Australian Market Report of October 25, 2010: Callabonna Uranium (ASX:CUU) To Define Drill Targets At Denison Rare Earth/Uranium Project In The Northern Territory
Sydney, Oct 25, 2010 AEST (ABN Newswire) - Callabonna Uranium Limited (ASX:CUU) will commence a soil survey to define drill targets at its Denison Rare Earth/Uranium Project in the Northern Territory. The project is located approximately 250 kilometres north west of Alice Springs, within the Arunta Inlier geological province and covers a total area of 422km2. The Arunta Inlier is considered to be highly prospective and largely underexplored terrain. Rare Earths mineralisation associated with uranium and phosphate rich rocks has been confirmed from recently conducted reconnaissance rock chip sampling.
Navigator Resources Limited (ASX:NAV) has raised A$11 million in a placement to institutional and sophisticated investors. The funds will be used for the exploration at Bronzewing Gold Project in Western Australia aimed at increasing mine life to 10 years through the testing of high priority targets. The funds will also expedite the development of the Leonora Gold Project.
Centaurus Metals Limited (ASX:CTM) has commenced to calculate a new JORC resource estimate and undertake beneficiation test work following a 1,000 metre in-fill diamond drilling program at its 100%-owned Itambé Iron Ore Project in south-east Brazil. Centaurus plans to deliver production of 3Mtpa of high-grade hematite (+63% Fe) to the local Brazilian steel industry by the end of 2013.
Shaw River Resources (ASX:SRR) has discovered another discovery and more high-grade intersections at its Baramine Project in the Pilbara region of Western Australia, another significant step towards its goal of establishing a major manganese resource in the region. The latest discovery at Area 5 returned a drilling intersection grading up to 45.8 per cent manganese while additional drilling at the Area 3 prospect returned grades of up to 27.7 per cent over 5m, further extending the extensive mineralised zone. The Baramine Project is 80km north-west of the world-class Woodie Woodie manganese mine.