LANGLEY, BRITISH COLUMBIA--(Marketwire - March 4, 2011) - Argosy Minerals Limited ("Argosy") is pleased to announce that it has been granted three exploration licences, through its wholly owned subsidiary Argosy Exploration (SL) Limited, over chromite prospects in Sierra Leone.
Argosy owns 100% of the exploration licenses.
Chromite in Sierra Leone
Chromite was first discovered in Sierra Leone by the Geological Survey of Sierra Leone at Jaluahun near the town of Senduma, Kenema District.
Regional Geochemical and Heavy Mineral Surveys established a north-east trending chrome province 40 kilometers wide by 120 kilometers long in the country.
All chromite bodies discovered to date lie within this chrome province and are associated with the Archean Greenstones of the Gori Hills, Northern and Southern Kambui Hills, or some other relict greenstone belts such as those found near Matakahun, Mapoima, Baraka, Gorauwahun, Tuba, Dodei, Lileima and Tomaju.
Gorahun Vaama Chromite Project
The Gorahun Vaama Chromite Project comprises a chromite exploration licence located in south-eastern Sierra Leone. The licence covers an area of 156 square kilometers.
Background
1. The Sierra Leone Geological Survey had in previous work indicated the presence of chromitite lenses in three localities:
(i) near the abandoned village of Jaluahun near the town of Sendumei,
(ii) near the deserted farm settlement of Tolobu, and;
(iii) 400 metres southwest of the Gorahun Vaama – Matakahun Road.
(ii) and (iii) are within short distances of the town of Gorahun Vaama.
2. Chromitite boulders were also observed strewn on interfluves, and;
3. Heavy mineral concentrate collected and examined in the course of geological mapping had indicated anomalous interfluves.
Bunumbu Chromite Project
The Bunumbu Chromite Project comprises a chromite exploration licence located in eastern Sierra Leone. The licence covers an area of 250 square kilometers.
Background
1. The Sierra Leone Geological Survey had in previous work indicated the presence of chromitite lenses in a number of localities – viz Dodei, Gbanahun, Kpetema, Masau, Tomaju, Lileima, Sembehun, Manjama and Bolu.
2. Chromitite boulders were also observed strewn on interfluves, and;
3. Heavy mineral concentrate collected and examined in the course of geological mapping had indicated anomalous interfluves.
Mayepema Chromite Project
The Mayepema Chromite Project comprises a chromite exploration licence located in south-eastern Sierra Leone. The licence covers an area of 138 square kilometers.
Background
1. The Sierra Leone Geological Survey had in previous work indicated the presence of a small hill near the villages of Gorauwahun and Tuba with chromite at CR2O3 ranging from 30.9 – 34.6%.
2. Heavy mineral concentrate collected and examined in the course of geological mapping had indicated anomalous interfluves.
Further information will follow.
ON BEHALF OF THE BOARD
Peter Lloyd, Chief Executive Officer
Disclaimer
This information has been prepared by Argosy Minerals Limited ("Argosy" or "the Company"). It is not a disclosure document and should not be considered as an offer or invitation to subscribe for, or purchase any securities in the Company or as an inducement to make an offer or invitation with respect to these securities. No agreement to subscribe for securities in the Company will be entered into on the basis of this information.
This document contains forecasts and forward looking information. Such forecasts, projections and information are not a guarantee of future performance, involve unknown risks and uncertainties. Actual results and developments will almost certainly differ materially from those expressed or implied. Argosy has not audited or investigated the accuracy or completeness of the information, statements or opinions contained in this document. Accordingly, to the maximum extent permitted by applicable laws, Argosy makes no representation and can give no assurance, guarantee or warranty, express or implied, as to, and takes no responsibility and assumes no liability for, the authenticity, validity, accuracy, suitability or completeness of, or any errors in or omission, from any information statement or opinion contained in this presentation.
Throughout this document all figures are quoted in A$ dollars unless otherwise stated.
You should not act or refrain from acting in reliance on this presentation material. This overview of the Company's Chromite Projects ("Projects") does not purport to be all inclusive or to contain all information which its recipients may require in order to make an informed assessment of the Projects' prospects. You should conduct your own investigation and perform your own analysis in order to satisfy yourself as to the accuracy and completeness of the information, statements and opinions contained in this presentation before making any investment decision.
This presentation does not constitute financial product advice (nor investment, tax, accounting or legal advice) and has been prepared without taking account of any person's investment objectives, financial situation or particular needs.
ACN 073 391 189
NEWS RELEASE No. 05 - 11
