Australian Market Report of November 5, 2010: Sundance Resources (ASX:SDL) Appoints CITIC Securities (SHA:600030) As Financial Advisor In China
Orocobre Limited (ASX:ORE) has commenced an initial drilling program at its Salinas Grandes Lithium-Potash Project in North West Argentina. Previous pit sampling shows very high Lithium and Potassium grades covering an area of approximately 60 km2, with lithium concentrations over 2000 mg/l, reaching a maximum of 3117 mg/l. The 1,200m drilling program will assess the sub-surface geology and hydrogeology with the objective of estimating an inferred resource in the first quarter of the calendar year 2011.
Beadell Resources Limited (ASX:BDR) has received new drill results from Urucum, the largest of the known deposits at the Tucano Gold Project in Brazil. Broad zones of high grade gold mineralisation of 73.9 m @ 3.9 g/t gold including 14 m @ 12.9 g/t gold were intersected, highlighting the project's growing potential. Over the next few weeks drilling activities will escalate further with an additional 4 drill rigs mobilising to site to target gold mineralisation.
Horseshoe Metals Limited (ASX:HOR) has received sample results from its Phase 1 drilling programme at its 100% owned Horseshoe Lights VHMS Cu-Au project located in the highly prospective Bryah Basin in Western Australia. Best results include 18 metres at 1.68% Cu including 3m at 4.54% Cu. Assay results confirm the occurrence of multiple zones of copper mineralisation and indicate potentially significant extensions to previously drilled mineralisation. Phase 2 drilling programme is scheduled to commence in November 2010.
Sundance Resources Limited
Horseshoe Metals Limited
CITIC Securities Company Limited
Beadell Resources Limited