Australian Market Report of September 1, 2010: Zinc Co Australia (ASX:ZNC) Positive Drilling Results
NiPlats Australia Limited (ASX:NIP) reported today further high grade lead assays in surface samples from Speewah. The results represent a priority drill target and the best ever lead assay results ever found within the Speewah Dome with 11.1% Lead, at Blue Vein Prospect (RR2010-55). NiPlats Blue Vein Prospect (RR2010-51) received excellent results with 2.56% Lead as well as 1.82% Lead at Blue Vein Prospect (RR2010-57). A number of prioritised drill targets have now been identified at NiPlats' Eiffler, Hayden, East Dome, Gray's Vein, Blue Vein, Green Vein and Yungul prospects. The Diamond Core Drill Rig has commenced drilling on site by with the RC Drill Rig on site this week.
MIL Resources Limited (ASX:MGK) reconnaissance rock and soil sampling at its Poi gold copper project in PNG has reported excellent results confirming extensive gold and copper anomalies with a high grade zone of 12m @ 9.6 g/t Au. Poi is owned by Titan Metals Limited, which controls five granted Exploration Licences and six Exploration Licence Applications in Papua New Guinea covering over 8000 sq km. These projects host potential for significant discoveries of gold, copper, nickel and molybdenum deposits. MIL announced on the 23rd August 2010 that it had reached agreement to acquire the remaining 50% and move to 100% ownership of Titan Metals this acquisition is subject to approval at a MIL shareholders' meeting expected to be held in September 2010.
Recent drilling at Overland Resources Limited's (ASX:OVR) Darcy Zinc Deposit has intersected thick zones of visible coarse grained sphalerite (zinc sulphide) in extensional step out drilling. Diamond drill hole DY10-021, collared 100m west of all previous drilling at the Darcy Zinc Deposit, has intersected two zones of visible coarse grained sphalerite mineralisation over 10m intervals from 29m and 67m respectively. Samples from these zones have been dispatched to a laboratory for analysis. Further diamond drilling to follow up these recent intersections at the Darcy Zinc Deposit is now underway. OVR believe there is considerable potential for the Darcy Zinc Deposit to provide additional feed for the planned mining operations adjacent to its Andrew Zinc Deposit.
Zenith Minerals Limited
Overland Resources Limited
NiPlats Australia Limited
MIL Resources Limited