Australian Market Report of January 17, 2011: Sheffield (ASX:SFX) Acquire Large Heavy Mineral Sands Exploration Project
Sydney, Jan 17, 2011 AEST (ABN Newswire) - Sheffield Resources Limited (ASX:SFX) has acquired the McCalls Heavy Mineral Sands exploration project, located in the world class North Perth Basin mineral sands province. Based on results from historic drilling conducted by BHP (ASX:BHP) (NYSE:BHP), Sheffield considers the greater McCalls region to have an exploration potential of between 1.5 and 2.5 billion tonnes grading between 1.1% and 1.3% of heavy minerals. The project is well situated with respect to existing infrastructure, including main roads, rail and power. The Company is to evaluate potential for higher grade zones and zircon rich components.
Mutiny Gold Limited (ASX:MYG) announced a significant upgrade in the Company's gold resource at its Deflector Deposit. Gold Measured Resource was up 94% from 67,000oz Au to 130,000 oz and gold grades increased from 3.9g/t to 4.3 g/t. The Company planned to commence further drilling at the Deflector Deposit in the second half of January 2011 to test mineralised extensions and high-grade drill intersections identified in previous drilling.
Kula Gold Limited (ASX:KGD) announced high grade drilling results at its 100% owned Woodlark Island Gold Project in Papua New Guinea. Results include 11m at 2.1 g/t Au and 4m at 10.4 g/t Au, confirming the potential of the Project. The Company will commence drilling to further increase the Project's resource base. The Woodlark Island Gold Project currently has a JORC Resource of 1.75 million ounces of gold.
Speewah Metals Limited (ASX:SPM) reported exceptional high grade copper and silver assays from the the Gap Prospect. Surface sample returned highest grade copper value ever found of 27.2% Cu with 222g/t Ag, supporting the potential of the northern part of the tenement group to host a significant drill target for multi-commodities including copper, gold and silver. The Company will focus on this target for copper, silver and gold in 2011.