Australian Market Report of January 27, 2011: Universal Coal (ASX:UNV) Makes Strategic Coking Coal Acquisition in South Africa
Marmota Energy Limited (ASX:MEU) has received excellent iron assay results from rock chip sampling completed at the Company's 100% owned Western Spur project in the north-east of South Australia. Iron values of consistently greater than 52% Fe were returned and the iron mineralisation has been identified as hematite-goethite. Further low cost exploration is planned on the project over coming months to determine the nature and extent of potential mineralisation. Western Spur is considered to be prospective for both uranium and base metals.
African Iron Limited (ASX:AKI) announced further drill results from the 2010 drill program at its 80% owned Mayoko Iron Ore Project, located in the Republic of Congo, West Africa. Iron grades range from 40.7-44.3% Fe, supporting the previously announced exploration target size of 100 to 200 million tonnes at 40-50% Fe. The company will commence a 30,000m drilling program in February 2011, with JORC resource update expected in the December 2011 quarter. The project is expected to have an initial operation capacity of 5 million tonnes per annum.
Chesser Resources Limited (ASX:CHZ) has received further positive assay results from its Phase 3 drill program at the Kestanelik Project, in northwest Turkey. Drilling returned high grades up to 99.3 g/t gold. The company will continue the drill program to expand current high grade zones and identify new ones.
Universal Coal plc
Marmota Energy Limited
African Iron Limited