Magnetics of Beyondie Magnetite Project including new tenement area
Perth, July 21, 2009 AEST (ABN Newswire) - Perth-based exploration company Emergent Resources Limited (ASX:EMG) is pleased to announce it has acquired a new exploration tenement at its flagship Beyondie Magnetite Project in Western Australia's mid-west iron ore region.
The new tenement (ELA 69/2625: Kendenura Hill) is located immediately adjacent to the eastern edge of the Beyondie project area and provides the Company with an additional 7km of continuous strike length at the project, which extends the total strike length at Beyondie from 45km to 52km and expands the potential size of resource base at the project.
The new tenement comprises a total area of 134km2 and is made up of 43 blocks.
Aeromagnetic survey of the new ground highlights the continuation of the magnetite-rich horizons that characterise the Beyondie Project and the addition of the new tenement to the project's asset base will enhance the long term, large scale profile of the project.
Emergent's Managing Director, Garry Hemming, said: "We are pleased to be in a position to add the new tenement to the Beyondie project area. It gives us an additional, continuous 7km extension of high potential strike length, which fits the Company's model to develop Beyondie into a world class, long term, large scale, high grade magnetite project."
Emergent recently confirmed a maiden JORC Inferred Resource of 127Mt @ 28.15% Iron (Fe) over only an 11 kilometre portion of the total 52 kilometres strike length within the tenements at the Beyondie Project. In addition to the Inferred Resource, a further 500-600Mt @ 25-30% Fe has been reported by the independent geologist and is classified as Target Mineralisation.(refer asx releases dated 14 July 2009) The Company will commence its next phase of drilling at Beyondie later this month, which will focus on the company's objective of upgrading the total of the Inferred Resource plus the Target Mineralisation to 1 billion tonnes of continuing comparable grade Iron to that already reported. It is anticipated that the next phase of drilling will lead to an increase in the previously stated Inferred Resource figures.
The company has also recently entered into a non-binding MOU with China Metallurgical Investment Co Ltd (CMI) for the development of the Beyondie Project which includes a 50:50 Development JV and A$200m funding at the project, as well as a A$4.9m placement to CMI.
Emergent has also completed a A$2.5m placement to sophisticated and professional investors to fund the next stage of development at Beyondie.
Metallurgical test work to date has shown the potential for the project to produce a high grade magnetite concentrate of +68%Fe, with very low impurities (aluminium, titanium, phosphorous and sulphur).
Emergent has the right to earn up to an 80% interest in the project by way of a joint venture with De Grey Mining Limited. The Beyondie Project is located immediately adjacent to the Great Northern Highway and Goldfields Gas Pipeline and potential shared rail and port infrastructure developments for the project are in progress.
Contact
Garry Hemming
Managing Director
Emergent Resources
Mob: +61-419-835-757
Email: ghem@westnet.com.au
www.emergentresources.com.au
| ||
|
