Asian Activities Report for November 16, 2011: Marmota Energy (ASX:MEU) Set 60-125 Million Tonnes of Hematite Iron Target for Western Spur Project in South Australia
Sydney, Nov 16, 2011 AEST (ABN Newswire) - Marmota Energy Limited (ASX:MEU) announces 60-125 million tonnes of first stage iron ore exploration target for the Western Spur iron project in South Australia. Exploration over the project has highlighted its potential to be one of South Australia's largest single hematite iron ore bodies, with grades ranging up to 58.9% Fe and 28.07% Mn. Marmota intends to conduct an aggressive exploration program immediately to test the resource potential.
Blackwood Corporation Limited (ASX:BWD) says today that its projects in the Galilee Basin in Queensland have been significantly advanced. Over the last 3 months the Company has been actively exploring the South Pentland coal project, confirming the presence of more than 4 coal seam groups with a cumulative coal thickness of 10-15 metres. The Company will also commence drilling activities at the North Hughenden coal project this month, following recent encouraging field mapping.
Fox Resources Limited (ASX:FXR) has signed a non-binding Memorandum of Understanding (MoU) with Jiangxi Jiangli Sci-Tech Co., Ltd ("Jiangxi Jiangli") regarding the development of the Radio Hill and Sholl Nickel/Copper Bacterial Heap Leaching Project in the Pilbara region of Western Australia. Under the MOU, Jiangxi Jiangli is to provide Fox A$30 million to fund the initial phase of the Project and other associated project activities. Fox plans to mine six million tonnes of mineralisation over an initial mine life of nine years.
Gloucester Coal Limited (ASX:GCL) has increased the total JORC coal resources at its Monash Coal Resources from 287 million tonnes to 577 million tonnes, with Measured and Indicated resources up to 100 million tonnes. This resource upgrade provides a solid platform for the Company to grow beyond 10 million tonnes of annual production in the next 10 years.