Australian Market Report of February 9, 2011: SomnoMed (ASX:SOM) To Benefit From New Medicare Policy In US
Padbury Mining Limited (ASX:PDY) and its joint venture partner Aurium Resources Limited (ASX:AGU) announced the results from a geological mapping program conducted on the Peak Hill project in Western Australia. A number of new iron ore targets have been identified. Significant haematite-goethite mineralisation was discovered with grades up to 63.2% Fe. The Company has an exploration target of 20-28 million tonnes at 55-60% Fe.
Highlands Pacific Limited (ASX:HIG) today reported a 79% increase in estimated mineral resource tonnage to 1.9 billion tonnes at its Frieda Horse Ivaal Trukai open pit copper gold project in Papua New Guinea, which reaffirms Frieda as one of the world's premier copper gold porphyry assets available for development in this decade. Project inventory rises to 8.6 Mt of contained copper and 14.3 Moz of gold and total Frieda district resources are now approaching 11 Mt Cu and 18 Moz Au.
Zenith Minerals Limited (ASX:ZNC) has completed 9 of the planned 12 drilling holes in the first resource drilling program at the company's 100% owned Mount Alexander magnetite iron ore project. Assays returned 158 metres at 26.8% Fe and results confirmed that the project can produce a concentrate of 70% iron. Drilling is scheduled for completion in mid February and resource estimation will begin immediately. The Company has an exploration target of 0.6-1.2 billion tonne at 25% to 35% Fe.
Zenith Minerals Limited
Padbury Mining Limited
Highlands Pacific Limited
Aurium Resources Limited