Australian Market Report of January 7, 2011: China Yunnan Copper Australia (ASX:CYU) Discovered Significant Heavy Rare Earth Element in Queensland
Sydney, Jan 7, 2011 AEST (ABN Newswire) - China Yunnan Copper Australia Limited (ASX:CYU) announced significant heavy rare earth element (HREE) discovery in northwest Queensland with joint venture partner Goldsearch Limited (ASX:GSE). Results from drilling on its Mount Dorothy copper and cobalt prospect include 16m at 1249 ppm total HREE-Yttrium, 36m at 1.54% Cu and 198ppm Co, and 35m at 1.52% copper and 397ppm cobalt. The discovery of Yttrium suggests Mt Dorothy is an important new rare earth element prospect.
Carnarvon Petroleum Limited (ASX:CVN) today updated on the oil drilling operations (Carnarvon 40%) in the Phetchabun Basin onshore Thailand. Three wells drilled in late 2010 were tested over the past month and two of these wells will be completed. A significant production well, WBExt-1C, was producing stable oil at 3,400 bopd until 5 January and net production to Carnarvon is 1,900 bopd. Near term production increases are anticipated from the testing of the recently completed wells.
Brighton Mining Group Limited (ASX:BTN) is to commence drilling next week at the Antrong Project in Cambodia. This program will run for approximately 4-5 weeks. The Company has had very exciting and encouraging results from rockchips collected from the Antrong Prospect which include grades as high as 280 g/t gold, 815 g/t silver, 1.93 copper and greater than 25% zinc.
Ord River Resources Limited (ASX:ORD) has completed drilling work on the Yuqida tenement at the Bauxite Project in Laos and continued to make excellent progress in field work for the feasibility study. In total 976 holes and 7,619 meters were drilled. Further non-drilling field work will be carried out for resource assessment and preparation of the feasibility report.
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