Australian Market Report of November 8, 2010: Intrepid Mines (ASX:IAU) High-Grade Gold Mineralisation Extended In Indonesia
Sydney, Nov 8, 2010 AEST (ABN Newswire) - Intrepid Mines Limited (ASX:IAU) said today that assay results from three recently completed drill holes at the Tujuh Bukit Project on East Java in Indonesia have shown additional high grade intervals of copper and gold mineralisation, extending the depth potential of the porphyry resource area. Mineralised system remains open in several directions, returning grades at 0.52 g/t - 2.38g/t gold and 0.54%-1.45% copper. The company continues to test the zones to the west, southeast, northeast and at depth for further growing the deposit.
iCash Payment Systems Limited (ASX:ICP) has acquired an additional 4.71% interest in its Korean subsidiary neoICP and now has a 47.11% economic interest and a 49.90% voting interest in neoICP. The acquisition reflects iCash's commitment to provide technologically advanced payment solutions in the growing markets in Korea and elsewhere in Asia. The company has recently signed contracts with leading Korean retailers and banks that will drive earnings and the level of recurring of earnings over the next 12 months and well beyond.
Navigator Resources Limited (ASX:NAV) has discovered high-grade gold intersection from the Eagle prospect at its Bronzewing Gold Project in Western Australia. The results produced assays ranging from 41.95g/t Au to 97.34g/t Au with an average of 64.19g/t Au. Initial-phase aircore drilling at the Eagle prospect has now been completed and RC drilling is currently in progress at other nearby prospects.
Adamus Resources Limited (ASX:ADU) said today that exploration drilling below the Teberu 04 pit at the Nzema Gold Project in south-western Ghana has increased the depth extent of the gold rich sulphide ore zones. The ore zones vary in thickness from 5m to 20m and extend for at least 300m along strike, suggesting that high-grade ore shoots may exist. RC and diamond drilling will continue at Teberu 04 pit to assess the continuity and depth extent of the gold rich sulphide ore zones.
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