Mining Briefs

IN TODAY’S briefs: Anchor reports geochemical results; Rum Jungle reaches agreement with Spinifex Uranium; Draig makes advisory board appointment; and China Steel Corp seeks coal and iron ore acquisitions.
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Courtesy of Draig Resources.

Staff Reporter

Anchor Resources

Anchor Resources has reported anomalous geochemical results from two virgin areas coincident with magnetic anomalies at its Aspiring gold, silver, and base metals project in North Queensland.

An examination of aeromagnetic data at EPM 14752 and EPMA 19447 has identified nine magnetic anomalies that closely resemble the magnetic signatures recognised over the Red Dome gold-copper and Mungana gold-copper-silver deposits, and other mineralised skarn deposits.

An application for additional ground surrounding the original EPM 14752 to cover extensions to known mineralisation and other magnetic anomalies of interest has been lodged with the Queensland Department of Employment, Economic Development and Innovation (DEEDI).

A helicopter supported reconnaissance program to evaluate and sample high priority magnetic anomalies, historic mineral occurrences and anomalous rock chip geochemical sample sites reported by previous explorers was completed in December 2011.

The company has also reported a wide zone of low grade gold mineralisation intersected in the second diamond core hole at the Blicks gold project at Tyringham East in New South Wales.

Rum Jungle Resources

Rum Jungle Resources has reached agreement with Spinifex Uranium for the outright acquisition of EL 26196, approximately 30km west of Barrow Creek 1 and extending further to within less than 20km of the Central Australia Railway in the Northern Territory.

The acquisition and transfer of EL 26196 from Spinifex Uranium is to be satisfied by the issue of up to 2,000,000 shares in the capital of Rum Jungle Resources.

If a viable phosphate deposit is indicated by drilling during the next 24 months Rum Jungle Resources will issue an additional 1,500,000 shares to Spinifex Uranium.

Spinifex Uranium will hold a 50c per tonne royalty on any direct shipping phosphate rock or beneficiated phosphate rock suitable for feeding a phosphoric acid plant.

Draig Resources

Mongolian Coal explorer Draig Resources has appointed coal consultant Stephen Gye as the first member of its independent advisory board.

Gye, a widely known authority within domestic and international coal markets, is a qualified geologist with over 40 years experience in the coal industry.

He was previously executive director and vice-president of coal consulting with Barlow Jonker (now Wood Mackenzie). He has also held a number of senior operational roles with Oakbridge, Savage Resources, McIlwraith McEacharn Limited, Kennecott Limited, and BHP Steel.

Gye has extensive relationships with Japanese and Asian steel mills and has been highly successful in developing sales in major international coal markets and the Australian domestic market.

China Steel Corp

Taiwan-based China Steel Corp would seek to acquire more overseas iron ore and coal assets this year and has identified targets in Australia, Africa and Brazil, according to an interview with its president Sung Jyh-yuh in Deal Journal Australia.

The company is hoping to increase its chances by bidding together with steelmakers from China, Japan and South Korea, he reportedly said.

China Steel Corp, Taiwan’s biggest maker of the metal, is reportedly ready to acquire a stake in at least one iron-ore mine this year.

This would be intended to help boost its self-sufficiency ratio in iron ore and coking coal to 9% this year and 15% next year, from just 2% in 2011.

Sung reportedly said global demand for steel is “steadying” now and has signalled a rebound is possible in the second half.

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