Australian Market Report of September 07, 2010: Automotive Technology Group (ASX:ATJ) Focused Efforts on China Sales
South American Iron and Steel (ASX:SAY) has now commenced Stage 1 Drilling at Quince, with two drilling rigs. One is a reverse circulation rig (RC), the other a diamond drilling rig. Quince is located adjacent to the Pan American Highway approximately 40km inland from the deepwater port of Chanaral in Region III of Chile. Stage 1 drilling comprises five holes of approximately 500 metres each, using a combination of RC and diamond drilling. Samples from both initial holes now being drilled are being sent to the ACME assay laboratory in Santiago for analysis and first assay results are expected in mid September.
RUM Jungle Uranium Limited (ASX:RUM) announced significant copper and gold mineralisation at Tommy's Gap Prospect at Alice Springs on EL24917 near Ross River Resort, 70km east of Alice Springs. Follow up rock chip and soil sampling was conducted in early August at the Tommy's Gap copper prospect where rock chip samples taken in July had revealed copper oxide mineralization of up to 15 per cent copper and 80 g/t silver. An additional smaller high grade copper zone, Tommy's East, about 400m east of Tommy's Gap also contains malachite mineralization.
Axiom Mining Limited (ASX:AVQ) has intercepted higher average gold grades and widths from the first 17 RC drill holes than last years drilling as well as receiving strongly consistent mineralisation at Mountain Maid on EPM15449. The multiple gold zones increase in grade and width and flatten with depth. Wider zones are correlated on and between completed drill sections intrusive dykes or stocks and well into the adjacent sericite-quartz altered intrusive host. To date nine diamond drill holes and 17 RC holes have intersected contiguous and economically significant gold mineralisation from surface to vertical depths of at least 250 m and along strike for approximately 600 m. Extension to the zones to the north and south as well as to depth is highly probable.
Verdant Minerals Ltd
South American Iron & Steel Corp Ltd
Axiom Mining Limited