Quarterly Report for the period ended 31 December 2011
Sydney, Jan 25, 2012 AEST (ABN Newswire) - Carpentaria Exploration Limited (
ASX:CAP) Quarterly Report for the period ended 31 December 2011. Highlights for the period include;
HAWSONS IRON PROJECT:
- Mining Option Study boosts value through lower costs
- Final orders in the court proceedings involving internal disputes within JV partner set for 22 February 2012
KOONENBERRY NICKEL/PGE: Drilling commenced
- Ex Geoscience Australia CEO appointed to the Board
- Braemar JV strengthens CAP's Braemar iron holdings
- New exploration applications: Barellen, Kantappa and Corona
PLANNED EXPLORATION: Drilling to continue at Kooneneberry (nickel) and commence at Yanco Glen (tungsten) and Torrowangee (iron) this quarter. Reconnaissance exploration at Braemar to commence.
PLANNED MARCH QUARTER EXPLORATION ACTIVITIES
Hawsons Iron Project
Detailed crushing and grinding test work to direct pilot scale test work and further evaluation of various transport options is ongoing. Finalisation of an updated Inferred Resource.
Braemar JV
Completion of due diligence and planning of initial ground magnetic survey.
Koonenberry Nickel Project
Drilling due to recommence in late January.
Broken Hill Tin/Tungsten/Base Metals Project
Commence a 1,500 metre reverse circulation (RC) program to infill and extend the existing Inferred tungsten Resource at Yanco Glen, currently standing at 0.83Mt at 0.21% WO3. Completion of the Mining Concept Study.
Torrowangee/McDougalls
Redrilling historical hole PD81YA2, which contained significant magnetite mineralization over 40m.
Temora Gold/Copper Project
Drilling of the Mother Shipton gold target will commence when access approvals are gained.
Barellen ELA
Awaiting granting of EL so as to negotiate access agreements on this ELA in central NSW where a previous explorer in the 1980s identified a rock traverse returning 60m (across strike) at 1.5 g/t Au, including 10m at 4.2 g/t Au within an open RAB gold anomaly.
EXPLORATION UPDATE
Hawsons Iron Project JV - (60% with BMG earning in)
The Hawsons Iron Project is located 60km SW of Broken Hill (Figure 1) and includes an Inferred magnetite Resource of 1.4Bt at a Davis Tube Recovery (DTR) of 15.5% (12% cut off) for 220 million tonnes of high grade (69.9% Fe) iron concentrate and an exploration target1 of 6-11Bt at 14-17% DTR. The results of a pre-feasibility study (PFS) released to the ASX on 23rd May 2011 estimated an NPV9% of $2.7 billion on a base case of 20 million tonnes per annum (mtpa) concentrate.
For the full Activities Report go to:
http://media.abnnewswire.net/media/en/docs/ASX-CAP-239090.pdf
About Carpentaria Resources Ltd
Carpentaria Resources Ltd (ASX:CAP) is focussed on delivering the best quality iron concentrates into the growing premium end of the iron ore market.
The Company aims to build a long term, low cost premium quality iron ore business from the development of its flagship asset, the Hawsons Iron Project, utilising existing infrastructure.
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