Rex Minerals Limited (ASX:RXM) Quarterly Report For The Period Ended 31 December 2009
Melbourne, Jan 27, 2010 AEST (ABN Newswire) - Rex Minerals Limited (ASX:RXM) is pleased to provide Quarterly Activities Report for the period ending 31 December 2009.
Hillside Prospect - Pine Point Copper Belt (Yorke Peninsula, South Australia)
Two diamond drill rigs were operating continuously at Hillside during the quarter. The focus was to test the extent of the Hillside magnetic anomaly which is interpreted to have a close association with copper mineralisation. The magnetic anomaly covers an area of some 2km long and 500m wide. Almost every drill hole targeted on the magnetic anomaly has intersected copper mineralisation, with a large number of intersections received during the quarter in previously untested locations.
Of particular significance was the discovery of shallow copper mineralisation from 10m below the surface, discovered on the Songvaar structure. Some shallow intersections of secondary copper (less than 100m from the surface) have also been discovered on the Parsee and Zanoni structures.
The initial copper assays (such as drill hole HDD018, announced on 12 January 2009) occur at a location where the magnetic anomaly is generally weak. This zone was also found to be relatively deep (between 200 and 500m below the surface) on the Zanoni structure.
Recent drilling where the magnetic anomaly is strong on the Parsee and Songvaar structures has identified a higher percentage of shallow copper results less than 200m from surface.
The broad drill testing campaign has been very successful, proving extensive copper mineralisation exists throughout the Hillside magnetic anomaly. The focus during the next six months will now change towards defining the projects first Resource estimate by mid-2010.
Drilling results have shown numerous sections of high grade copper mineralisation (>1% copper) surrounded by more extensive lower grade mineralisation. The Company anticipates there will be occasional thick and higher grade results (>1% copper) combined with a large number of drill holes containing extensive lower grade (0.5 to 1.0% copper). These results are considered typical of a large-scale bulk tonnage copper project. The ability to apply bulk tonnage methods and to take advantage of larger economies of scale is considered critical to the success of many major long-life copper operations throughout the world.
The confirmation of broad and shallow copper mineralisation at Hillside, combined with its close proximity to existing project infrastructure (power, port, water) places the Hillside project in a unique position in comparison to many other new copper development projects.
Mt Carrington Gold-Silver Project (New South Wales)
Exploration of the Mt Carrington project continued through the quarter, with completion of the 400km2 high resolution airborne magnetic survey, interpretation of historical geology data, and compilation of data from the recent drilling and geophysical programs.
This review has identified a number of gold, copper and silver targets to be drill tested in the March quarter. These targets represent extensions to the known gold (Strauss and North Kylo) and silver (White Rock, Silver King) prospects, along with new deeper targets considered to display strong potential for larger scale porphyry and breccia hosted copper mineralisation.
ACTIVITIES PLANNED FOR NEXT QUARTER
Hillside: Rex has two diamond drill rigs located at the Hillside project which recommenced on 9th January 2010. The drilling program will gradually increase at Hillside from two to four drill rigs, with a fifth rig scheduled to arrive in April.
Percussion drilling will start in February, which is expected to speed up the rate of drill within 200 metres of the surface.
The current program aims to maintain four drill rigs at to define a maiden Resource at Hillside, with a fifth drill rig dedicated to making a new discovery on the Pine Point Copper Belt near Hillside and also at Mt Carrington, NSW.
Mt Carrington: A diamond drill rig commenced work at Mt Carrington on 11th January 2010. The initial focus is to identify a new copper and/or gold discovery based on Rex's extensive 2009 geophysical reviews and surveys.
The aim of the drilling in the March quarter at Mt Carrington is to obtain positive indicators of, and demonstrate the potential for substantial porphyry copper mineralisation and/or high grade gold mineralisation.
For the complete Rex Minerals Quarterly Report for the period ending 31 December 2009, please click the link below:
The strategy at Rex Minerals Limited is to acquire highly prospective projects with the potential to host large resources in commodities that are in high demand. Rex has ownership of projects covering the commodities of Gold, Silver, Copper and Iron. They are located in two states (SA and NSW) and are within geological terrains that are known for their endowment in these commodities. Rex then applies its extensive technical experience and existing drilling capacity to progress these projects. These projects will lay the foundations for long term internal growth of Rex as we forge ahead to become a diversified exploration and mining company.
Steven Olsen (Managing Director) or Janet Mason (Company Secretary) Phone: +61-3-5337-4000 E-mail: email@example.com