Australian Market Report of December 3, 2010: Winchester Resources (ASX:WCR) to Acquire High Grade Indonesian Manganese Project
Chesser Resources Limited (ASX:CHZ) has received further positive assay results from its Phase 3 drill program (10,000 metre) at the Kestanelik Project in northwest Turkey. Diamond drill hole KED-22 intersected a 19 metre-wide zone of high grade gold mineralisation and reported results including 5.5 metres at 11.0 g/t gold, 2.8 metres at 13.4 g/t gold and 7.1 metres at 8.6 g/t gold. The scout drilling on some of our geophysical targets has also been very encouraging and the company is continuing to intersect significant widths of gold-bearing vein material.
Terrain Minerals Limited (ASX:TMX) has signed a new agreement with New Global Mining Limited to sell the Coogee Gold Deposit for A$1.17m in cash and script. The Coogee Gold Deposit is located 20 km northeast of Kambalda, WA, and has a JORC compliant indicated and inferred resource totalling 277,500 tonnes at 3.91 g/t gold for 34,870 ounces. The proceeds of the sale will be used to test a large number of attractive gold targets at the Bundarra and Dodgers Well Projects and nickel targets at Aztec Dome in the East Kambalda Project.
Brockman Resources Limited (ASX:BRM) has taken a further important step towards development of its 100%-owned Marillana Iron Ore Project in Western Australia with the award of a key Front End Engineering & Design (FEED) Services contract for design and construction of the Project. The contract, for the design and construction of Marillana Project (Stage 1), has been awarded to UGL Resources Pty Ltd, a wholly owned subsidiary of UGL Limited (ASX:UGL), one of Australia's leading providers of project delivery services in the mining and mineral processing, oil and gas, chemicals and industrial processing industries. Brockman expects to complete a Bankable feasibility Study and Final Investment Decision for the project by the Quarter 3 of calendar year 2011.
Winchester Resources Limited
Terrain Minerals Limited
Brockman Resources Limited