Australian Market Report of October 1, 2010: Australian-American Mining (ASX:AIW) Potentially Large Rare Earth/Specialist Metal Discovery In US
Alloy Resources Limited (ASX:AYR) has completed a first round of geological mapping and rock chip sampling for the manganese and iron mineralisation at the Cootamundra Project, NSW. High grade manganese (>50%) and iron ore (>40%) were found. 23 rock samples assayed greater than 15% Mn, with 12 of these above 30% Mn and 7 of these above 40% Mn. 22 rock samples assayed greater than 30% Fe, with 11 of these above 40% Fe. This assessment indicates that the region has potential for high grade Mn deposits and is underexplored.
Thundelarra Exploration Limited (ASX:THX) received additional assay results from the Hayes Creek Uranium project. At the Thunderball prospect, six diamond core holes and nine reverse circulation holes produced a number of robust intersections including 6 metres at 1,415 ppm U3O8 and 15 metres at 8,633 ppm U3O8. Best drill intercept so far at the Bella Rose prospect were also reported including 6 metres at 1,415 ppm U3O8. Works approval has now been received to commence drilling of priority targets by mid October.
Blina Diamonds NL (ASX:BDI) has entered into an agreement to acquire 100% of BML LLC, a Mongolian entity ("BML"), enabling Blina to confidently pursue business activities in Mongolia with a specific focus on the exploration and development of coking and thermal coal for export. BML is in discussions to acquire a number of coking and thermal coal projects located in a coal basin with established infrastructure and in close proximity to high demand markets.
Ora Gold Ltd
Blina Minerals NL
Australian-American Mining Corporation
Alloy Resources Limited