Australian Market Report of December 10, 2010: Golden West Resources (ASX:GWR) to Acquire Highly Prospective Gold Tenement in Senegal
Sydney, Dec 10, 2010 AEST (ABN Newswire) - Golden West Resources Limited (ASX:GWR), and its subsidiary, Aureus Gold Limited have entered into a heads of agreement with Silvrex Limited, a private UK Company, to seek to implement a merger of Aureus and Silvrex. Silvrex's principal asset is the right to acquire a majority interest in a 636 sq km tenement in the highly gold-prospective West African country of Senegal. The tenement is within the West African Birimian greenstone belt that already contains several multi-million ounce gold resources. The acquisition will form part of the Aureus IPO that GWR is seeking to complete by April 2011.
Canyon Resources Limited (ASX:CAY) has secured two new gold tenements in Burkina Faso, West Africa. The newly granted tenements are contiguous to Canyon's 100%-owned Tarparko North Project and the purchase increases Canyon's total landholding in Burkina Faso to 1,124km2. The new areas extend Canyon's coverage along the Markoye Fault, which hosts a number of multi million ounce gold deposits, including the Tarparko (1.7Moz), Essakane (5.3Moz), Kiaka (2.7Moz) and Bomboré (3.5Moz) gold deposits.
Northern Star Resources Limited (ASX:NST) has again increased the known depth of the Voyager 1 lode at the Paulsens gold mine in WA, opening the door to further significant increases in production and mine life. Significant results include 2.0m at 77.1 g/t gold and 1.2m at 73.1 g/t gold. Latest results show the Voyager 1 lode currently being mined continues, and remains open, at depth.
Cullen Resources Limited (ASX:CUL) is pleased to advise that Fortescue Metals Group Limited (ASX:FMG), as Manager of the Wyloo Iron Ore Joint Venture, has reported a number of significant RC drilling results from the Wyloo South and Wyloo North, Bedded Iron Ore Prospects located in the West Pilbara. Results received include: 36m at 62.2% Fe from 48m, 33m at 61.6% Fe from 21m and 32m at 61.2% Fe from 1m. Fortescue has previously indicated it expected that the Wyloo South drilling will have outlined an Exploration Target of at least 30Mt of mineralisation.
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Northern Star Resources Ltd
Golden West Resources Limited
Fortescue Metals Group Ltd
Cullen Resources Limited
Canyon Resources Limited