Australian Market Report of March 21, 2011: Shaw River (ASX:SRR) Announce 6.8Mt Maiden Inferred Resource At Otjozondu Manganese Project In Namibia
West African Resources Limited (ASX:WAF) reported a significant gold mineralised zone over a strike length of 1.6km at Moktedu Prospect in Burkina Faso. New high-grade discovery included 28m at 9.22g/t Au and the mineralisation is open in all directions. Moketdu is located in the southwest corner of the Company's 100%-owned Boulsa Gold Project, only 4km northeast of Orezone Gold Corp's (TSE:ORE) 3.5Moz Au Bombore deposit. West African Resources will continue drilling of over 100,000m on-going through to July 2011.
Avanco Resources Limited (ASX:AVB) has acquired additional tenements and further expanded the Rio Verde Copper Project in Brazil. The new tenements include an extremely prospective 14km long anomalous copper trend hosting immediate and high priority drill targets. The new acquisition has increased Avanco's total copper land holding to a massive 38,800 hectares. The Company plans to mobilise six rigs to commence an aggressive drilling program by the end of May 2011.
Panax Geothermal Limited (ASX:PAX) signed a Memorandum of Understanding with PT Petrogas Jambi Power to start exploration on Panax's third geothermal development project in Indonesia. Jambi Power has strong support from the local government with regard to the development of geothermal energy in the area, and has an extensive database of information on the relevant geothermal targets. Energy generated from the project would be connected into the local electricity transmission grid or used for local industry.
West African Resources Limited
Shaw River Manganese Limited
Panax Geothermal Limited
Orezone Gold Corp
Avanco Resources Limited