Australian Bauxite Limited (ASX:ABZ) Quarterly Report For The Period Ended 31 December 2009
Perth, Feb 1, 2010 AEST (ABN Newswire) - Australian Bauxite Limited (
ASX:ABZ) is pleased to provide a Quarterly Activities Report for the period ended 31 December 2009.
Company Overview
Australian Bauxite Limited (ABx) is an Australian exploration company that was admitted to the Official List of the Australian Stock Exchange on 21 December 2009. ABx was formed specifically for the purpose of acquiring the bauxite interests of Hudson Resources Limited; increasing the value of the portfolio through a staged development program in each of three bauxite provinces which will include exploration sampling, drill testing & analyses from a wide range of targets on all exploration tenements; resource definition drilling and bauxite metallurgical testwork on the more advanced prospects.
The ABx project tenements consist of seventeen exploration tenements granted or under application covering over 5,000 sq kms of ground considered prospective for bauxite; 3,477 sq kms in NSW and 1,617 sq kms in Queensland.
The bauxite deposits are located close to existing transport and other infrastructure, close to coal mines, industrial centres and ports on the east coast of Australia.
HIGHLIGHTS
- IPO closed 3 weeks early, oversubscribed. A$4 million raised, opened strongly
- Website launched
- Queensland tenements transfer complete
CORPORATE
Register snapshot
At 31st December 2009, ABx had 70 million ordinary shares on issue and 10,200,000 options.
Cash at hand
At the end of the December quarter, ABx had available cash of A$3.5 million.
Trading summary
On 24 December 2009 Official Quotation of the Company's securities commenced. The opening price (first trade) was 25.5 cents and the shares closed at 31 cents. The high price for the stock in December was 49 cents, the low was 25 cents.
During December (4 days trading) the total trade value was A$1.46 million, with 395 trades (average of A$3,706 per trade).
According the weekend Financial Review (Jan 03 2010), there were 41 IPOs in 2009; the ABx IPO was the 10th most successful.
ABx website launched
The ABx website went online on 21 December 2010, coinciding with the Company's Listing. It can be accessed at australianbauxite.com.au where subscription to an email update service is available.
Extension of time to hold AGM
The Company applied for and was granted an extension of time within which to hold its 2009 annual general meeting by the Australian Securities and Investments Commission (ASIC).
ASIC granted the Company an extension to 28 May 2010 and the Company must now hold its annual general meeting by this date.
The Corporations Act requires that a public company holds an annual general meeting each calendar year. A company with only one shareholder is exempt; accordingly as the Company had only 1 shareholder prior to 18 December 2009 it was exempt and further, it was not practicable to conduct an audit and hold an AGM within the 13 days remaining in 2009.
EXPLORATION
Update of work completed by Hudson Resources Limited
- EL 6997 Inverell, drilling programme August 2009
A total of 35 holes were completed (NR101-135), using 'push-tube' technique and the following particle size fractions were assayed:
- +1.2mm
- -1.2 +0.6mm
- -0.6 + 0.18mm
- Total sample (so that assay values for -0.18mm fraction can also be calculated) Results were as follows:
1) Holder and Lockwood Plateau:
- Nine new holes (six on Holder Plateau and three on Lockwood Plateau) were drilled adjacent to six of the Jan-Feb 09 drill holes to obtain fresh samples for a new assaying programme including 4 particle size fractions and assays for Reactive Silica and Available Alumina.
- Three additional new holes were drilled adjacent to above holes to obtain undisturbed sample for metallurgical testing.
- Eleven holes were drilled in the area between Holder and Lockwood Plateaus to confirm that the bauxite layer extends from one Plateau to the other.
- A preliminary resource estimate of the order of 20 million tonnes has been made (for Holder and Lockwood Plateaus and the connecting zone between them). This estimate is currently being prepared to JORC code standards.
2) Cherry Tree Group of Plateaus:
- a bauxite layer (3 to +10m thick) was intersected in all drill holes;
- follow-up drilling is being planned to infill the gaps between existing holes and to expand the drill pattern over other parts of a 5km by 2km zone.
A progress report of the maiden Resource Estimate at EL 6997 is attached as Appendix A.
A resource estimate has not been stated and the report only presents methodology being adopted in preparation of a JORC compliant statement.
A comprehensive drilling programme (650 holes) on targets drill tested to date by wide spaced pattern of holes and on new targets is planned to commence in early 2010.
Queensland Tenement transfer
ABx received advice from Queensland Mines and Energy that title in all the Queensland ABx Project Tenements has been transferred from Hudson Resources Limited to ABx3 Pty Ltd, a wholly owned subsidiary of ABx.
The effective date of transfer was 23rd December 2009. The Queensland tenements are:
-----------------------------------------------------Licence No Project Geological Description-----------------------------------------------------EPM 17830 Haden Outcrops of a massive EPM 17831 Hillgrove cemented bauxite layer.-----------------------------------------------------EPM 17790 Hampton Bauxite in thick red soil on a 3 kilometres wide plateau. Whilst close to Brisbane Port, alternative transport options warrant consideration.-----------------------------------------------------EPM 17800 Red Hill Outcrops of massive cementedEPM 17801 Red Hill bauxite layers in a Tertiary South Volcanic area similar to those in EL 6997 at Inverell, NSW-----------------------------------------------------EPM 18014 Binjour Bauxite in thick lateritic red soil profile developed on a wide plateau. May be transported to Gladstone via an old rail line that could be rehabilitated.-----------------------------------------------------
2010 Exploration Programme
Target prioritisation and planning for an accelerated exploration and evaluation programme for the coming year is well underway.
For the complete Australian Bauxite Quarterly Report for the period ended 31 December 2009, please click the link below:
http://www.abnnewswire.net/media/en/docs/62191-ASX-ABZ-580887.pdf
About ABx Group Limited
ABx Group Limited (ABx) (ASX:ABX) started as a bauxite miner in Tasmania in 2014 & controls the Eastern Australian Bauxite Province. In 2020 to 2023, ABx also discovered Australia’s only true ionic adsorption clay Rare Earth Elements resource at Deep Leads in pine plantations 40km west of Launceston with a JORC-compliant resource of 89 million tonnes from only 29% of the mineralised outline, averaging 844 ppm total rare earth oxides that is the most enriched in the critically important rare earths, Dy and Tb, of any Australian REE deposit.
ABx has also developed a proprietary technology to produce fluorine chemicals from an aluminium smelter waste product and return the fluorine back into the smelters, thus reducing reliance on imported aluminium fluoride.
ABx has committed a large proportion of its expenditure into Research and Development and has found ways to capitalise on the main strengths of its bauxite type which is very clean, free of all deleterious elements and can be separated into different product streams using physical, chemical and geophysical methods. It has produced and marketed specialist bauxite products for the manufacturers of fertiliser, cement with high late strength for major infrastructure such as bridges and is in the advanced stages of approvals for production of metallurgical bauxite from its Binjour Bauxite deposit with JORC-compliant resources of 37 million tonnes of bauxite, in a joint development with a Chinese-focussed Australian trading company Good Importing International.
ABx is also preparing to produce fertiliser grade and cement grade bauxite from its DL130 bauxite quarry in northern Tasmania, 40km west of Launceston. This quarry is sited in the middle of the large Deep Leads REE deposit and may one day be a site for heap leaching of the REE using a low-cost, benign leachate with the same acidity as apple juice or tea.
ABx endorses best practices on agricultural land, strives to leave land and environment better than we find it. We only operate where welcomed.
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