Australian Market Report of December 2, 2010: Matsa Resources (ASX:MAT) to Form Norseman Gold Project Joint Venture with China Kinwa (SHA:600110)
Dragon Mining Limited (ASX:DRA) said today that the Mineral Resource for the Kaapelinkulma Gold Project in southern Finland has increased to a total of 183,000 tonnes at an average grade of 4.1 g/t gold for 24,000 ounces. The updated resource followed a recent 4,480 metre infill drilling program. The southern Kaapelinkulma deposit represents a modest shallow, medium to high grade body of gold mineralisation, which has the potential to initially be mined by a small open-cut.
UraniumSA Limited (ASX:USA) has completed further targeted drilling at the Blackbush Prospect at the Mullaquana Uranium Project in South Australia. Following the completion of this work, the Inferred Resource of mineralisation at the Blackbush Prospect has been re-estimated and increased from the precious 38.7Mt to current 45.5 million tonnes, containing approximately 12,700 tonnes of U3O8 with a volume weighted average grade of 280 ppm eU3O8. The average thickness of mineralised intersections is 11.71 meters.
Cloncurry Metals Limited (ASX:CLU) reported more high grade silver-copper results at El Rodeo Project in Espiritu Santo, Vanuatu. Best silver bearing intercepts were 1.73m at 545g/t Ag, 1.00m at 200g/t Ag, 0.80m at 204g/t Ag and 1.15m at 19.4g/t Ag. Sampling results and mapping of the northern part of the El Rodeo project have significantly increased the potential of this area. Drilling at Espiritu Santo will commence in mid December.
Matsa Resources Limited
Global Resources Corporation Limited
Dragon Mining Limited
China Kinwa High Technology Co., Ltd