as the company moves towards mining. The Traditional Owners and Central Land Council (CLC) will be increasingly involved as the project moves forward.
BACKGROUND
Rum Jungle Resources Ltd discovered the Barrow Creek 1 phosphate deposit in northeastern EL 25184 in October 2010. The deposit is attractive in comparison to other Georgina Basin deposits because it is only 80 km from the Darwin-Alice Springs railway which makes it possible to ship to potential markets in Asia via the Port of Darwin. The deposit is relatively shallow and contains high-grade material. The Barrow Creek 1 deposit has been defined by RC, aircore, PQ diamond drilling and three test trenches. A maiden JORC resource was announced on 27 June 2011. After an intensive 2011 RC resource definition drilling campaign, an updated resource estimate was released to the market on 5 December 2011. At a 10% P2O5 cut-off, the total JORC resource (Inferred and Indicated) is 253 million tonnes at an average grade of 15% P2O5. At a 15% P2O5 cut-off, the total resource (Inferred and Indicated) is 97 million tonnes at an average grade of 18% P2O5. This resource envelope contains all the known high-grade domains and the most easily and economically exploitable parts of the deposit as presently understood.
During 2011, a containerised 20-person camp was established north of the Barrow Creek 1 resource.
The ML application covers 6391 hectares in northeastern EL 25184 to include all the defined resource and camp (Figure 1) and has been applied for a thirty year term.
An intensive 2012 drilling campaign to further increase the Inferred Resource and to prove-up additional Indicated tonnes on the ML is scheduled to commence mid May 2012. This work is expected to include 1200 more RC drill holes, 25 more diamond drill holes and an additional bulk sample trench within the area of the ML application.
The ML application is roughly central within Rum Jungle Resources' holdings and will also be a logistical base for on-going regional exploration.
INDIGENOUS ENGAGEMENT
Application for the ML triggered specific actions under Rum Jungle Resources' existing agreement with the Traditional Owners and CLC. Specifically, a committee is be convened to oversee the ongoing work as the project progresses.
Currently, rehabilitation of RC drill sites including the collection and disposal of unwanted samples and bags is being undertaken with the employment of nine indigenous people from the nearby Ampilatwatja Community and other Aboriginal communities. Rum Jungle Resources Ltd is proud to be the first exploration company in the district (Arlparra to Ali-Curung - 350 km north east of Alice Springs with a population of over 1500 people), to offer jobs to indigenous stakeholders. A crew of up to five is engaged on a rotating roster. Further possibilities for indigenous training and employment will be investigated after the grant of the ML and Rum Jungle Resources Ltd looks forward to increased indigenous involvement in the project as it progresses towards mining.
Rum Jungle Resources Ltd has also sponsored the local Ampilatwatja Bombers football club in an upcoming football carnival at Ampilatwatja which attracts up to 20 indigenous teams and crowds of up to 3000 people. The company is proud to be a sponsor of the team which generates a great source of pride within the community.
For the full Rum Jungle Resources announcement including Figures & Images, please refer to the following link below:
http://media.abnnewswire.net/media/en/docs/ASX-RUM-371921.pdf
About Verdant Minerals Ltd
Verdant Minerals Ltd's (ASX:VRM) strategic intent is to create shareholder value through the discovery, development and operation of fertiliser and industrial mineral projects, located in close proximity to existing transport infrastructure, with a primary focus on the Northern Territory of Australia.
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