North Australian Diamonds Ltd
Following Meteoric Resources's (ASX:MEI) initial drilling programme at Coorara in the South Yilgarn iron ore province, the company has carried out further geological mapping and sampling to identify additional drilling targets for hematite-goethite mineralisation with direct shipping potential.
Meteoric Resources Nl (ASX:MEI) has signed a Heads of Agreement with North Australian Diamonds Limited (ASX:NAD) for NAD to explore a 500sq km package of four Meteoric tenements in the West Arunta region of Western Australia for diamonds. Meteoric holds a 100% interest in three granted exploration licences with rights to acquire up to a 90% interest in exploration licence application E80/2506. These tenements are in addition to tenements where Meteoric is currently exploring for gold and copper in this previously unexplored region.
The Australian shares were lower for a fourth consecutive day as traders continued to sell-off mining stocks. The benchmark S&P/ASX200 index was 0.3 per cent, or 12 points lower, to 3892.1, while the broader All Ordinaries index fell 0.4 per cent, or 16.8 points, at 3887.4.
Australian diamond explorer North Australian Diamonds Limited has increased the total JORC compliant 'Indicated and Inferred Resource' at its 100 per cent owned Merlin Diamond Project in the Northern Territory of Australia, following successful drilling into the PalSac pipe as part of phase two of the resource definition drilling programme.
North Australian Diamonds Ltd (ASX: NAD) - Recovers 10.